Stockholders' Equity

12 Months Ended

Dec. 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 its existing 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 $0.03 per share on its Common Stock on February 12, 2025, amounting to approximately $3 million. The cash dividend will be paid on March 11, 2025 to holders of record as of February 25, 2025.

On November 4, 2024, the Company announced its intent to reduce its quarterly dividend by approximately 95% beginning in the first quarter of 2025.

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 December 31, 2024
Shares repurchased	69,324,429
Average purchase price per share	$	83.71
Amount spent on repurchased shares (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 years ended December 31, 2024, 2023 and 2022.

Other Comprehensive Income (Loss), Net

	Year Ended December 31,
	2024			2023			2022
	Gross Amount	Income Tax (Provision) Benefit	Net Amount	Gross Amount	Income Tax (Provision) Benefit	Net Amount	Gross Amount	Income Tax (Provision) Benefit	Net Amount
	(In $ millions)
Foreign currency translation	(39)	(60)	(99)	(275)	62	(213)	(240)	23	(217)
Gain (loss) on derivative hedges	2	(2)	—	(12)	6	(6)	26	(5)	21
Pension and postretirement benefits gain (loss)	(5)	—	(5)	(8)	1	(7)	7	—	7
Total	(42)	(62)	(104)	(295)	69	(226)	(207)	18	(189)

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

	Foreign Currency Translation Gain (Loss)	Gain (Loss) on Derivative Hedges (Note 17)	Pension and Postretirement Benefits Gain (Loss) (Note 12)	Accumulated Other Comprehensive Income (Loss), Net
	(In $ millions)
As of December 31, 2021	(271)	(43)	(15)	(329)
Other comprehensive income (loss) before reclassifications	(240)	43	7	(190)
Amounts reclassified from accumulated other comprehensive income (loss)	—	(17)	—	(17)
Income tax (provision) benefit	23	(5)	—	18
As of December 31, 2022	(488)	(22)	(8)	(518)
Other comprehensive income (loss) before reclassifications	(275)	(3)	(8)	(286)
Amounts reclassified from accumulated other comprehensive income (loss)	—	(9)	—	(9)
Income tax (provision) benefit	62	6	1	69
As of December 31, 2023	(701)	(28)	(15)	(744)
Other comprehensive income (loss) before reclassifications	(39)	139	(5)	95
Amounts reclassified from accumulated other comprehensive income (loss)	—	(137)	—	(137)
Income tax (provision) benefit	(60)	(2)	—	(62)
As of December 31, 2024	(800)	(28)	(20)	(848)