12. Shareholders’ Equity

Fixed Rate Cumulative Convertible Preferred Stock, Series A

Corning has 2,300 outstanding shares of Fixed Rate Cumulative Convertible Preferred Stock, Series A. The Preferred Stock is convertible at the option of the holder and the Company upon certain events, at a conversion rate of 50,000 shares of Corning’s common stock per one share of Preferred Stock, subject to certain anti-dilution provisions. As of March 31, 2019, the Preferred Stock has not been converted, and none of the anti-dilution provisions have been triggered.

Share Repurchases

In December 2016, Corning’s Board of Directors approved a $4 billion share repurchase program with no expiration (the “2016 Repurchase Program”). On April 26, 2018, Corning’s Board of Directors approved a $2 billion share repurchase program with no expiration (the “2018 Repurchase Program”).

In the three months ended March 31, 2019, the Company repurchased 7.8 million shares of common stock on the open market for approximately $244 million as part of its 2018 Repurchase Program.

In the three months ended March 31, 2018, the Company repurchased 27.1 million shares of common stock on the open market for approximately $814 million as part of its 2016 Repurchase Program.

Accumulated Other Comprehensive Loss

In the three months ended March 31, 2019 and 2018, the change in accumulated other comprehensive loss was related to the foreign currency translation adjustment and unamortized actuarial gains (losses) components.

A summary of changes in the foreign currency translation adjustment component of accumulated other comprehensive loss is as follows (in millions) (1):



	Three months ended
	March 31,
	2019		2018
Beginning balance	$	(714)	$	(529)
Other comprehensive (loss) income (2)		(98)		260
Equity method affiliates (3)		(12)		4
Net current-period other comprehensive (loss) income		(110)		264
Ending balance	$	(824)	$	(265)

(1)

All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss.

(2)

For the three months ended March 31, 2019 and 2018, amounts are net of total tax benefit of $13 million and tax expense of $10 million, respectively.

(3)Tax effects are not significant.

A summary of changes in the unamortized actuarial gains (losses) component of accumulated other comprehensive loss is as follows (in millions) (1):



	Three months ended
	March 31,
	2019		2018
Beginning balance	$	(298)	$	(317)
Amounts reclassified from accumulated other comprehensive (loss) income (2)		(52)		1
Net current-period other comprehensive (loss) income		(52)		1
Ending balance	$	(350)	$	(316)

(1)

All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss. For the three months ended March 31, 2019, the amount consisted of $52 million in tax loss due to reclass of stranded tax effects. Refer to Note 1 (Significant Accounting Policies) to the consolidated financial statements for additional information.

(2)

For the three months ended March 31, 2018, tax amounts are not significant.