Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Rollforward of Stockholders' Equity

The following tables provide a rollforward of our stockholders' equity for the three and six months ended June 30, 2025 and 2024 ($ in millions except per share data; share data in thousands):


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Common Stockholders' Equity		Non-controlling Interests		Total Common Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance as of December 31, 2024	97,390	$	—	(103)	$	(39)	$	20,895	$	(10,342)	$	(1,735)	$	4,749	$	13,528	$	(1)	$	13,527

Net income	—	—		—	—		—		—		—		343		343		—		343
Other comprehensive income	—	—		—	—		—		—		176		—		176		—		176
Issuance of common stock and release of treasury stock for employee equity awards	406	—		19	7		42		—		—		—		49		—		49
Issuance of common stock under ATM Program	107	—		—	—		99		—		—		—		99		—		99
Dividend distribution on common stock, $4.69 per share	—	—		—	—		—		(457)		—		—		(457)		—		(457)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(1)		—		—		(1)		—		(1)
Accrued dividends on unvested equity awards	—	—		—	—		—		2		—		—		2		—		2
Stock-based compensation, net of estimated forfeitures	—	—		—	—		150		—		—		—		150		—		150
Balance as of March 31, 2025	97,903	—		(84)	(32)		21,186		(10,798)		(1,559)		5,092		13,889		(1)		13,888

Net income (loss)	—	—		—	—		—		—		—		368		368		(1)		367
Other comprehensive income	—	—		—	—		—		—		160		—		160		—		160
Issuance of common stock and release of treasury stock for employee equity awards	41	—		5	2		—		—		—		—		2		—		2

Dividend distribution on common stock, $4.69 per share	—	—		—	—		—		(459)		—		—		(459)		—		(459)

Accrued dividends on unvested equity awards	—	—		—	—		—		(14)		—		—		(14)		—		(14)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		138		—		—		—		138		—		138


Balance as of June 30, 2025	97,944	$	—	(79)	$	(30)	$	21,324	$	(11,271)	$	(1,399)	$	5,460	$	14,084	$	(2)	$	14,082


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Common Stockholders' Equity		Non-controlling interests		Total Common Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance as of December 31, 2023	94,630	$	—	(151)	$	(56)	$	18,596	$	(8,695)	$	(1,290)	$	3,934	$	12,489	$	—	$	12,489

Net income	—	—		—	—		—		—		—		231		231		—		231
Other comprehensive loss	—	—		—	—		—		—		(208)		—		(208)		—		(208)
Issuance of common stock and release of treasury stock for employee equity awards	407	—		18	6		42		—		—		—		48		—		48

Dividend distribution on common stock, $4.26 per share	—	—		—	—		—		(402)		—		—		(402)		—		(402)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(1)		—		—		(1)		—		(1)
Accrued dividends on unvested equity awards	—	—		—	—		—		1		—		—		1		—		1
Stock-based compensation, net of estimated forfeitures	—	—		—	—		141		—		—		—		141		—		141

Balance as of March 31, 2024	95,037	—		(133)	(50)		18,779		(9,097)		(1,498)		4,165		12,299		—		12,299

Net income	—	—		—	—		—		—		—		301		301		—		301
Other comprehensive loss	—	—		—	—		—		—		(43)		—		(43)		—		(43)
Issuance of common stock and release of treasury stock for employee equity awards	35	—		6	2		—		—		—		—		2		—		2


Dividend distribution on common stock, $4.26 per share	—	—		—	—		—		(405)		—		—		(405)		—		(405)

Accrued dividends on unvested equity awards	—	—		—	—		—		(12)		—		—		(12)		—		(12)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		136		—		—		—		136		—		136

Balance as of June 30, 2024	95,072	$	—	(127)	$	(48)	$	18,915	$	(9,514)	$	(1,541)	$	4,466	$	12,278	$	—	$	12,278

Schedule of Changes in Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss, net of tax, by component were as follows (in millions):


	Balance as of December 31, 2024		Net Change		Balance as of June 30, 2025
Foreign currency translation adjustment (“CTA”) loss	$	(2,360)	$	824	$	(1,536)
Unrealized gain on cash flow hedges (1)	47		(110)		(63)
Net investment hedge CTA gain (1)	579		(378)		201
Net actuarial loss on defined benefit plans (2)	(1)		—		(1)
	$	(1,735)	$	336	$	(1,399)
Accumulated other comprehensive loss attributable to non-controlling interests	—		—		—
Total accumulated other comprehensive loss	$	(1,735)	$	336	$	(1,399)

(1)Refer to Note 6 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.

(2)We have two defined benefit pension plans covering all employees in two countries where such plans are mandated by law. We do not have any defined benefit plans in any other countries.

Schedule of Sale of Stock by Activity Program

Forward sale activity under the 2022 and 2024 ATM Programs (collectively, the "ATM Programs") is summarized as follows ($ in millions except per share data; shares in thousands):


	Contractual Maturity Dates	Execution Date	Number of Shares (1)	Weighted Average Price per Share (2)		Settlement Value (2)
Outstanding, December 31, 2023	November 2024		643	$	776.23	$	499

Forward Sale Shares Physically Settled	November 2024 to December 2024	September 2024	(643)	790.41		509


Outstanding, December 31, 2024			—	$	—	$	—


Outstanding, June 30, 2025			—	$	—	$	—

(1)For agreements settled, the amount represents the actual number of shares issued. For agreements executed and outstanding, the amount represents the number of shares that we would issue upon physical settlement.

(2)For agreements settled, the value represents the actual weighted average settlement value, net of commissions and other offering expenses. For agreements executed and outstanding, the value represents the forward amount that we would receive upon physical settlement as of that date and will be subject to adjustments for a discount rate factor equal to a specified benchmark rate less a spread minus scheduled dividends during the terms of the agreements.

Schedule of Stock-Based Compensation Expense by Operating Expense Category

The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cost of revenues	$	16	$	15	$	30	$	28
Sales and marketing	25		25		47		46
General and administrative	86		85		163		152
Total	$	127	$	125	$	240	$	226

Schedule of The Maximum Exposure Losses of VIE Joint Ventures

The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of June 30, 2025 (in millions):


	VIE Joint Ventures
Equity Investment	$	459
Outstanding Accounts Receivable	72
Other Receivables	59
Contract Assets	82
Loan Commitment (1)	392
Future Equity Contribution Commitments (2)	118
Maximum Future Payments under Debt Guarantees (3)	28
Total	$	1,210

(1)Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement with the AMER 2 Joint Venture, as a lender, further discussed below.

(2)The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments on their outstanding debt.

(3)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantee covering 20% of all payments of principal and interest due under one of the EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantee relates to our AMER 1 Joint Venture. Refer to Note 10.

The following table presents the assets and liabilities of the Indonesian VIE (in millions):


	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	6	$	16
Property, plant and equipment, net	57		25
Other	9		5
Total assets	$	72	$	46
Finance lease liabilities	25		—
Other	10		5
Total liabilities	$	35	$	5

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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