Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Rollforward of Stockholders' Equity

The following tables provide a rollforward of our stockholders' equity for the three months ended September 30, 2024 and 2023 ($ in millions except per share data; share data in thousands):


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		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

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

Dividend distribution on common stock, $4.26 per share	—	—		—	—		—		(402)		—		—		—		(402)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(1)		—		—		—		(1)
Accrued dividends on unvested equity awards	—	—		—	—		—		1		—		—		—		1
Stock-based compensation, net of estimated forfeitures	—	—		—	—		141		—		—		—		—		141
Balance as of March 31, 2024	95,037	—		(133)	(50)		18,779		(9,097)		(1,498)		4,165		—		12,299

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


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

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

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

Net income (loss)	—	—		—	—		—		—		—		297		(1)		296
Other comprehensive income	—	—		—	—		—		—		258		—		—		258
Issuance of common stock and release of treasury stock for employee equity awards	309	—		21	8		36		—		—		—		—		44
Issuance of common stock under ATM Program	1,213	—		—	—		976		—		—		—		—		976
Dividend distribution on common stock, $4.26 per share	—	—		—	—		—		(405)		—		—		—		(405)


Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(1)		—		—		—		(1)
Accrued dividends on unvested equity awards	—	—		—	—		—		(1)		—		—		—		(1)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		138		—		—		—		—		138

Contribution from non-controlling interest	—	—		—	—		4		—		—		—				4
Balance as of September 30, 2024	96,594	$	—	(106)	$	(40)	$	20,069	$	(9,921)	$	(1,283)	$	4,763	$	(1)	$	13,587


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Total Common Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance as of December 31, 2022	92,814	$	—	(193)	$	(72)	$	17,320	$	(7,318)	$	(1,389)	$	2,965	$	11,506

Net income	—	—		—	—		—		—		—		259		259
Other comprehensive income	—	—		—	—		—		—		104		—		104
Issuance of common stock and release of treasury stock for employee equity awards	420	—		16	6		38		—		—		—		44
Issuance of common stock under ATM Program	458	—		—	—		301		—		—		—		301
Dividend distribution on common stock, $3.41 per share	—	—		—	—		—		(319)		—		—		(319)

Accrued dividends on unvested equity awards	—	—		—	—		—		(2)		—		—		(2)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		136		—		—		—		136

Balance as of March 31, 2023	93,692	—		(177)	(66)		17,795		(7,639)		(1,285)		3,224		12,029

Net income	—	—		—	—		—		—		—		207		207
Other comprehensive loss	—	—		—	—		—		—		(3)		—		(3)
Issuance of common stock and release of treasury stock for employee equity awards	45	—		5	2		1		—		—		—		3


Dividend distribution on common stock, $3.41 per share	—	—		—	—		—		(319)		—		—		(319)

Accrued dividends on unvested equity awards	—	—		—	—		—		(5)		—		—		(5)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		113		—		—		—		113

Balance as of June 30, 2023	93,737	—		(172)	(64)		17,909		(7,963)		(1,288)		3,431		12,025













Net income (loss)	—	—		—	—		—		—		—		276		276
Other comprehensive loss	—	—		—	—		—		—		(238)		—		(238)
Issuance of common stock and release of treasury stock for employee equity awards	300	—		18	7		36		—		—		—		43

Dividend distribution on common stock, $3.41 per share	—	—		—	—		—		(320)		—		—		(320)

Accrued dividends on unvested equity awards	—	—		—	—		—		(5)		—		—		(5)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		106		—		—		—		106

Balance as of September 30, 2023	94,037	$	—	(154)	$	(57)	$	18,051	$	(8,288)	$	(1,526)	$	3,707	$	11,887

Schedule of Changes in Accumulated Other Comprehensive Loss

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


	Balance as of December 31, 2023		Net Change		Balance as of September 30, 2024
Foreign currency translation adjustment (“CTA”) loss	$	(1,588)	$	(15)	$	(1,603)
Unrealized gain on cash flow hedges (1)	15		6		21
Net investment hedge CTA gain (1)	284		16		300
Net actuarial loss on defined benefit plans (2)	(1)		—		(1)


Total accumulated other comprehensive loss	$	(1,290)	$	7	$	(1,283)

(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 2020 and 2022 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, 2022	February 2023 to November 2023		458	$	657.75	$	302
Forward Sale Agreements Executed	February 2024 to December 2024	May 2023 to December 2023	1,208	767.12		926
Forward Sale Shares Physically Settled	February 2023 to March 2024	February 2023 to November 2023	(1,023)	718.59		735


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, September 30, 2024	November 2024		—	$	—	$	—

(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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenues	$	15	$	12	$	43	$	35
Sales and marketing	25		23		71		66
General and administrative	82		63		234		200
Total	$	122	$	98	$	348	$	301

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 September 30, 2024 (in millions):


	VIE Joint Ventures
Equity Investment	$	387
Outstanding Accounts Receivable	78
Other Receivables	40
Contract Assets	103
Loan Commitment (1)	392
Future Equity Contribution Commitments (2)	64
Maximum Future Payments under Debt Guarantees (3)	263
Total	$	1,327

(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 guarantees covering 20% of all payments of principal and interest due under EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantees relates to our AMER 1 Joint Venture (see Note 10).

The following table presents the assets and liabilities of the Indonesian VIE, which were included in other assets and other liabilities on the condensed consolidated balance sheets (in millions):


Balance Sheet	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	21	$	20
Property, plant and equipment, net	22		8
Other	5		2
Total assets	$	48	$	30
Total liabilities	$	3	$	3

- 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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