Stockholders' Equity (Notes)

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

4. Stockholders’ Equity

Class P Common Stock

On July 19, 2017, our board of directors approved a $2 billion common share buy-back program that began in December 2017. In March 2020, we repurchased approximately 3.6 million of our Class P shares for approximately $50 million at an average price of approximately $13.94 per share. Since December 2017, in total, we have repurchased approximately 32 million of our Class P shares under the program at an average price of approximately $17.71 per share for approximately $575 million.

Common Stock Dividends

Holders of our common stock participate in common stock dividends declared by our board of directors, subject to the rights of the holders of any outstanding preferred stock. The following table provides information about our per share dividends:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Per common share cash dividend declared for the period	$	0.2625	$	0.25	$	0.7875	$	0.75
Per common share cash dividend paid in the period	0.2625		0.25		0.775		0.70

On October 21, 2020, our board of directors declared a cash dividend of $0.2625 per common share for the quarterly period ended September 30, 2020, which is payable on November 16, 2020 to common shareholders of record as of the close of business on November 2, 2020.

Accumulated Other Comprehensive Loss

Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Loss

Cumulative revenues, expenses, gains and losses that under GAAP are included within our comprehensive income but excluded from our earnings are reported as “Accumulated other comprehensive loss” within “Stockholders’ Equity” in our consolidated balance sheets. Changes in the components of our “Accumulated other comprehensive loss” not including non-controlling interests are summarized as follows:


	Net unrealized gains/(losses) on cash flow hedge derivatives		Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Total accumulated other comprehensive loss
	(In millions)
Balance as of December 31, 2019	$	(7)	$	—	$	(326)	$	(333)
Other comprehensive (loss) gain before reclassifications	(16)		1		21		6
Loss reclassified from accumulated other comprehensive loss	72		—		—		72
Net current-period change in accumulated other comprehensive (loss) income	56		1		21		78
Balance as of September 30, 2020	$	49	$	1	$	(305)	$	(255)


	Net unrealized gains/(losses) on cash flow hedge derivatives		Foreign currency translation adjustments		Pension and other postretirement liability adjustments		Total accumulated other comprehensive loss
	(In millions)
Balance as of December 31, 2018	$	164	$	(91)	$	(403)	$	(330)
Other comprehensive (loss) gain before reclassifications	(132)		20		23		(89)
Loss reclassified from accumulated other comprehensive loss	35		—		—		35
Net current-period change in accumulated other comprehensive income (loss)	(97)		20		23		(54)
Balance as of September 30, 2019	$	67	$	(71)	$	(380)	$	(384)