Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

9) STOCKHOLDERS’ EQUITY

During the three and nine months ended September 30, 2020, we declared cash dividends of $.24 and $.72 per share, respectively, on our Class A and Class B Common Stock, resulting in total dividends of $150 million and $450 million, respectively.

Prior to the Merger, Viacom and CBS each declared a quarterly cash dividend during each of the first three quarters of 2019. During the three and nine months ended September 30, 2019, CBS declared cash dividends of $.18 and $.54 per share, respectively, on its Class A and Class B Common Stock resulting in total dividends of $69 million and $205 million, respectively. During the three and nine months ended September 30, 2019, Viacom declared cash dividends of $.20 and $.60 per share, respectively, on its Class A and Class B Common Stock resulting in total dividends of $82 million and $245 million, respectively.

During the nine months ended September 30, 2020, we repurchased 1.3 million shares of ViacomCBS Class B Common Stock under our share repurchase program for $50 million, at an average cost of $38.63 per share. At September 30, 2020, $2.36 billion of authorization remained under the share repurchase program.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in the components of accumulated other comprehensive loss.


	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Accumulated Other Comprehensive Loss
At December 31, 2019		$	(463)		$	(1,507)			$	(1,970)
Other comprehensive income before reclassifications		8			—				8
Reclassifications to net earnings		—			52		(a)		52
Other comprehensive income		8			52				60
At September 30, 2020		$	(455)		$	(1,455)			$	(1,910)


	Cumulative Translation Adjustments			Net Actuarial Loss and Prior Service Cost				Accumulated Other Comprehensive Loss
At December 31, 2018		$	(476)		$	(1,132)			$	(1,608)
Other comprehensive loss before reclassifications		(62)			—				(62)
Reclassifications to net earnings		—			46		(a)		46
Other comprehensive income (loss)		(62)			46				(16)
Tax effects reclassified to retained earnings		—			(230)		(b)		(230)
At September 30, 2019		$	(538)		$	(1,316)			$	(1,854)

(a)Reflects amortization of net actuarial losses (see Note 12). Amounts are net of tax benefits of $16 million and $15 million for the nine months ended September 30, 2020 and 2019, respectively.

(b)Reflects the reclassification of certain income tax effects of the federal tax legislation enacted in December 2017 on items within accumulated other comprehensive loss to retained earnings upon the adoption of FASB guidance.