SHAREHOLDERS' INTEREST

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' INTEREST

NOTE 14: SHAREHOLDERS’ INTEREST

This note provides details about:

	preferred and preference shares,
	common shares,
	share repurchase programs and
	accumulated other comprehensive loss.

PREFERRED AND PREFERENCE SHARES

We had no preferred shares or preference shares outstanding as of December 31, 2024 or December 31, 2023. We have authorization to issue 7 million preferred shares with a par value of $1.00 per share and 40 million preference shares with a par value of $1.00 per share.

COMMON SHARES

The number of common shares we have outstanding changes when:

	new shares are issued,
	stock options are exercised,
	restricted stock units or performance share units vest,
	stock equivalent units are settled in common shares,
	shares are tendered,
	shares are repurchased or
	shares are canceled.

Reconciliation of Our Common Share Activity

SHARES IN THOUSANDS
	2024			2023			2022
Outstanding at beginning of year		729,753			732,794			747,301
Stock options exercised		174			233			509
Issued for vested restricted stock units		577			609			676
Issued for vested performance share units		229			172			291
Repurchased		(4,888	)		(4,055	)		(15,983	)
Outstanding at end of year		725,845			729,753			732,794

SHARE REPURCHASE PROGRAMS

On September 22, 2021, we announced that our board of directors approved a new share repurchase program (the 2021 Repurchase Program) under which we are authorized to repurchase up to $1 billion of outstanding shares. Concurrently, the board terminated the remaining repurchase authorization under the share repurchase program approved by the board in February 2019 (the 2019 Repurchase Program).

We repurchased 4,887,821 common shares for approximately $153 million (including transaction fees) under the 2021 Repurchase Program during 2024. As of December 31, 2024, we had remaining authorization of $99 million for future share repurchases.

During 2023, we repurchased 4,054,952 common shares for approximately $125 million (including transaction fees) under the 2021 Repurchase Program.

During 2022, we repurchased 15,983,097 common shares for approximately $550 million (including transaction fees) under the 2021 Repurchase Program.

All common stock repurchases under the 2021 Repurchase Program were made in open-market transactions. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability for repurchases that have not yet been settled as of period end. There were 12,436 unsettled shares (less than $1 million) as of December 31, 2024. There were 13,866 unsettled shares (approximately $1 million) as of December 31, 2023 and 223,548 unsettled shares (approximately $7 million) as of December 31, 2022.

ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in amounts included in our accumulated other comprehensive loss by component are:

DOLLAR AMOUNTS IN MILLIONS
	2024			2023			2022
Pension(1)
Balance at beginning of period	$	(515	)	$	(458	)	$	(720	)
Other comprehensive (loss) income before reclassifications		(102	)		(89	)		38
Amounts reclassified from accumulated other comprehensive loss to earnings(2)(3)		34			32			224
Total other comprehensive (loss) income		(68	)		(57	)		262
Balance at end of period		(583	)		(515	)		(458	)
Other post-employment benefits(1)
Balance at beginning of period		24			20			(2	)
Other comprehensive (loss) income before reclassifications		(1	)		3			19
Amounts reclassified from accumulated other comprehensive loss to earnings(2)		—			1			3
Total other comprehensive (loss) income		(1	)		4			22
Balance at end of period		23			24			20
Translation adjustments and other
Balance at beginning of period		198			191			243
Translation adjustments		(40	)		7			(52	)
Total other comprehensive (loss) income		(40	)		7			(52	)
Balance at end of period		158			198			191
Accumulated other comprehensive loss, end of period	$	(402	)	$	(293	)	$	(247	)

(1)Amounts are presented net of tax.

(2)Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost. See Note 8: Pension and Other Post-Employment Benefit Plans.

(3)Amounts include settlement charges totaling $205 million related to our pension plans for the year ended December 31, 2022. There were no settlement charges related to our pension plans for the years ended December 31, 2024 and December 31, 2023. See Note 8: Pension and Other Post-Employment Benefit Plans for further detail.