Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Cash Dividend Payments

During 2024 and 2022, we did not declare or pay any cash dividends. In December 2023, we paid a special cash dividend of $10.00 per share to all holders of our common stock as of December 15, 2023, totaling $355 million. 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 $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded most recently in February 2023 (the “Stock Repurchase Program”). During 2024, 2023 and 2022, we repurchased 21.6 million shares of common stock under the Stock Repurchase Program at a cost of approximately $4.2 billion (excluding excise taxes due for 2024 and 2023 repurchases under the Inflation Reduction Act of 2022). As of December 31, 2024, approximately $757 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.

Accumulated Other Comprehensive Income (Loss)

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

	Currency Translation  Adjustments		Net Unrealized Gains (Losses) on Cash Flow Hedges (a)		Minimum Pension Liability  Adjustment (b)		Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2022	$	16	$	(19)	$	(130)	$	(133)
Other comprehensive income (loss) before reclassifications	(46)		57		11		22
Gross (gains) losses reclassified			9		5		14
Tax on (gains) losses reclassified			(2)		(2)		(4)
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		7		3		10
Net current-period other comprehensive income (loss)	(46)		64		14		32
Balance, December 31, 2022	(30)		45		(116)		(101)
Other comprehensive income (loss) before reclassifications	27		5		(18)		14
Gross (gains) losses reclassified			(18)		5		(13)
Tax on (gains) losses reclassified			5		(1)		4
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(13)		4		(9)
Net current-period other comprehensive income (loss)	27		(8)		(14)		5
Balance, December 31, 2023	(3)		37		(130)		(96)
Other comprehensive income (loss) before reclassifications	(122)		15		10		(97)
Gross (gains) losses reclassified			(28)		5		(23)
Tax on (gains) losses reclassified			7		(1)		6
(Gains) losses reclassified from accumulated other comprehensive income (loss), net of tax	—		(21)		4		(17)
Net current-period other comprehensive income (loss)	(122)		(6)		14		(114)
Balance, December 31, 2024	$	(125)	$	31	$	(116)	$	(210)

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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) and include a $148 million gain, net of tax, related to our hedge of our investment in euro-denominated foreign operations (See Note 20 – Financial Instruments).

(a)Amounts reclassified to interest expense.

(b)Amounts reclassified to selling, general and administrative expenses.