Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Equity

Equity

Stock Repurchase Program

In December 2021, our Board approved an aggregate of $3.15 billion for future repurchases of our common stock with no fixed expiration date that became effective on January 1, 2022. The $3.15 billion replaced the previous amount approved by the Board. We fund repurchases from our operating cash flow or borrowings under our debt facilities or our Commercial Paper Program. Repurchases may be made from time to time on the open market, through established trading plans, in privately-negotiated transactions or otherwise, in accordance with all applicable securities laws, rules and regulations. We may begin or discontinue stock repurchases at any time and may amend or terminate a Rule 10b5-1 trading plan at any time or enter into additional plans.

During the three months ended March 31, 2022, we repurchased a total of 3.7 million shares of our outstanding common stock at a cost of $475 million, consisting of 3.3 million shares at a cost of $425 million under our Rule 10b5-1 trading plan and 0.4 million shares at a cost of $50 million on the open market during an open trading period. We had no stock repurchases during the three months ended March 31, 2021. As of March 31, 2022, the remaining balance of Board approved funds for future repurchases was $2.7 billion. The approval of our Board for the share repurchases does not obligate us to acquire any particular amount of our common stock. In addition, our Board may increase or decrease the amount available for repurchases from time to time.

Dividends

During the three months ended March 31, 2022 and 2021, we declared and paid cash dividends per share of $0.38 and $0.33, respectively, for an aggregate payout of $214 million and $187 million, respectively. The declaration of dividends is subject to the discretion of our Board. Our Board has adopted a quarterly dividend declaration policy providing that the declaration of any dividends will be determined quarterly by the Board or the Audit Committee, taking into account such factors as our evolving business model, prevailing business conditions, our financial results and capital requirements and other considerations which our Board deems relevant, without a predetermined annual net income payout ratio.

Accumulated Other Comprehensive Income/(Loss)

The following tables present changes in the accumulated balances for each component of other comprehensive income/ (loss) (in millions):

	Changes in Accumulated Other Comprehensive Income/(Loss) by Component
	Foreign currency translation adjustments		Comprehensive income from equity method investment		Employee benefit plans adjustments		Total
Balance, as of December 31, 2021	$	(150)	$	2	$	(48)	$	(196)
Other comprehensive income/(loss)	(25)		—		—		(25)
Income tax benefit (expense)	—		—		—		—
Net current period other comprehensive income/(loss)	(25)		—		—		(25)
Balance, as of March 31, 2022	$	(175)	$	2	$	(48)	$	(221)

	Changes in Accumulated Other Comprehensive Income/(Loss) by Component
	Foreign currency translation adjustments		Comprehensive income from equity method investment		Employee benefit plans adjustments		Total
Balance, as of December 31, 2020	$	(134)	$	1	$	(59)	$	(192)
Other comprehensive income/(loss)	6		2		—		8
Income tax benefit (expense)	1		(1)		—		—
Net current period other comprehensive income/(loss)	7		1		—		8
Balance, as of March 31, 2021	$	(127)	$	2	$	(59)	$	(184)