Stockholders’ Equity

Stockholder Rights Plan

In January 2018, the Company’s Board of Directors authorized the adoption of a short-term stockholder rights plan, with an expiration date in January 2019. Effective April 16, 2018, the Company terminated the rights plan. Pursuant to the rights plan, the Company declared a dividend of one preferred share purchase right for each outstanding share of common stock, payable to holders of record as of the close of business on January 26, 2018. Each right, which was exercisable only in the event any person or group were to acquire beneficial ownership of 15% or more of the Company’s outstanding common stock (with certain limited exceptions), would have entitled any holder other than the person or group whose ownership position had exceeded the ownership limit to purchase common stock having a value equal to twice the $100 exercise price of the right, or, at the election of the Board of Directors, to exchange each right for one share of common stock (subject to adjustment). On April 16, 2018, the Company also entered into a new cooperation agreement with SRS Investment Management LLC and certain of its affiliates.

Share Repurchases

The Company’s Board of Directors has authorized the repurchase of up to $1.5 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, 2018, the Company did not repurchase any shares of common stock under the program. During the three months ended March 31, 2017, the Company repurchased approximately 1.5 million shares of common stock at a cost of approximately $50 million under the program. As of March 31, 2018, approximately $100 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,
		2018			2017
Net loss		$	(87	)	$	(107	)
Other comprehensive income:
	Currency translation adjustments (net of tax of $5 and $3, respectively)	1			25
	Net unrealized gain (loss) on cash flow hedges (net of tax of $(2) and $0, respectively)	6			1
	Minimum pension liability adjustment (net of tax of $(1) and $(1), respectively)	1			2
		8			28
Comprehensive loss		$	(79	)	$	(79	)

__________

Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries (See Note 9 - Income Taxes).

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, December 31, 2017		$	71		$	5	$	2		$	(102	)	$	(24	)
	Cumulative effect of accounting change ^(c)	7			1		(2		)	(12		)	(6		)
Balance, January 1, 2018		$	78		$	6	$	—		$	(114	)	$	(30	)
	Other comprehensive income (loss) before reclassifications	1			6		—			—			7
	Amounts reclassified from accumulated other comprehensive income (loss)	—			—		—			1			1
Net current-period other comprehensive income (loss)		1			6		—			1			8
Balance, March 31, 2018		$	79		$	12	$	—		$	(113	)	$	(22	)

Balance, January 1, 2017		$	(39	)	$	2	$	1		$	(118	)	$	(154	)
	Other comprehensive income (loss) before reclassifications	25			—		—			1			26
	Amounts reclassified from accumulated other comprehensive income (loss)	—			1		—			1			2
Net current-period other comprehensive income (loss)		25			1		—			2			28
Balance, March 31, 2017		$	(14	)	$	3	$	1		$	(116	)	$	(126	)

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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 $20 million gain, net of tax, as of March 31, 2018 related to the Company’s hedge of its net investment in euro-denominated foreign operations (see Note 16 - Financial Instruments).


^(a)	For the three months ended March 31, 2017, the amount reclassified from accumulated other comprehensive income (loss) into corporate interest expense was $1 million ($1 million, net of tax).


^(b)	For the three months ended March 31, 2018 and 2017, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ($1 million, net of tax) and $2 million ($1 million, net of tax), respectively.


^(c)	See Note 1 - Basis of Presentation for the impact of adoption of ASU 2016-01 and ASU 2018-02.