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Stockholders' Equity
 6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Stockholders' Equity
Stockholders’ Equity

Share Repurchases

The Company’s Board of Directors has authorized the repurchase of up to $1.7 billion of its common stock under a plan originally approved in 2013 and subsequently expanded, most recently in August 2018. During the six months ended June 30, 2019, the Company did not repurchase any shares of common stock under the program. During the six months ended June 30, 2018, the Company repurchased approximately 1.6 million shares of common stock at a cost of approximately $67 million under the program. As of June 30, 2019, approximately $150 million of authorization remains available to repurchase common stock under this plan. In August 2019, the Company’s Board of Directors increased the Company’s share repurchase program authorization by $100 million.

In June 2019 as part of its share repurchase program, the Company entered into a structured repurchase agreement involving the use of capped call options for the purchase of the Company’s common stock. The Company paid a fixed sum upon the execution of the agreement in exchange for the right to receive either a pre-determined amount of cash or stock. Upon the expiration dates set forth in the agreement, if the closing market price of our common stock is above the pre-determined price, the Company’s initial investment will be returned with a premium. If the closing market price of our common stock is at or below the pre-
determined price, the Company will receive the number of shares specified in the agreement. The Company paid net premiums of $16 million to enter into this agreement, which is recorded as a reduction of additional paid in capital. As of June 30, 2019, the Company had outstanding options for the purchase of 0.6 million shares that will settle during 2019.

Total Comprehensive Income (Loss)

Comprehensive income (loss) 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,
 
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
62

 
$
26

 
$
(29
)
 
$
(61
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Currency translation adjustments (net of tax of $4, $(10), $(2), and $(5) respectively)
9

 
(54
)
 
10

 
(53
)
 
Net unrealized gain (loss) on cash flow hedges (net of tax of $4, $(1), and $7, and $(3) respectively)
(13
)
 
2

 
(21
)
 
8

 
Minimum pension liability adjustment (net of tax of $0, $0, $0, and $(1), respectively)
2

 
2

 
4

 
3

 
 
(2
)
 
(50
)
 
(7
)
 
(42
)
Comprehensive income (loss)
$
60

 
$
(24
)
 
$
(36
)
 
$
(103
)
__________
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, December 31, 2018
$
(3
)
 
$
2

 
$
—

 
$
(132
)
 
$
(133
)
 
Cumulative effect of accounting change (c)
—

 
1

 
—

 
—

 
1

Balance, January 1, 2019
$
(3
)
 
$
3

 
$
—

 
$
(132
)
 
$
(132
)
 
Other comprehensive income (loss) before reclassifications
10

 
(19
)
 
—

 
1

 
(8
)
 
Amounts reclassified from accumulated other comprehensive income (loss)
—

 
(2
)
 
—

 
3

 
1

Net current-period other comprehensive income (loss)
10

 
(21
)
 
—

 
4

 
(7
)
Balance, June 30, 2019
$
7

 
$
(18
)
 
$
—

 
$
(128
)
 
$
(139
)
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2017
$
71

 
$
5

 
$
2

 
$
(102
)
 
$
(24
)
 
Cumulative effect of accounting change
7

 
1

 
(2
)
 
(12
)
 
(6
)
Balance, January 1, 2018
$
78

 
$
6

 
$
—

 
$
(114
)
 
$
(30
)
 
Other comprehensive income (loss) before reclassifications
(53
)
 
8

 
—

 
1

 
(44
)
 
Amounts reclassified from accumulated other comprehensive income (loss)
—

 
—

 
—

 
2

 
2

Net current-period other comprehensive income (loss)
(53
)
 
8

 
—

 
3

 
(42
)
Balance, June 30, 2018
$
25

 
$
14

 
$
—

 
$
(111
)
 
$
(72
)
__________
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 $69 million gain, net of tax, as of June 30, 2019 related to the Company’s hedge of its net investment in euro-denominated foreign operations (see Note 16–Financial Instruments).
(a) 
For the three and six months ended June 30, 2019, the amount reclassified from accumulated other comprehensive income (loss) into corporate interest expense was $1 million ($1 million, net of tax) and $3 million ($2 million, net of tax), respectively.
(b) 
For the three and six months ended June 30, 2019, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ($2 million, net of tax) and $4 million ($3 million, net of tax), respectively. For the three and six months ended June 30, 2018, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ($1 million, net of tax) and $4 million ($2 million, net of tax), respectively.
(c) 
See Note 1–Basis of Presentation for the impact of adoption of ASU 2017-12.