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Share Owners' Equity
9 Months Ended
Sep. 30, 2022
Share Owners' Equity  
Share Owners' Equity

11. Share Owners’ Equity

The activity in share owners’ equity for the three months ended September 30, 2022 and 2021 is as follows:

Share Owners’ Equity of the Company

    

    

    

    

    

Accumulated

    

    

 

Capital in

Other

Non-

Total Share

Common

Excess of

Treasury

Retained

Comprehensive

controlling

Owners' 

Stock

Par Value

Stock

Earnings

Loss

Interests

Equity

Balance on July 1, 2022

$

2

$

3,085

(695)

$

641

$

(1,890)

$

116

$

1,259

Reissuance of common stock (0.2 million shares)

(2)

4

 

2

Shares repurchased (0.8 million shares)

(10)

 

(10)

Stock compensation (0.0 million shares)

10

 

10

Net earnings

231

4

 

235

Other comprehensive loss

(37)

(7)

 

(44)

Distribution to noncontrolling interests

(1)

 

(1)

Balance on September 30, 2022

$

2

$

3,083

$

(691)

$

872

$

(1,927)

$

112

$

1,451

Share Owners’ Equity of the Company

    

    

    

    

    

Accumulated

    

    

Capital in

Other

Non-

Total Share

Common

Excess of

Treasury

Retained

Comprehensive

controlling

Owners' 

    

Stock

    

Par Value

    

Stock

Earnings

Loss

Interests

Equity

 

Balance on July 1, 2021

$

2

$

3,113

$

(709)

$

173

$

(2,180)

$

103

$

502

Reissuance of common stock (0.2 million shares)

(1)

4

 

3

Shares repurchased (0.6 million shares)

(10)

(10)

Stock compensation (0.0 million shares)

3

 

3

Net earnings

85

6

 

91

Other comprehensive loss

(18)

(1)

 

(19)

Balance on September 30, 2021

$

2

$

3,105

$

(705)

$

258

$

(2,198)

$

108

$

570

The activity in share owners’ equity for the nine months ended September 30, 2022 and 2021 is as follows:

Share Owners’ Equity of the Company

    

    

    

    

    

Accumulated

    

    

Capital in

Other

Non-

Total Share

Common

Excess of

Treasury

Retained

Comprehensive

controlling

Owners' 

Stock

Par Value

Stock

Earnings

Loss

Interests

Equity

 

Balance on January 1, 2022

$

2

$

3,090

$

(701)

$

301

$

(1,972)

$

107

$

827

Reissuance of common stock (0.6 million shares)

(5)

13

8

Shares repurchased (2.3 million shares)

(30)

(30)

Stock compensation (0.5 million shares)

28

28

Net earnings

571

41

612

Other comprehensive income (loss)

45

(9)

36

Distributions to noncontrolling interests

(27)

(27)

Other

(3)

(3)

Balance on September 30, 2022

$

2

$

3,083

$

(691)

$

872

$

(1,927)

$

112

$

1,451

Share Owners’ Equity of the Company

    

    

    

    

    

Accumulated

    

    

Capital in

Other

Non-

Total Share

Common

Excess of

Treasury

Retained

Comprehensive

controlling

Owners' 

Stock

Par Value

Stock

Earnings

Loss

Interests

Equity

 

Balance on January 1, 2021

$

2

$

3,129

$

(714)

$

152

$

(2,272)

$

104

$

401

Issuance of common stock (0.05 million shares)

1

 

1

Reissuance of common stock (0.3 million shares)

(4)

11

 

7

Shares repurchased (1.7 million shares)

(30)

(30)

Stock compensation (0.6 million shares)

11

 

11

Net earnings

106

17

 

123

Other comprehensive income (loss)

74

(14)

 

60

Other

(2)

(2)

1

(3)

Balance on September 30, 2021

$

2

$

3,105

$

(705)

$

258

$

(2,198)

$

108

$

570

During the three months ended September 30, 2022, the Company purchased 768,984 shares of its common stock for approximately $10 million. The share purchases were pursuant to a $150 million anti-dilutive share repurchase program authorized by the Company’s Board of Directors that is intended to offset stock-based compensation provided to the Company’s directors, officers, and employees. Approximately $80 million remained available for purchases under this program as of September 30, 2022.

The Company has 250,000,000 shares of common stock authorized with a par value of $.01 per share. Shares outstanding are as follows:

Shares Outstanding (in thousands)

 

September 30,

December 31,

September 30,

 

    

2022

    

2021

    

2021

 

Shares of common stock issued (including treasury shares)

 

186,180

187,752

188,426

Treasury shares

 

31,042

31,397

31,599