Stockholders’ Equity and Noncontrolling Interests

Preferred and Common Stock We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. At December 31, 2017 and 2016 we had 1.4 billion and 1.5 billion shares of common stock issued and outstanding.

Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our dividends declared per common share were $1.52, $1.52 and $1.38 and our total dividends paid on common stock were $2.2 billion, $2.3 billion and $2.2 billion for the years ended December 31, 2017, 2016 and 2015. Holders of common stock are entitled to one vote per share on all matters submitted to our stockholders for a vote. The liquidation rights of holders of our common stock are secondary to the payment or provision for payment of all our debts and liabilities and to holders of our preferred stock, if any such shares are then outstanding.

In the years ended December 31, 2017, 2016 and 2015 we purchased 120 million, 77 million and 102 million shares of our outstanding common stock for $4.5 billion, $2.5 billion and $3.5 billion as part of the common stock repurchase program announced in March 2015, which our Board of Directors increased and extended in January 2016 and January 2017.

Warrants At December 31, 2016 we had 42 million warrants outstanding that we issued in July 2009. The warrants are exercisable at any time prior to July 10, 2019 at an exercise price of $18.33 per share. We had 22 million warrants outstanding at December 31, 2017.

GM Financial Preferred Stock In September 2017 GM Financial issued $1.0 billion of Fixed-to-Floating Rate Cumulative Perpetual Preferred Stock, Series A, $0.01 par value, with a liquidation preference of $1,000 per share. The preferred stock is classified as noncontrolling interests in our consolidated financial statements. Dividends will be paid semi-annually when declared starting March 30, 2018 at a fixed rate of 5.75% or approximately $58 million annually for the first 10 years after issuance, after which, if the notes have not been redeemed, dividends will be paid based on a floating rate.

The following table summarizes the significant components of Accumulated other comprehensive loss:



	Years Ended December 31,
	2017			2016			2015
Foreign Currency Translation Adjustments
Balance at beginning of period	$	(2,355	)	$	(2,034	)	$	(1,064	)
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax(a)(b)	560			(317		)	(1,168		)
Reclassification adjustment, net of tax(a)(c)	189			(4		)	198
Other comprehensive income (loss), net of tax(a)	749			(321		)	(970		)
Balance at end of period	$	(1,606	)	$	(2,355	)	$	(2,034	)
Defined Benefit Plans
Balance at beginning of period	$	(6,968	)	$	(5,999	)	$	(7,006	)
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment(b)	(798		)	(1,546		)	813
Tax expense (benefit)	(98		)	(459		)	41
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax(b)	(700		)	(1,087		)	772
Reclassification adjustment, net of tax(a)(d)	1,270			118			235
Other comprehensive income (loss), net of tax	570			(969		)	1,007
Balance at end of period	$	(6,398	)	$	(6,968	)	$	(5,999	)

__________


(a)	The income tax effect was insignificant in the years ended December 31, 2017, 2016 and 2015.


(b)	The noncontrolling interests are insignificant in the years ended December 31, 2017, 2016 and 2015.


(c)	The reclassification adjustment for the year ended December 31, 2015 is related to the exit of Russia and is included in Automotive cost of sales.


(d)	$1.2 billion is included in the loss on sale of the Opel/Vauxhall Business in the year ended December 31, 2017. An insignificant amount is included in the computation of periodic pension and OPEB (income) expense in the years ended December 31, 2017, 2016 and 2015.