Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchases

In August 2013, the Company obtained Board approval to repurchase of up to $200 million of its common stock. During the three months ended March 31, 2014, the Company repurchased approximately 1,635,000 shares of common stock at a cost of approximately $75 million under the repurchase program. The Company did not repurchase any of its common stock during the three months ended March 31, 2013.

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
Balance, January 1, 2014	$	166		$	1	$	2		$	(52	)	$	117
Net current-period other comprehensive income (a)	3			1		(1		)	—			3
Balance, March 31, 2014	$	169		$	2	$	1		$	(52	)	$	120
Balance, January 1, 2013	$	193		$	—	$	2		$	(85	)	$	110
Net current-period other comprehensive loss (a)	(23		)	—		—			—			(23		)
Balance, March 31, 2013	$	170		$	—	$	2		$	(85	)	$	87

__________

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 and include $11 million loss, net of tax, related to the Company's hedge of its net investment in Euro-denominated foreign operations (See Note 13 - Financial Instruments).

^(a)  For the periods ended March 31, 2014 and 2013, amounts reclassified from accumulated other comprehensive income were not material.

Total Comprehensive Income

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

The components of other comprehensive income were as follows: 

		Three Months Ended   March 31,
		2014			2013
Net income (loss)		$	4		$	(46	)
Other comprehensive income (loss):
	Currency translation adjustments	3			(23		)
	Net unrealized loss on available-for-sale securities	(1		)	—
	Net unrealized gain on cash flow hedges (a)	1			—
		3			(23		)
Total comprehensive income (loss)		$	7		$	(69	)

__________

All components of other comprehensive income are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries.

^(a) The Company’s net unrealized gain on cash flow hedges was $1 million before tax during the three months ended March 31, 2014 and was not material for the three months ended March 31, 2013.