Stockholders’ Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders’ Equity

Stockholders’ Equity

Treasury Stock

As of June 30, 2023, the Company’s treasury stock was comprised of approximately 141.1 million common stock and 7.3 million Class B shares. As of December 31, 2022, the Company’s treasury stock was comprised of approximately 130.5 million shares of common stock and 7.3 million Class B shares.

Share Repurchases. In 2019, the Board of Directors and the Executive Committee, pursuant to a delegation of authority from the Board, authorized the repurchase of up to 20 million shares of our common stock. During the six months ended June 30, 2023, we repurchased, through open market transactions, 10.2 million shares under these authorizations for a total cost of $1.0 billion, excluding transaction costs, representing an average repurchase price of $100.00 per share. As of June 30, 2023, 7.9 million shares remain authorized for repurchase with no fixed termination date for the repurchases. Subsequent to the end of the second quarter of 2023, we repurchased an additional 1.6 million shares for a total cost of $183 million, excluding transaction costs, representing an average purchase price of $115.97 per share.

Accumulated Other Comprehensive Income (Loss)

The balance of AOCI as of June 30, 2023 and December 31, 2022 was comprised of foreign currency translation adjustments. These translation adjustments include foreign currency transaction gains as of June 30, 2023 of $11 million ($15 million before tax) and $16 million ($21 million before tax) as of December 31, 2022 associated with our cross-currency interest rate swaps as described in Note 3 – Fair Value Measurements. Additionally, translation adjustments include foreign currency transaction losses of $7 million ($10 million before tax) as of both June 30, 2023 and December 31, 2022 associated with previously settled Euro-denominated notes that were designated as net investment hedges.