Stockholders' Equity Common Stock The Company's Board of Directors follows a policy of declaring, subject to legally available funds, a quarterly cash dividend on each share of the Company's Series A Common Stock, par value $0.0001 per share ("Common Stock"), unless the Company's Board of Directors, in its sole discretion, determines otherwise. The amount available to pay cash dividends is restricted by the Company's Amended Credit Agreement and the Senior Notes. The Company's Board of Directors approved increases in the Company's Common Stock cash dividend rates as follows: | | | | | | | | | | Increase | | Quarterly Common Stock Cash Dividend | | Annual Common Stock Cash Dividend | | Effective Date | | (In percentages) | | (In $ per share) | | | April 2013 | 20 | | 0.09 | | 0.36 | | May 2013 | July 2013 | 100 | | 0.18 | | 0.72 | | August 2013 | April 2014 | 39 | | 0.25 | | 1.00 | | May 2014 |
Treasury Stock The Company's Board of Directors authorized the repurchase of Common Stock as follows: | | | | | Authorized Amount | | (In $ millions) | February 2008 | 400 |
| October 2008 | 100 |
| April 2011 | 129 |
| October 2012 | 264 |
| February 2014 | 172 |
| As of September 30, 2014 | 1,065 |
|
These authorizations give management discretion in determining the timing and conditions under which shares may be repurchased. This repurchase program does not have an expiration date. The share repurchase activity pursuant to this authorization is as follows: | | | | | | | | | | | | | | |
Nine Months Ended September 30, | | Total From
February 2008
Through
September 30, 2014 | | | 2014 | | 2013 | | | Shares repurchased | 3,515,301 |
| | 2,096,320 |
| (1) | 19,844,008 |
| (2) | Average purchase price per share | $ | 57.19 |
| | $ | 48.58 |
| | $ | 43.64 |
| | Amount spent on repurchased shares (in millions) | $ | 201 |
| | $ | 102 |
| | $ | 866 |
| |
______________________________ | | (1) | Excludes 6,021 shares withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock awards are considered outstanding at the time of issuance. Accordingly, the shares withheld are treated as treasury shares. |
| | (2) | Excludes 11,844 shares withheld from an executive officer to cover statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock. Restricted stock awards are considered outstanding at the time of issuance. Accordingly, the shares withheld are treated as treasury shares. |
The purchase of treasury stock reduces the number of shares outstanding, and the repurchased shares may be used by the Company for compensation programs utilizing the Company's stock and other corporate purposes. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders' equity. Other Comprehensive Income (Loss), Net | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | 2014 | | 2013 | | Gross Amount | | Income Tax (Provision) Benefit | | Net Amount | | Gross Amount | | Income Tax (Provision) Benefit | | Net Amount | | (In $ millions) | Unrealized gain (loss) on marketable securities | — |
|
| — |
| | — |
| | 1 |
| (1) | — |
| | 1 |
| Foreign currency translation | (127 | ) | | 3 |
| | (124 | ) | | 44 |
| | (2 | ) | | 42 |
| Gain (loss) from cash flow hedges | (8 | ) |
| 3 |
| | (5 | ) | | 2 |
| (2) | (1 | ) | | 1 |
| Pension and postretirement benefits | (16 | ) | | 8 |
| | (8 | ) | | — |
|
| — |
| | — |
| Total | (151 | ) | | 14 |
| | (137 | ) | | 47 |
| | (3 | ) | | 44 |
|
______________________________ | | (1) | Amount includes $1 million of unrealized gains related to the Company's equity method investments. |
| | (2) | Amount includes $1 million of gains associated with the Company's equity method investments. |
| | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | 2014 | | 2013 | | Gross
Amount | | Income
Tax
(Provision)
Benefit | | Net
Amount | | Gross
Amount | | Income
Tax
(Provision)
Benefit | | Net
Amount | | (In $ millions) | Unrealized gain (loss) on marketable securities | — |
| | — |
| | — |
| | 1 |
| (1) | — |
| | 1 |
| Foreign currency translation | (142 | ) | | 1 |
| | (141 | ) | | 41 |
| | (4 | ) | | 37 |
| Gain (loss) from cash flow hedges | (11 | ) | | — |
| | (11 | ) | | 7 |
| | (3 | ) | | 4 |
| Pension and postretirement benefits | (57 | ) | | 23 |
| | (34 | ) | | — |
| (2) | — |
| | — |
| Total | (210 | ) | | 24 |
| | (186 | ) | | 49 |
| | (7 | ) | | 42 |
|
______________________________ | | (1) | Amount includes $1 million of unrealized gains related to the Company's equity method investments. |
| | (2) | Amount includes amortization of actuarial gains of $1 million related to the Company's equity method investments. |
Adjustments to Accumulated other comprehensive income (loss), net, are as follows: | | | | | | | | | | | | | | | | | Unrealized Gain (Loss) on Marketable Securities | | Foreign Currency Translation | | Gain (Loss) from Cash Flow Hedges | | Pension and Postretire- ment Benefits | | Accumulated Other Comprehensive Income (Loss), Net | | (In $ millions) | As of December 31, 2013 | — |
| | (3 | ) | | (44 | ) | | 43 |
| | (4 | ) | Other comprehensive income before reclassifications | — |
| | (142 | ) | | (14 | ) | | — |
| | (156 | ) | Amounts reclassified from accumulated other comprehensive income (loss) | — |
| | — |
| | 3 |
|
| (57 | ) |
| (54 | ) | Income tax (provision) benefit | — |
| | 1 |
| | — |
| | 23 |
| | 24 |
| As of September 30, 2014 | — |
| | (144 | ) | | (55 | ) | | 9 |
| | (190 | ) |
|