Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Cash Dividend Payments

During 2021, 2020 and 2019, we did not declare or pay any cash dividends. Our ability to pay dividends to holders of our common stock is limited by our senior credit facility, the indentures governing our senior notes and our vehicle financing programs.

Share Repurchases

Our Board of Directors has authorized the repurchase of up to approximately $4.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in November 2021. During 2021, 2020 and 2019, we repurchased approximately 21.5 million shares of common stock at a cost of approximately $1.6 billion under the program. As of December 31, 2021, approximately $959 million of authorization remained available to repurchase common stock under this plan.

In June 2019, as part of our share repurchase program, we entered into a structured repurchase agreement involving the use of capped call options for the purchase of our common stock. We paid a fixed sum upon the execution of the agreement in exchange for the right to receive either a pre-determined amount of cash or stock. We paid net premiums of $16 million to enter into this agreement, which was recorded as a reduction of additional paid in capital. In September 2019, the capped call options expired and all outstanding options settled for 0.6 million shares.

Share Issuances

On February 10, 2020, we announced we had appointed a new Chairman of the Board of Directors and in connection with this appointment, the new Chairman purchased an aggregate $15 million of unregistered shares of our common stock at a price per share equal to the closing price of our common stock on February 7, 2020. We issued the common stock from treasury shares.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows:

	Currency Translation  Adjustments (a)		Net Unrealized Gains (Losses) on Cash Flow Hedges (b)		Minimum Pension Liability  Adjustment (c)		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2018	$	(3)	$	2	$	(132)	$	(133)
Cumulative effect of accounting change	—		1		—		1
Balance, January 1, 2019	(3)		3		(132)		(132)
Other comprehensive income (loss) before reclassifications	12		(20)		(20)		(28)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(3)		6		3
Net current-period other comprehensive income (loss)	12		(23)		(14)		(25)
Balance, December 31, 2019	9		(20)		(146)		(157)
Other comprehensive income (loss) before reclassifications	33		(39)		(36)		(42)
Amounts reclassified from accumulated other comprehensive income (loss)	(2)		8		6		12
Net current-period other comprehensive income (loss)	31		(31)		(30)		(30)
Balance, December 31, 2020	40		(51)		(176)		(187)
Other comprehensive income (loss) before reclassifications	(35)		18		39		22
Amounts reclassified from accumulated other comprehensive income (loss)	11		14		7		32
Net current-period other comprehensive income (loss)	(24)		32		46		54
Balance, December 31, 2021	$	16	$	(19)	$	(130)	$	(133)

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All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries (see Note 9-Income Taxes for impacts of the Tax Act) and include a $70 million gain, net of tax, related to our hedge of our investment in euro-denominated foreign operations (See Note 20-Financial Instruments).

(a)For the years ended December 31, 2021 and 2020, the amount reclassified from accumulated other comprehensive income (loss) into restructuring and other related charges.

(b)For the years ended December 31, 2021, 2020 and 2019, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $17 million ($12 million, net of tax), $9 million ($6 million, net of tax) and $4 million ($3 million, net of tax), respectively. For the year ended December 31, 2021 and 2020, the amounts reclassified from accumulated other comprehensive income (loss) into vehicle interest expense were $2 million ($2 million, net of tax) and $2 million ($2 million, net of tax).

(c)For the years ended December 31, 2021, 2020 and 2019, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $9 million ($7 million, net of tax), $9 million ($6 million, net of tax) and $8 million ($6 million, net of tax), respectively.