Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Shareholders' Equity

Shareholders' Equity

10. Shareholders’ Equity

Accumulated Other Comprehensive Loss

The following table presents the changes in Accumulated other comprehensive loss, excluding noncontrolling interests:

			Gain		Gain
			(Loss) on Foreign		(Loss) on
	Foreign		Exchange		Interest Rate
	Currency		Contracts		Swaps
	Translation		Designated as		Designated as		Employee
	Adjustment and		Net Investment		Cash Flow		Benefit Plan
(thousands)	Other, Net		Hedges, Net		Hedges, Net		Items, Net		Total
Balance as of December 31, 2021	$	(192,939)	$	11,332	$	(809)	$	(9,241)	$	(191,657)
Other comprehensive income (loss) before reclassifications (a)		(228,303)		15,474		25,937		17,245		(169,647)
Amounts reclassified into income		(1,469)		(6,695)		2,727		1,479		(3,958)
Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2022		(229,772)		8,779		28,664		18,724		(173,605)
Balance as of December 31, 2022		(422,711)		20,111		27,855		9,483		(365,262)
Other comprehensive income (loss) before reclassifications (a)		72,949		(2,276)		585		(1,011)		70,247
Amounts reclassified into income		720		(5,676)		2,198		(266)		(3,024)
Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2023		73,669		(7,952)		2,783		(1,277)		67,223
Balance as of December 31, 2023	$	(349,042)	$	12,159	$	30,638	$	8,206	$	(298,039)

(a) Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $21.2 million and ($21.6) million for 2023 and 2022, respectively.

Common Stock Outstanding Activity

The following table sets forth the activity in the number of shares outstanding:

			Common
	Common	Treasury	Stock
(thousands)	Stock Issued	Stock	Outstanding
Common stock outstanding at December 31, 2020	125,424	50,581	74,843
Shares issued for stock-based compensation awards	—	(945)	945
Repurchases of common stock	—	7,722	(7,722)
Common stock outstanding at December 31, 2021	125,424	57,358	68,066
Shares issued for stock-based compensation awards	—	(525)	525
Repurchases of common stock	—	9,342	(9,342)
Common stock outstanding at December 31, 2022	125,424	66,175	59,249
Shares issued for stock-based compensation awards	—	(653)	653
Repurchases of common stock	—	6,091	(6,091)
Retirement of treasury shares	(67,733)	(67,733)	—
Common stock outstanding at December 31, 2023	57,691	3,880	53,811

During the year ended December 31, 2023, the company retired 67.7 million shares of treasury stock with a cost of $5.1 billion. The company has 2.0 billion authorized shares of serial preferred stock with a par value of one dollar. There were no shares of serial preferred stock outstanding at December 31, 2023 and 2022.

Share-Repurchase Programs

The following table shows the company’s share-repurchase programs as of December 31, 2023:

					Approximate
					Dollar Value of
	Dollar Value		Dollar Value of		Shares that May
	Approved for		Shares		Yet be Purchased
Share-Repurchase Details by Month of Board Approval (thousands)	Repurchase		Repurchased		Under the Program
July 2021	$	600,000	$	600,000	$	—
December 2021		600,000		600,000		—
September 2022		600,000		600,000		—
January 2023		1,000,000		423,846		576,154
Total (a)	$	2,800,000	$	2,223,846	$	576,154

(a) The dollar value of shares repurchased includes an accrual of $6.6 million for excise taxes during 2023 which is recorded within “Treasury Stock” on the company’s consolidated balance sheets.

The company repurchased 6.1 million shares and 9.3 million shares of common stock for $745.9 million and $1.0 billion, in 2023 and 2022, respectively, under the share-repurchase program excluding excise taxes. On January 31, 2023, the company’s Board of Directors approved a $1.0 billion increase to the company’s share-repurchase program. As of December 31, 2023, approximately $576.2 million remained available for repurchase under the share-repurchase program.  The company’s share-repurchase program does not have an expiration date.