XML 137 R24.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Stockholders' Equity
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Cash Dividend Payments
During 2019, 2018 and 2017, 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 $1.8 billion of its common stock under a plan originally approved in 2013 and subsequently expanded, most recently in August 2019. During 2019, 2018 and 2017, the Company repurchased approximately 14 million shares of common stock at a cost of approximately $462 million under the program. As of December 31, 2019, approximately $189 million of authorization remained available to repurchase common stock under this plan.

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 its 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. The Company paid net premiums of $16 million to enter into this agreement, which was recorded as a reduction of additional paid in capital. In September 2019, the capped call options expired and all outstanding options settled for 0.6 million shares.
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, 2017
$
(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
)
Cumulative effect of accounting change
7

 
1

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

 
6

 
—

 
(114
)
 
(30
)
Other comprehensive income (loss) before reclassifications
(81
)
 
(2
)
 
—

 
(23
)
 
(106
)
Amounts reclassified from accumulated other comprehensive income (loss)
—

 
(2
)
 
—

 
5

 
3

Net current-period other comprehensive income (loss)
(81
)
 
(4
)
 
—

 
(18
)
 
(103
)
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
12

 
(20
)
 
—

 
(20
)
 
(28
)
Amounts reclassified from accumulated other comprehensive income (loss)
—

 
(3
)
 
—

 
6

 
3

Net current-period other comprehensive income (loss)
12

 
(23
)
 
—

 
(14
)
 
(25
)
Balance, December 31, 2019
$
9

 
$
(20
)
 
$
—

 
$
(146
)
 
$
(157
)

 __________
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 9-Income Taxes for impacts of the Tax Act) and include a $81 million gain, net of tax, related to the Company’s hedge of its investment in euro-denominated foreign operations (See Note 19-Financial Instruments).
(a) 
For the years ended December 31, 2019, 2018 and 2017, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $4 million ($3 million, net of tax), $3 million ($2 million, net of tax) and $4 million ($2 million, net of tax), respectively.
(b) 
For the years ended December 31, 2019, 2018 and 2017, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $8 million ($6 million, net of tax), $7 million ($5 million, net of tax) and $8 million ($5 million, net of tax), respectively.
(c) 
See Note 2-Summary of Significant Accounting Policies for the impact of adoption of ASU 2017-12.