Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Stockholders' Equity Rollforward

The following tables provide a rollforward of our stockholders' equity for the three months ended March 31, 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

	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

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, 2024		Net Change		Balance as of March 31, 2025
Foreign currency translation adjustment (“CTA”) loss	$	(2,360)	$	319	$	(2,041)
Unrealized gain on cash flow hedges (1)	47		(14)		33
Net investment hedge CTA gain (1)	579		(129)		450
Net actuarial loss on defined benefit plans (2)	(1)		—		(1)
Total accumulated other comprehensive loss	$	(1,735)	$	176	$	(1,559)

(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.

Changes in foreign currencies can have a significant impact to our condensed consolidated balance sheets (as evidenced above in our cumulative foreign currency translation loss), as well as its condensed consolidated results of operations, as amounts in foreign currencies are generally translated into more U.S. dollars when the U.S. dollar weakens or less U.S. dollars when the U.S. dollar strengthens. As of March 31, 2025, the U.S. dollar was generally weaker relative to certain of the currencies of the foreign countries in which we operate as compared to December 31, 2024. Because of this, the U.S. dollar had an overall favorable impact on our condensed consolidated financial position because the foreign denominations translated into more U.S. dollars as evidenced by a decrease in foreign currency translation loss for the three months ended March 31, 2025 as reflected in the above table. The volatility of the U.S. dollar as compared to the other currencies in which we operate could have a significant impact on our condensed consolidated financial position and results of operations including the amount of revenue that we report in future periods.

Common Stock

In November 2022, we established a program under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $1.5 billion of our common stock to or through sales agents in “at the market” transactions (the "2022 ATM Program"). The 2022 ATM Program was fully utilized by the end of the third quarter of 2024.

In October 2024, we established a program to succeed the 2022 ATM Program, under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $2.0 billion of our common stock to or through sales agents in "at the market" transactions (the "2024 ATM Program").The forward sale agreements provide three settlement alternatives to us: physical settlement, cash settlement or net share settlement. In accordance with ASC 815, the forward sale agreements are classified as equity for balance sheet purposes.

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, March 31, 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.

We sold 107,493 shares on a spot basis under the 2024 ATM Program for approximately $99 million, net of commissions and other offering expenses, during the three months ended March 31, 2025. There were no shares sold on a spot basis under the ATM Programs during the three months ended March 31, 2024.

As of March 31, 2025, we had approximately $1.2 billion of common stock available for sale under the 2024 ATM Program.

Stock-Based Compensation

For the three months ended March 31, 2025, the Talent, Culture and Compensation Committee and/or the Stock Award Committee of our Board of Directors, as the case may be, granted an aggregate of 646,263 restricted stock units ("RSUs") to certain employees, including executive officers. These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $839.29 per share and a weighted-average requisite service period of 3.63 years. The valuation of RSUs with only a service condition or a service and performance condition require no significant assumptions as the fair value for these types of equity awards is based solely on the fair value of our stock price on the date of grant. We use revenues and adjusted funds from operations ("AFFO") per share as the performance measurements in the RSUs with both service and performance conditions that were granted in the three months ended March 31, 2025.

We use a Monte Carlo simulation option-pricing model to determine the fair value of RSUs with a service and market condition. We used total shareholder return ("TSR") as the performance measurement in the RSUs with a service and market condition that were granted in the three months ended March 31, 2025. There were no significant changes in the assumptions used to determine the fair value of RSUs with a service and market condition that were granted in 2025 compared to the prior year.

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 March 31,
	2025		2024
Cost of revenues	$	14	$	13
Sales and marketing	22		21
General and administrative	77		67
Total	$	113	$	101

Redeemable Non-controlling Interest

On April 3, 2023, we issued additional shares in our Indonesian operating entity to a third party investor for $25 million, which resulted in the third party investor owning a 25% interest in the entity.

The Indonesian operating entity is a VIE because it does not have sufficient funds from its operations to be self-sustaining. We provide certain management services to the entity and earn fees for the performance of such services. We have the power to direct the activities that most significantly impact the economic performance of the entity and have concluded that we are its primary beneficiary.

Under the terms of the stockholders’ agreement, the investor may put its 25% ownership stake in the entity to us for a maximum exercise price of $25 million, subject to certain contingent conditions. Accordingly, we present the investor’s contingently redeemable non-controlling interest ("NCI") outside of permanent equity at the higher of its maximum redemption amount of $25 million and its balance after attribution of gains and losses in the condensed consolidated balance sheets. There were no changes in the carrying value of the redeemable NCI for the three months ended March 31, 2025.

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	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	11	$	16
Property, plant and equipment, net	55		25
Other	8		5
Total assets	$	74	$	46
Total liabilities	$	35	$	5

The income and losses attributable to us as well as to the redeemable NCI from the Indonesian VIE were insignificant for the three months ended March 31, 2025 and 2024.