
15.	Stockholders’ Equity

Cash Dividend Payments

During 2017, 2016 and 2015, the Company did not declare or pay any cash dividends. The Company’s ability to pay dividends to holders of its common stock is limited by the Company’s senior credit facility, the indentures governing its senior notes and its vehicle financing programs.

Share Repurchases

The Company’s Board of Directors has authorized the repurchase of up to approximately $1.5 billion of its common stock under a plan originally approved in 2013 and subsequently expanded, most recently in 2016. During 2017, 2016 and 2015, the Company repurchased approximately 27 million shares of common stock at a cost of $1.0 billion under the program. As of December 31, 2017, approximately $100 million of authorization remained available to repurchase common stock under this plan.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are 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, 2015	$	51		$	(1	)	$	2		$	(74	)	$	(22	)
Other comprehensive income (loss) before reclassifications	(131		)	(6		)	(2		)	6			(133		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			5			—			3			8
Net current-period other comprehensive income (loss)	(131		)	(1		)	(2		)	9			(125		)
Balance, December 31, 2015	(80		)	(2		)	—			(65		)	(147		)
Other comprehensive income (loss) before reclassifications	41			—			1			(57		)	(15		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			4			—			4			8
Net current-period other comprehensive income (loss)	41			4			1			(53		)	(7		)
Balance, December 31, 2016	(39		)	2			1			(118		)	(154		)
Other comprehensive income (loss) before reclassifications	110			1			1			11			123
Amounts reclassified from accumulated other comprehensive income (loss)	—			2			—			5			7
Net current-period other comprehensive income (loss)	110			3			1			16			130
Balance, December 31, 2017	$	71		$	5		$	2		$	(102	)	$	(24	)

__________

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 (see Note 8-Income Taxes for potential impacts of the Tax Act) and include a $33 million gain, net of tax, related to the Company’s hedge of its investment in euro-denominated foreign operations (See Note 18-Financial Instruments). As a result of the Tax Act, management is evaluating its intention to continue to indefinitely reinvest in foreign subsidiaries.

^(a)

For the years ended December 31, 2017, 2016 and 2015, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $4 million ($2 million, net of tax), $6 million ($4 million, net of tax) and $7 million ($4 million, net of tax), respectively. For the years ended December 31, 2016 and 2015, amounts reclassified from accumulated comprehensive income (loss) into vehicle interest expense were $1 million ($0 million, net of tax) and $1 million ($1 million, net of tax), respectively.


^(b)	For the years ended December 31, 2017, 2016 and 2015, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $8 million ($5 million, net of tax), $6 million ($4 million, net of tax) and $5 million ($3 million, net of tax), respectively.