Note 15. Stockholders’ Equity

The following table represents changes in stockholders’ equity that are attributable to our stockholders and non-controlling interests for the three months ended March 31, 2015 (in millions):

 

						Equity Attributable to Starwood Stockholders
		Total				Common Shares				Additional Paid-in Capital				Accumulated Other Comprehensive Loss				Retained Earnings				Equity Attributable to Noncontrolling Interests
Balance at December 31, 2014		$	1,528			$	2			$	47			$	(508	)		$	1,984			$	3
Net income			99				—				—				—				99				—
Equity compensation activity and other			12				—				12				—				—				—
Dividends			(64	)			—				—				—				(64	)			—
Share Repurchases			(123	)			—				—				—				(123	)			—
Other comprehensive loss			(110	)			—				—				(110	)			—				—
Balance at March 31, 2015		$	1,342			$	2			$	59			$	(618	)		$	1,896			$	3

Share Issuances and Repurchases. During the three months ended March 31, 2015, we issued approximately 0.3 million of our common shares as a result of stock option exercises.

In the first quarter of 2015, our Board of Directors authorized a $750 million increase to the share repurchase program. During the three months ended March 31, 2015, we repurchased 1.6 million common shares at a weighted average price of $78.29 for a total cost of approximately $123 million. As of March 31, 2015, $706 million remained available under the share repurchase authorization approved by our Board of Directors.

Dividends. In March 2015, we paid approximately $64 million of dividends, or $0.375 per share to stockholders of record as of March 5, 2015.

 

Accumulated Other Comprehensive Loss. During the three months ended March 31, 2015 and 2014, net gains included in accumulated other comprehensive loss related to intra-entity foreign currency transactions that are of a long-term investment nature amounted to $82 million and zero, respectively.

 

		For the Three Months Ended March 31, 2015 (a)
		Cash Flow Hedges				Defined Benefit Pension  and Postretirement Benefit Plans  (b)				Foreign Currency Translation Adjustments				Total
Balance at December 31, 2014		$	3			$	(77	)		$	(434	)		$	(508	)
Other comprehensive income (loss) before reclassifications			4				—				(112	)			(108	)
Amounts reclassified from accumulated other comprehensive loss			—				1				—				1
Total before tax			4				1				(112	)			(107	)
Tax expense			(3	)			—				—				(3	)
Net current year other comprehensive income (loss)			1				1				(112	)			(110	)
Balance at March 31, 2015		$	4			$	(76	)		$	(546	)		$	(618	)

 

(a)	Amounts in parentheses indicate debits.

(b)	Pretax amortization of defined benefit pension and postretirement benefit plans is reclassified to selling, general, administrative and other.