Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

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.

On July 14, 2021, the Company's Board of Directors approved a $1.0 billion increase in its Common Stock repurchase authorization. As of June 30, 2021, the Company had $563 million remaining under the previous authorization. The Company also declared a quarterly cash dividend of $0.68 per share on its Common Stock on July 14, 2021, amounting to $76 million. The cash dividend will be paid on August 9, 2021 to holders of record as of July 26, 2021.

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.


	Six Months Ended June 30,				Total From February 2008 Through June 30, 2021
	2021		2020
Shares repurchased	3,394,548		1,709,431		66,162,599
Average purchase price per share	$	147.30	$	87.87	$	80.15
Shares repurchased (in $ millions)	$	500	$	150	$	5,303
Aggregate Board of Directors repurchase authorizations during the period (in $ millions)	$	—	$	—	$	5,866

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 June 30,
	2021			2020
	Gross Amount	Income Tax (Provision) Benefit	Net Amount	Gross Amount	Income Tax (Provision) Benefit	Net Amount
	(In $ millions)

Foreign currency translation gain (loss)	6	1	7	(10)	4	(6)
Gain (loss) on cash flow hedges	(4)	1	(3)	1	—	1

Total	2	2	4	(9)	4	(5)


	Six Months Ended June 30,
	2021			2020
	Gross Amount	Income Tax (Provision) Benefit	Net Amount	Gross Amount	Income Tax (Provision) Benefit	Net Amount
	(In $ millions)

Foreign currency translation gain (loss)	9	(6)	3	—	(8)	(8)
Gain (loss) on cash flow hedges	40	(9)	31	(50)	12	(38)
Pension and postretirement benefits gain (loss)	(4)	—	(4)	—	—	—
Total	45	(15)	30	(50)	4	(46)

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, 2020	(260)	(56)	(12)	(328)
Other comprehensive income (loss) before reclassifications	9	40	(4)	45

Income tax (provision) benefit	(6)	(9)	—	(15)
As of June 30, 2021	(257)	(25)	(16)	(298)