v3.25.1
Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity Equity
Stock Repurchase Program
In December 2021, our Board approved an aggregate of $3.15 billion for future repurchases of our common stock with no fixed expiration date that became effective on January 1, 2022. In December 2024, the remaining available balance of $2.52 billion was re-authorized by our Board. The approval by our Board for the stock repurchases does not obligate us to acquire any particular amount of our common stock. In addition, our Board may increase or decrease the amount available for repurchases from time to time. In making a determination regarding the timing and extent of any share repurchases, we consider multiple factors that may include: overall stock market conditions, our common stock price performance, the remaining amount authorized for repurchases by our Board, the potential impact of a stock repurchase program on our debt ratings, our expected free cash flow and working capital needs, our current and future planned strategic growth initiatives, and other potential uses of our cash and capital resources. We fund repurchases from our operating cash flow or borrowings under our debt facilities or Commercial Paper Program.
Repurchases may be made from time to time on the open market, through established trading plans, in privately-negotiated transactions or otherwise, in accordance with all applicable securities laws, rules and regulations. In February 2025, we entered into a new 10b5-1 trading plan that became effective on February 21, 2025. During the three months ended March 31, 2025, we repurchased a total of 1.4 million shares of our outstanding common stock at a cost of $241 million under the 10b5-1 trading plan. We recorded the applicable excise tax in treasury stock as part of the cost basis of the shares repurchased. We did not have any share repurchases during the three months ended March 31, 2024. Shares repurchased are held in treasury stock.
We may begin or discontinue stock repurchases at any time and may enter into, amend or terminate a Rule 10b5-1 trading plan at any time or enter into additional plans. As of March 31, 2025, the remaining balance of Board approved funds for future repurchases was $2.28 billion.
Dividends
During the three months ended March 31, 2025 and 2024, we declared and paid cash dividends per share of $0.48 and $0.45, respectively, for an aggregate payout of $278 million and $258 million, respectively. Our Board has adopted a quarterly dividend declaration policy providing that the declaration of any dividends will be approved quarterly by the Board or the Audit Committee, taking into account such factors as our evolving business model, prevailing business conditions, our current and future planned strategic growth initiatives, our financial results and capital requirements and other considerations which our Board deems relevant, without a predetermined annual net income payout ratio.
Accumulated Other Comprehensive Income/(Loss)
The following tables present changes in the accumulated balances for each component of other comprehensive income/ (loss) (in millions):
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustmentsComprehensive income from equity method investmentEmployee benefit plans adjustmentsTotal
Balance, as of December 31, 2024
$(285)$9 $(62)$(338)
Other comprehensive income35 1 — 36 
Income tax expense— (1)— (1)
Net current period other comprehensive income35 — — 35 
Balance, as of March 31, 2025
$(250)$9 $(62)$(303)

Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustmentsComprehensive income from equity method investmentEmployee benefit plans adjustmentsTotal
Balance, as of December 31, 2023
(230)2 (66)(294)
Other comprehensive income/(loss)(18)10 — (8)
Income tax expense— (3)— (3)
Net current period other comprehensive income/(loss)(18)7 — (11)
Balance, as of March 31, 2024
$(248)$9 $(66)$(305)