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Stockholders' Equity
 6 Months Ended
Jun. 30, 2018
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 Company's Board of Directors approved increases in the Company's Common Stock cash dividend rates as follows:
 
Increase
 
Quarterly Common
Stock Cash Dividend
 
Annual Common
Stock Cash Dividend
 
Effective Date
 
(In percentages)
 
(In $ per share)
 
 
April 2017
28
 
0.46
 
1.84
 
May 2017
April 2018
17
 
0.54
 
2.16
 
May 2018

The Company's certificate of incorporation authorizes the issuance of up to 100,000,000 shares of Series B common stock, par value $0.0001 per share, none of which are issued or outstanding as of June 30, 2018 and December 31, 2017.
The Company declared a quarterly cash dividend of $0.54 per share on its Common Stock on July 16, 2018, amounting to $73 million. The cash dividend will be paid on August 6, 2018 to holders of record as of July 27, 2018.
Treasury Stock
 
Six Months Ended
June 30,
 
Total From
February 2008
Through
June 30, 2018
 
2018
 
2017
 
Shares repurchased
888,383

 
3,412,858

 
40,667,402

Average purchase price per share
$
112.56

 
$
88.88

 
$
59.88

Shares repurchased (in $ millions)
$
100

 
$
303

 
$
2,435

Aggregate Board of Directors repurchase authorizations during the period (in $ millions)(1)
$
—

 
$
—

 
$
3,866

______________________________
(1) 
These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program began in February 2008 and does not have an expiration date.
The purchase of treasury stock reduces the number of shares outstanding. 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 June 30,
 
2018
 
2017
 
Gross
Amount
 
Income
Tax
(Provision)
Benefit
 
Net
Amount
 
Gross
Amount
 
Income
Tax
(Provision)
Benefit
 
Net
Amount
 
(In $ millions)
Unrealized gain (loss) on marketable securities
—

 
—

 
—

 
1

 
—

 
1

Foreign currency translation
(72
)
 
6

 
(66
)
 
71

 
7

 
78

Gain (loss) on cash flow hedges
6

 
—

 
6

 
1

 
—

 
1

Pension and postretirement benefits
—

 
—

 
—

 
—

 
—

 
—

Total
(66
)
 
6

 
(60
)
 
73

 
7

 
80

 
Six Months Ended June 30,
 
2018
 
2017
 
Gross
Amount
 
Income
Tax
(Provision)
Benefit
 
Net
Amount
 
Gross
Amount
 
Income
Tax
(Provision)
Benefit
 
Net
Amount
 
(In $ millions)
Unrealized gain (loss) on marketable securities
—

 
—

 
—

 
1

 
—

 
1

Foreign currency translation
(27
)
 
10

 
(17
)
 
99

 
7

 
106

Gain (loss) on cash flow hedges
4

 
1

 
5

 
(1
)
 
—

 
(1
)
Pension and postretirement benefits
1

 
—

 
1

 
5

 
—

 
5

Total
(22
)
 
11

 
(11
)
 
104

 
7

 
111


Adjustments to Accumulated other comprehensive income (loss), net, are as follows:
 
Foreign
Currency
Translation
 
Gain (Loss)
on Cash
Flow
Hedges
 
Pension
and
Postretirement
Benefits
 
Accumulated
Other
Comprehensive
Income
(Loss), Net
 
(In $ millions)
As of December 31, 2017
(176
)
 
2

 
(3
)
 
(177
)
Other comprehensive income (loss) before reclassifications
(27
)
 
5

 
1

 
(21
)
Amounts reclassified from accumulated other comprehensive income (loss)
—

 
(1
)

—


(1
)
Income tax (provision) benefit
10

 
1

 
—

 
11

As of June 30, 2018
(193
)
 
7

 
(2
)
 
(188
)