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Stockholders' Equity
 6 Months Ended
Jun. 30, 2020
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 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 the Company to pay cash dividends is not currently restricted by its existing senior credit facility and its indentures governing its senior unsecured notes. Any decision to declare and pay dividends in the future will be made at the discretion of the Company's Board of Directors and will depend on, among other things, the results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Company's Board of Directors may deem relevant.
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 2019
15
 
0.62
 
2.48
 
May 2019
April 2020
—
 
0.62
 
2.48
 
May 2020

The Company declared a quarterly cash dividend of $0.62 per share on its Common Stock on July 15, 2020, amounting to $73 million. The cash dividend will be paid on August 6, 2020 to holders of record as of July 27, 2020.
Treasury Stock
The Company's Board of Directors authorizes repurchases of Common Stock from time to time. These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program does not have an expiration date.
 
Six Months Ended
June 30,
 
Total From
February 2008
Through
June 30, 2020
 
2020
 
2019
 
Shares repurchased
1,709,431

 
4,890,155

 
58,588,409

Average purchase price per share
$
87.87

 
$
102.25

 
$
73.44

Shares repurchased (in $ millions)
$
150

 
$
500

 
$
4,303

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

 
$
1,500

 
$
5,366


On July 15, 2020, the Company's Board of Directors approved a $500 million increase in its Common Stock repurchase authorization. As of June 30, 2020, the Company had $1.1 billion remaining under the previous authorization.
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,
 
2020
 
2019
 
Gross
Amount
 
Income
Tax
(Provision)
Benefit
 
Net
Amount
 
Gross
Amount
 
Income
Tax
(Provision)
Benefit
 
Net
Amount
 
(In $ millions)
Foreign currency translation gain (loss)
(10
)
 
4

 
(6
)
 
(12
)
 
1

 
(11
)
Gain (loss) on cash flow hedges
1

 
—

 
1

 
(19
)
 
6

 
(13
)
Total
(9
)
 
4

 
(5
)
 
(31
)
 
7

 
(24
)
 
Six Months Ended June 30,
 
2020
 
2019
 
Gross
Amount
 
Income
Tax
(Provision)
Benefit
 
Net
Amount
 
Gross
Amount
 
Income
Tax
(Provision)
Benefit
 
Net
Amount
 
(In $ millions)
Foreign currency translation gain (loss)
—

 
(8
)
 
(8
)
 
1

 
(5
)
 
(4
)
Gain (loss) on cash flow hedges
(50
)
 
12

 
(38
)
 
(22
)
 
6

 
(16
)
Total
(50
)
 
4

 
(46
)
 
(21
)
 
1

 
(20
)

Adjustments to Accumulated other comprehensive income (loss), net, are as follows:
 
Foreign
Currency
Translation Gain (Loss)
 
Gain (Loss)
on Cash
Flow
Hedges
 
Pension
and
Postretirement
Benefits Gain (Loss)
 
Accumulated
Other
Comprehensive
Income
(Loss), Net
 
(In $ millions)
As of December 31, 2019
(252
)
 
(38
)
 
(10
)
 
(300
)
Other comprehensive income (loss) before reclassifications
—

 
(50
)
 
—

 
(50
)
Income tax (provision) benefit
(8
)
 
12

 
—

 
4

As of June 30, 2020
(260
)
 
(76
)
 
(10
)
 
(346
)