Stockholders' Equity

9 Months Ended

Sep. 30, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The Company’s Board of Directors follows a policy of declaring, subject to legally available funds, a quarterly cash dividend on each share of the Company’s Series A Common Stock, par value $0.0001 per share ("Common Stock"), unless the Company’s Board of Directors, in its sole discretion, determines otherwise. The amount available to pay cash dividends is restricted by the Company’s Amended Credit Agreement and the Senior Notes.

On April 25, 2013, the Company announced that its Board of Directors approved a 20% increase in the Company's quarterly Common Stock cash dividend. The Board of Directors increased the quarterly dividend rate from $0.075 to $0.09 per share of Common Stock on a quarterly basis and $0.30 to $0.36 per share of Common Stock on an annual basis beginning in May 2013.

On July 25, 2013, the Company announced that its Board of Directors approved a 100% increase in the Company's quarterly Common Stock cash dividend. The Board of Directors increased the quarterly dividend rate from $0.09 to $0.18 per share of Common Stock on a quarterly basis and $0.36 to $0.72 per share of Common Stock on an annual basis beginning in August 2013.

Treasury Stock

The Company’s Board of Directors authorized the repurchase of Common Stock as follows:

	Authorized Amount
	(In $ millions)
February 2008	400
October 2008	100
April 2011	129
October 2012	264
As of September 30, 2013	893

The authorization gives management discretion in determining the timing and conditions under which shares may be repurchased. The repurchase program does not have an expiration date.

The share repurchase activity pursuant to this authorization is as follows:

	Nine Months Ended September 30,					Total From February 2008 Through September 30, 2013
	2013			2012
Shares repurchased	2,096,320		(1)	853,388		15,238,847		(2)
Average purchase price per share	$	48.58		$	43.19	$	39.58
Amount spent on repurchased shares (in millions)	$	102		$	37	$	603

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⁽¹⁾  Excludes 6,021 shares withheld from employee to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock is considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares.

⁽²⁾  Excludes 11,844 shares withheld from employee to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock is considered outstanding at the time of issuance and therefore, the shares withheld are treated as treasury shares.

The purchase of treasury stock reduces the number of shares outstanding and the repurchased shares may be used by the Company for compensation programs utilizing the Company’s stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders’ equity.

Other Comprehensive Income (Loss), Net

	Three Months Ended September 30,
	2013					2012
	Gross Amount		Income Tax (Provision) Benefit		Net Amount	Gross Amount		Income Tax (Provision) Benefit		Net Amount
						As Adjusted (Note 1)
	(In $ millions)
Unrealized gain (loss) on marketable securities	1	(1)	—		1	—		—		—
Foreign currency translation	44		(2	)	42	28		—		28
Gain (loss) on interest rate swaps	2	(2)	(1	)	1	(2	)	—		(2	)
Pension and postretirement benefits	—		—		—	1		(1	)	—
Total	47		(3	)	44	27		(1	)	26

______________________________

⁽¹⁾  Amount includes $1 million of unrealized gains related to the Company's equity method investments' marketable securities.

⁽²⁾  Amount includes $1 million of gains associated with the Company's equity method investments' derivative activity.

	Nine Months Ended September 30,
	2013					2012
	Gross Amount		Income Tax (Provision) Benefit		Net Amount	Gross Amount			Income Tax (Provision) Benefit		Net Amount
						As Adjusted (Note 1)
	(In $ millions)
Unrealized gain (loss) on marketable securities	1	(1)	—		1	—			—		—
Foreign currency translation	41		(4	)	37	4			—		4
Gain (loss) on interest rate swaps	7		(3	)	4	(1	)		—		(1	)
Pension and postretirement benefits	—	(2)	—		—	—		(3)	(6	)	(6	)
Total	49		(7	)	42	3			(6	)	(3	)

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⁽¹⁾  Amount includes $1 million of unrealized gains related to the Company's equity method investments' marketable securities.

⁽²⁾  Amount includes amortization of actuarial losses of $1 million related to the Company's equity method investments' pension plans.

⁽³⁾  Amount includes amortization of actuarial losses of $2 million related to the Company's equity method investments' pension plans.

Adjustments to Accumulated other comprehensive income (loss) are as follows:

	Unrealized Gain (Loss) on Marketable Securities (Note 4)		Foreign Currency Translation		Gain (Loss) on Interest Rate Swaps (Note 15)		Pension and Postretire- ment Benefits (Note 10)		Accumulated Other Comprehensive Income (Loss), Net
	(In $ millions)
As of December 31, 2012 - As Adjusted (Note 1)	(1	)	(23	)	(50	)	(15	)	(89	)
Other comprehensive income before reclassifications	1		41		(1	)	—		41
Amounts reclassified from accumulated other comprehensive income	—		—		8		—		8
Income tax (provision) benefit	—		(4	)	(3	)	—		(7	)
As of September 30, 2013	—		14		(46	)	(15	)	(47	)