| Share Owners' Equity |
11. Share Owners’ Equity The activity in share owners’ equity for the three months ended September 30, 2024 and 2023 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, 2024 | | $ | 2 | | $ | 3,069 | | | (685) | | $ | 911 | | $ | (1,794) | | $ | 128 | | $ | 1,631 | | Reissuance of common stock (0.2 million shares) | | | | | | (2) | | | 4 | | | | | | | | | | | | 2 | | Shares repurchased (0.9 million shares) | | | | | | (10) | | | | | | | | | | | | | | | (10) | | Stock compensation (0.0 million shares) | | | | | | 3 | | | | | | | | | | | | | | | 3 | | Net earnings (loss) | | | | | | | | | | | | (80) | | | | | | 4 | | | (76) | | Other comprehensive income (loss) | | | | | | | | | | | | | | | (69) | | | 1 | | | (68) | | Balance on September 30, 2024 | | $ | 2 | | $ | 3,060 | | $ | (681) | | $ | 830 | | $ | (1,863) | | $ | 133 | | $ | 1,481 | |
| | | | | | | | | | | | | | | | | | | | | | | | | 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, 2023 | | $ | 2 | | $ | 3,093 | | $ | (687) | | $ | 1,201 | | $ | (1,587) | | $ | 121 | | $ | 2,143 | | Reissuance of common stock (0.1 million shares) | | | | | | | | | 2 | | | | | | | | | | | | 2 | | Shares repurchased (0.5 million shares) | | | | | | (10) | | | | | | | | | | | | | | | (10) | | Stock compensation (0.0 million shares) | | | | | | 7 | | | | | | | | | | | | | | | 7 | | Net earnings | | | | | | | | | | | | 51 | | | | | | 5 | | | 56 | | Other comprehensive income (loss) | | | | | | | | | | | | | | | (86) | | | 1 | | | (85) | | Balance on September 30, 2023 | | $ | 2 | | $ | 3,090 | | $ | (685) | | $ | 1,252 | | $ | (1,673) | | $ | 127 | | $ | 2,113 | |
The activity in share owners’ equity for the nine months ended September 30, 2024 and 2023 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, 2024 | | $ | 2 | | $ | 3,086 | | $ | (681) | | $ | 782 | | $ | (1,580) | | $ | 135 | | $ | 1,744 | | Reissuance of common stock (0.4 million shares) | | | | | | (5) | | | 14 | | | | | | | | | | | | 9 | | Shares repurchased (2.2 million shares) | | | | | | (30) | | | | | | | | | | | | | | | (30) | | Stock compensation (1.9 million shares) | | | | | | 9 | | | | | | | | | | | | | | | 9 | | Net earnings | | | | | | | | | | | | 48 | | | | | | 13 | | | 61 | | Other comprehensive loss | | | | | | | | | | | | | | | (283) | | | (6) | | | (289) | | Distributions to non-controlling interests | | | | | | | | | | | | | | | | | | (9) | | | (9) | | Other | | | | | | | | | (14) | | | | | | | | | | | | (14) | | Balance on September 30, 2024 | | $ | 2 | | $ | 3,060 | | $ | (681) | | $ | 830 | | $ | (1,863) | | $ | 133 | | $ | 1,481 | |
| | | | | | | | | | | | | | | | | | | | | | | | | 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, 2023 | | $ | 2 | | $ | 3,079 | | $ | (688) | | $ | 885 | | $ | (1,861) | | $ | 111 | | $ | 1,528 | | Issuance of common stock (0.4 million shares) | | | | | | 5 | | | | | | | | | | | | | | | 5 | | Reissuance of common stock (0.4 million shares) | | | | | | | | | 9 | | | | | | | | | | | | 9 | | Shares repurchased (1.4 million shares) | | | | | | (30) | | | | | | | | | | | | | | | (30) | | Stock compensation (0.7 million shares) | | | | | | 36 | | | | | | | | | | | | | | | 36 | | Net earnings | | | | | | | | | | | | 367 | | | | | | 12 | | | 379 | | Other comprehensive income | | | | | | | | | | | | | | | 188 | | | 7 | | | 195 | | Distributions to non-controlling interests | | | | | | | | | | | | | | | | | | (3) | | | (3) | | Other | | | | | | | | | (6) | | | | | | | | | | | | (6) | | Balance on September 30, 2023 | | $ | 2 | | $ | 3,090 | | $ | (685) | | $ | 1,252 | | $ | (1,673) | | $ | 127 | | $ | 2,113 | |
During the three months ended September 30, 2024, the Company purchased 926,757 shares of its common stock for approximately $10 million. The share purchases were made pursuant to a $100 million anti-dilutive share repurchase program authorized by the Company’s Board of Directors on May 14, 2024, which is intended to offset stock-based compensation provided to the Company’s directors, officers, and employees. Approximately $90 million remained available for purchases under this program as of September 30, 2024. 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, | | | | 2024 | | 2023 | | 2023 | | | | | | | | | | Shares of common stock issued (including treasury shares) | | 185,610 | | 185,009 | | 185,632 | | | | | | | | | | Treasury shares | | 30,963 | | 30,755 | | 30,905 | |
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