Corning has 2,300 outstanding shares of Fixed Rate Cumulative Convertible Preferred Stock, Series A. The Preferred Stock is convertible at the option of the holder and the Company upon certain events, at a conversion rate of 50,000 shares of Corning’s common stock per one share of Preferred Stock, subject to certain anti-dilution provisions. As of June 30, 2019, the Preferred Stock has not been converted, and none of the anti-dilution provisions have been triggered.

In December 2016, Corning’s Board of Directors approved a $4 billion share repurchase program with no expiration date (the “2016 Repurchase Program”). On April 26, 2018, Corning’s Board of Directors approved a $2 billion share repurchase program with no expiration date (the “2018 Repurchase Program”).

In the three and six months ended June 30, 2019, the Company repurchased 4.8 and 12.6 million shares of common stock on the open market for approximately $151 million and $395 million, respectively, as part of its 2018 Repurchase Program.

In the three and six months ended June 30, 2018, the Company repurchased 24.6 million and 51.6 million shares of common stock on the open market for approximately $674 million and $1,488 million, respectively, as part of its 2016 Repurchase Program.

On July 17, 2019, Corning’s Board of Directors authorized $5 billion in share repurchases with no expiration date (the “2019 Repurchase Authorization”).

In the three and six months ended June 30, 2019 and 2018, the change in accumulated other comprehensive loss was primarily related to the foreign currency translation adjustment.

A summary of changes in the foreign currency translation adjustment component of accumulated other comprehensive loss is as follows (in millions) (1):



	Three months ended				Six months ended
	June 30,				June 30,
	2019		2018		2019		2018
Beginning balance	$	(824)	$	(265)	$	(714)	$	(529)
Other comprehensive income (loss) (2)		39		(413)		(59)		(153)
Equity method affiliates (3)		(1)		(15)		(13)		(11)
Net current-period other comprehensive income (loss)		38		(428)		(72)		(164)
Ending balance	$	(786)	$	(693)	$	(786)	$	(693)

(1)All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss.

(2)For the three and six months ended June 30, 2019 amounts are net of tax benefit of $10 million and $23 million, respectively. For the three and six months ended June 30, 2018, amounts are net of total tax benefit of $40 million and $30 million, respectively.