SHARE REPURCHASE PROGRAM

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

SHARE REPURCHASE PROGRAM

SHARE REPURCHASE PROGRAM

On February 21, 2023, the Board authorized the Company to repurchase shares of the Company’s common stock, for an aggregate consideration of up to $900 million.

The Company acquired shares of its own common stock in the Argentine market and paid for them in Argentine Pesos at a price that reflects the additional cost of accessing U.S. dollars through securities denominated in U.S. dollars, because of restrictions imposed by the Argentine government for buying U.S. dollars at the official exchange rate in Argentina (see Note 2 – Summary of significant accounting policies - Argentine currency status and macroeconomic outlook of these unaudited interim condensed consolidated financial statements). As a result, the Company recognized foreign currency losses of $386 million for the nine-month period ended September 30, 2023, while foreign currency losses for the three-month period ended September 30, 2023 amounted to $173 million. The share repurchase program expired on March 31, 2024. During the nine-month period ended September 30, 2024, the Company did not acquire any shares under the aforementioned share repurchase program.