Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

Common Stock

The Company's Board of Directors follows a policy of declaring, subject to legally available funds, a quarterly cash dividend on each share of the Company's Common Stock, par value $0.0001 per share ("Common Stock"), unless the Company's Board of Directors, in its sole discretion, determines otherwise. The amount available to the Company to pay cash dividends is not currently restricted by its existing senior credit facility and its indentures governing its senior unsecured notes. Any decision to declare and pay dividends in the future will be made at the discretion of the Company's Board of Directors and will depend on, among other things, the results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Company's Board of Directors may deem relevant.

The Company's Board of Directors approved increases in the Company's Common Stock cash dividend rates as follows:

	Increase	Quarterly Common Stock Cash Dividend	Annual Common Stock Cash Dividend	Effective Date
	(In percentages)	(In $ per share)
April 2019	15	0.62	2.48	May 2019
April 2020	—	0.62	2.48	May 2020

The Company declared a quarterly cash dividend of $0.62 per share on its Common Stock on October 14, 2020, amounting to $73 million. The cash dividend will be paid on November 10, 2020 to holders of record as of October 27, 2020.

Treasury Stock

The Company's Board of Directors authorizes repurchases of Common Stock from time to time. These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program does not have an expiration date.

	Nine Months Ended September 30,				Total From February 2008 Through September 30, 2020
	2020		2019
Shares repurchased	2,770,321		7,334,433		59,649,299
Average purchase price per share	$	94.44	$	105.67	$	74.00
Shares repurchased (in $ millions)	$	261	$	775	$	4,414
Aggregate Board of Directors repurchase authorizations during the period (in $ millions)	$	500	$	1,500	$	5,866

On July 15, 2020, the Company's Board of Directors approved a $500 million increase in its Common Stock repurchase authorization.

The purchase of treasury stock reduces the number of shares outstanding. The repurchased shares may be used by the Company for compensation programs utilizing the Company's stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders' equity.

Other Comprehensive Income (Loss), Net

	Three Months Ended September 30,
	2020			2019
	Gross Amount	Income Tax (Provision) Benefit	Net Amount	Gross Amount	Income Tax (Provision) Benefit	Net Amount
	(In $ millions)
Foreign currency translation gain (loss)	(10)	7	(3)	(4)	(3)	(7)
Gain (loss) on cash flow hedges	6	(1)	5	(33)	1	(32)
Total	(4)	6	2	(37)	(2)	(39)

	Nine Months Ended September 30,
	2020			2019
	Gross Amount	Income Tax (Provision) Benefit	Net Amount	Gross Amount	Income Tax (Provision) Benefit	Net Amount
	(In $ millions)
Foreign currency translation gain (loss)	(10)	(1)	(11)	(3)	(8)	(11)
Gain (loss) on cash flow hedges	(44)	11	(33)	(55)	7	(48)
Total	(54)	10	(44)	(58)	(1)	(59)

Adjustments to Accumulated other comprehensive income (loss), net, are as follows:

	Foreign Currency Translation Gain (Loss)	Gain (Loss) on Cash Flow Hedges (Note 14)	Pension and Postretirement Benefits Gain (Loss) (Note 9)	Accumulated Other Comprehensive Income (Loss), Net
	(In $ millions)
As of December 31, 2019	(252)	(38)	(10)	(300)
Other comprehensive income (loss) before reclassifications	(10)	(46)	—	(56)
Amounts reclassified from accumulated other comprehensive income (loss)	—	2	—	2
Income tax (provision) benefit	(1)	11	—	10
As of September 30, 2020	(263)	(71)	(10)	(344)