Stockholders' Equity

9 Months Ended

Sep. 30, 2019

Stockholders’ Equity

Dividends on our Common Stock

The Executive Committee, acting on behalf of the Board of Directors, declared the following dividends during the periods presented:



Declaration Date	Dividend Per Share		Record Date	Total Amount (in millions)		Payment Date
Nine Months Ended September 30, 2019
February 6, 2019	$	0.32	March 7, 2019	$	47	March 27, 2019
May 1, 2019	0.32		May 23, 2019	48		June 13, 2019
July 24, 2019	0.34		August 22, 2019	50		September 12, 2019
Nine Months Ended September 30, 2018
February 7, 2018	0.30		March 8, 2018	46		March 28, 2018
April 24, 2018	0.30		May 24, 2018	45		June 14, 2018
July 23, 2018	0.32		August 23, 2018	47		September 13, 2018

In addition, in November 2019, the Executive Committee, acting on behalf of the Board of Directors, declared a quarterly cash dividend of $0.34 per share of outstanding common stock payable on December 12, 2019 to stockholders of record as of the close of business on November 19, 2019. Future declarations of dividends are subject to final determination by our Board of Directors.

Treasury Stock

As of September 30, 2019, the Company’s treasury stock was comprised of approximately 116.3 million common stock and 7.3 million Class B shares. As of December 31, 2018, the entire treasury stock balance of 97.2 million shares was common stock.

Share Repurchases. In April 2018, the Executive Committee, acting on behalf of the Board of Directors, authorized a repurchase of up to an additional 15 million shares of our common stock. During the nine months ended September 30, 2019, we repurchased, through open market transactions, 2.3 million shares under these authorizations for the total cost of $300 million, excluding transaction costs, representing an average repurchase price of $130.30 per share. As of September 30, 2019, there were approximately 9.9 million shares remaining under the 2018 repurchase authorization. There is no fixed termination date for the repurchases. Subsequent to the end of the third quarter of 2019, we repurchased an additional 0.9 million shares for a total cost of $118 million, excluding transaction costs, representing an average purchase price of $135.58 per share.

For information related to shares repurchased as part of the Liberty Expedia Holdings transaction, see Note 11 – Liberty Expedia Holdings Transaction and Note 12 – Related Party Transactions.

Accumulated Other Comprehensive Loss

The balance of accumulated other comprehensive loss as of September 30, 2019 and December 31, 2018 was comprised of foreign currency translation adjustments. These translation adjustments include foreign currency transaction losses at September 30, 2019 of $2 million ($2 million before tax) and $27 million ($35 million before tax) at December 31, 2018 associated with our 2.5% Notes. The 2.5% Notes are Euro-denominated debt designated as hedges of certain of our Euro-denominated net assets. See Note 4 – Debt for more information.