Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

Cash Dividend Payments

During 2022, 2021 and 2020, 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

As of December 31, 2022, our Board of Directors authorized the repurchase of up to approximately $7.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded. During 2022, 2021 and 2020, we repurchased approximately 36 million shares of common stock at a cost of approximately $4.8 billion under the program. As of December 31, 2022, approximately $691 million of authorization remained available to repurchase common stock under this plan.

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, January 1, 2020	$	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)
Other comprehensive income (loss) before reclassifications	(46)		57		11		22
Amounts reclassified from accumulated other comprehensive income (loss)	—		7		3		10
Net current-period other comprehensive income (loss)	(46)		64		14		32
Balance, December 31, 2022	$	(30)	$	45	$	(116)	$	(101)

 __________

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 $114 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 amounts were reclassified from accumulated other comprehensive income (loss) into restructuring and other related charges.

(b)For the years ended December 31, 2022, 2021 and 2020, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $9 million ($7 million, net of tax), $17 million ($12 million, net of tax) and $9 million ($6 million, net of tax), respectively. For the years 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).

(c)For the years ended December 31, 2022, 2021 and 2020, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $5 million ($3 million, net of tax), $9 million ($7 million, net of tax) and $9 million ($6 million, net of tax), respectively.