| 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 | | Post-retirement | | | | | | Adjustment and | | Net Investment | | Cash Flow | | Expense | | | | (thousands) | | Other, Net (a) | | Hedges, Net (b) | | Hedges, Net (b) | | Items, Net | | Total | Balance as of December 31, 2023 | | $ | (349,042) | | $ | 12,159 | | $ | 30,638 | | $ | 8,206 | | $ | (298,039) | Other comprehensive income (loss) before reclassifications | | | (222,489) | | | 12,996 | | | (685) | | | 5,027 | | | (205,151) | Amounts reclassified into income | | | (317) | | | (5,137) | | | (452) | | | (173) | | | (6,079) | Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2024 | | | (222,806) | | | 7,859 | | | (1,137) | | | 4,854 | | | (211,230) | Balance as of December 31, 2024 | | | (571,848) | | | 20,018 | | | 29,501 | | | 13,060 | | | (509,269) | Other comprehensive income (loss) before reclassifications | | | 394,450 | | | (9,123) | | | — | | | (2,723) | | | 382,604 | Amounts reclassified into income | | | 3,822 | | | (2,605) | | | (1,706) | | | 514 | | | 25 | Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2025 | | | 398,272 | | | (11,728) | | | (1,706) | | | (2,209) | | | 382,629 | Balance as of December 31, 2025 | | $ | (173,576) | | $ | 8,290 | | $ | 27,795 | | $ | 10,851 | | $ | (126,640) |
| (a) | Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $4.4 million and $(52.9) million for 2025 and 2024, respectively. |
| (b) | For additional information related to net investment hedges and interest rate swaps, refer to Note 7 - “Financial Instruments Measured at Fair Value”. |
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, 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 stock | | (67,733) | | (67,733) | | — | Common stock outstanding at December 31, 2023 | | 57,691 | | 3,880 | | 53,811 | Shares issued for stock-based compensation awards | | 375 | | (75) | | 450 | Repurchases of common stock | | — | | 2,089 | | (2,089) | Retirement of treasury stock | | (2,474) | | (2,474) | | — | Common stock outstanding at December 31, 2024 | | 55,592 | | 3,420 | | 52,172 | Shares issued for stock-based compensation awards | | 246 | | (54) | | 300 | Repurchases of common stock | | — | | 1,402 | | (1,402) | Common stock outstanding at December 31, 2025 | | 55,838 | | 4,768 | | 51,070 |
The company retired 2.5 million shares of treasury stock with a cost of $228.8 million in 2024 and 67.7 million shares of treasury stock with a cost of $5.1 billion in 2023. The company has 2.0 million 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, 2025 and 2024. Share Repurchase Programs The following table shows the company’s share repurchase programs as of December 31, 2025: | | | | | | | | | | | | | | | | 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 | January 2023 | | $ | 1,000,000 | | $ | 827,130 | | $ | 172,870 |
The company repurchased 1.3 million shares and 2.0 million shares of common stock for $149.9 million and $250.0 million, in 2025 and 2024, respectively, under the share repurchase program excluding excise taxes. During 2025, the company accrued $1.3 million of excise tax, which is recorded within “Treasury stock” on the company’s consolidated balance sheets and reduces the share repurchase authorization, as the excise tax is a part of the overall cost of acquiring treasury shares. The company’s share repurchase program does not have an expiration date.
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