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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Rollforward of Stockholders' Equity

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

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, 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.

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, 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.

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

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 March 31, 2025 (in millions):


	VIE Joint Ventures
Equity Investment	$	432
Outstanding Accounts Receivable	83
Other Receivables	40
Contract Assets	109
Loan Commitment (1)	392
Future Equity Contribution Commitments (2)	112
Maximum Future Payments under Debt Guarantees (3)	268
Total	$	1,436

(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 the EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantees relates to our AMER 1 Joint Venture. Refer to 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	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

- 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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