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Stockholders' Equity
 6 Months Ended
Jun. 30, 2013
Equity [Abstract]  
Stockholders' Equity
Stockholders’ Equity

During the six months ended June 30, 2013, concurrently with the Company’s repurchase of a portion of its 3½% convertible notes, the Company repurchased warrants for the purchase of the Company’s common stock for $29 million and sold an equal portion of its convertible note hedge for $40 million, reducing the number of shares related to each of the hedge and warrant by approximately 3 million.

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income were as follows: 
 
 
Currency
Translation
Adjustments
 
Net Unrealized
Gains
on Cash Flow
Hedges
 
Net Unrealized
Gains (Losses) on
Available-for
Sale Securities
 
Minimum
Pension
Liability
Adjustment
 
Accumulated
Other
Comprehensive
Income (Loss)
Balance, January 1, 2013
$
193

 
$
—

 
$
2

 
$
(85
)
 
$
110

 
Other comprehensive income (loss) before reclassifications
(60
)
 
1

 
(1
)
 
—

 
(60
)
 
Amounts reclassified from accumulated other comprehensive income (a)
—

 
—

 
—

 
—

 
—

Net current-period other comprehensive income (loss)
(60
)
 
1

 
(1
)
 
—

 
(60
)
Balance, June 30, 2013
$
133

 
$
1

 
$
1

 
$
(85
)
 
$
50

__________
All components of accumulated other comprehensive income are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries.
(a) 
For the three months ended June 30, 2013, there were no amounts reclassified from accumulated other comprehensive income.

Total Comprehensive Income

Comprehensive income consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income (loss).

The components of other comprehensive income (loss) were as follows: 
 

Three Months Ended 
 June 30,

Six Months Ended 
 June 30,
 

2013

2012

2013

2012
Net income (loss)
$
(28
)
 
$
79

 
$
(74
)
 
$
56

Other comprehensive income (loss):
 
 
 
 
 
 
 

Currency translation adjustments
(37
)
 
(49
)
 
(60
)
 
(12
)

Net unrealized losses on available-for-sale securities, net of tax
(1
)
 
(2
)
 
(1
)
 
(2
)

Net unrealized gains on cash flow hedges, net of tax
1

 
4

 
1

 
11



(37
)
 
(47
)
 
(60
)
 
(3
)
Total comprehensive income (loss)
$
(65
)
 
$
32

 
$
(134
)
 
$
53



During both the three and six month periods ended June 30, 2013, the Company’s net unrealized gains on cash flow hedges were $1 million ($1 million, net of tax). During the three and six months ended June 30, 2012, the Company’s net unrealized losses on cash flow hedges decreased by $7 million and $19 million ($4 million and $11 million, net of tax), respectively, primarily due to the realization of losses in income. Such decreases during the three and six months ended June 30, 2012 were principally related to the Company’s vehicle-backed debt and were offset by a corresponding change in the Company’s investment in Avis Budget Rental Car Funding on the Consolidated Condensed Balance Sheet.