Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchases

The Company’s Board of Directors has authorized the repurchase of up to approximately $1.2 billion of its common stock under a plan originally approved in 2013 and subsequently expanded, most recently in 2016. During the three months ended March 31, 2016, the Company repurchased approximately 3.0 million shares of common stock at a cost of approximately $80 million under the program. During the three months ended March 31, 2015, the Company repurchased approximately 0.5 million shares of common stock at a cost of approximately $31 million under the program. As of March 31, 2016, approximately $360 million of authorization remains available to repurchase common stock under this plan.

Total Comprehensive Income (Loss)

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 (loss) were as follows: 

		Three Months Ended   March 31,
		2016			2015
Net loss		$	(51	)	$	(9	)
Other comprehensive income (loss):
	Currency translation adjustments (net of tax of $9 and $(24), respectively)	72			(92		)
	Net unrealized loss on cash flow hedges (net of tax of $2, in each period)	(3		)	(3		)
	Minimum pension liability adjustment (net of tax of $0, in each period)	1			1
		70			(94		)
Comprehensive income (loss)		$	19		$	(103	)

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Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries.

Accumulated Other Comprehensive Income (Loss)

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

		Currency Translation Adjustments			Net Unrealized Gains (Losses) on Cash Flow Hedges(a)			Net Unrealized Gains (Losses) on Available-for Sale Securities		Minimum Pension Liability Adjustment(b)			Accumulated Other Comprehensive Income (Loss)
Balance, January 1, 2016		$	(80	)	$	(2	)	$	—	$	(65	)	$	(147	)
	Other comprehensive income (loss) before reclassifications	72			(4		)	—		—			68
	Amounts reclassified from accumulated other comprehensive income (loss)	—			1			—		1			2
Net current-period other comprehensive income (loss)		72			(3		)	—		1			70
Balance, March 31, 2016		$	(8	)	$	(5	)	$	—	$	(64	)	$	(77	)
Balance, January 1, 2015		$	51		$	(1	)	$	2	$	(74	)	$	(22	)
	Other comprehensive income (loss) before reclassifications	(92		)	(4		)	—		2			(94		)
	Amounts reclassified from accumulated other comprehensive income (loss)	—			1			—		(1		)	—
Net current-period other comprehensive income (loss)		(92		)	(3		)	—		1			(94		)
Balance, March 31, 2015		$	(41	)	$	(4	)	$	2	$	(73	)	$	(116	)

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All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include a $54 million gain, net of tax, as of March 31, 2016 related to the Company’s hedge of its net investment in Euro-denominated foreign operations (see Note 12 - Financial Instruments).

^(a)  For the three months ended March 31, 2016 and March 31, 2015, amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $2 million ($1 million, net of tax), in each period.

^(b)  For the three months ended March 31, 2016 and March 31, 2015, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $1 million ($1 million, net of tax), in each period.