Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Shareholders' 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 the Global Credit Agreements 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 declared a quarterly cash dividend of $0.70 per share on its Common Stock on April 17, 2024, amounting to $76 million. The cash dividend will be paid on May 13, 2024 to holders of record as of April 29, 2024.

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.

	Total From February 2008 Through March 31, 2024
Shares repurchased	69,324,429
Average purchase price per share	$	83.71
Shares repurchased (in $ millions)	5,803
Aggregate Board of Directors repurchase authorizations during the period (in $ millions)	6,866

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 shareholders' equity.

The Company did not repurchase any Common Stock during the three months ended March 31, 2024 or 2023.

Other Comprehensive Income (Loss), Net

	Three Months Ended March 31,
	2024			2023
	Gross Amount	Income Tax (Provision) Benefit	Net Amount	Gross Amount	Income Tax (Provision) Benefit	Net Amount
	(In $ millions)
Foreign currency translation gain (loss)	(27)	(27)	(54)	(4)	17	13
Gain (loss) on derivative hedges	2	—	2	4	—	4
Pension and postretirement benefits gain (loss)	(1)	—	(1)	(1)	—	(1)
Total	(26)	(27)	(53)	(1)	17	16

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

	Foreign Currency Translation Gain (Loss)	Gain (Loss) on Derivative Hedges (Note 12)	Pension and Postretirement Benefits Gain (Loss) (Note 8)	Accumulated Other Comprehensive Income (Loss), Net
	(In $ millions)
As of December 31, 2023	(701)	(28)	(15)	(744)
Other comprehensive income (loss) before reclassifications	(27)	23	(1)	(5)
Amounts reclassified from accumulated other comprehensive income (loss)	—	(21)	—	(21)
Income tax (provision) benefit	(27)	—	—	(27)
As of March 31, 2024	(755)	(26)	(16)	(797)