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Nasdaq Stockholders’ Equity
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Nasdaq Stockholders' Equity
Nasdaq Stockholders’ Equity
Common Stock
At December 31, 2016, 300,000,000 shares of our common stock were authorized, 170,501,186 shares were issued and 166,579,468 shares were outstanding. The holders of common stock are entitled to one vote per share, except that our certificate of incorporation limits the ability of any person to vote in excess of 5.0% of the then-outstanding shares of Nasdaq common stock.
Common Stock in Treasury, at Cost
We account for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Nasdaq stockholders’ equity and included in common stock in treasury, at cost in the Consolidated Balance Sheets. Most shares repurchased under our share repurchase program are retired and cancelled, and the remaining shares are available for general corporate purposes. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 3,921,718 shares of common stock in treasury as of December 31, 2016 and 2,917,464 shares as of December 31, 2015.  
Share Repurchase Program
In the fourth quarter of 2014, our board of directors authorized the repurchase of up to $500 million of our outstanding common stock and in the first quarter of 2016, our board of directors authorized the repurchase of an additional $370 million of our outstanding common stock under our share repurchase program.
These purchases may be made from time to time at prevailing market prices in open market purchases, privately-negotiated transactions, block purchase techniques or otherwise, as determined by our management. The purchases are primarily funded from existing cash balances. The share repurchase program may be suspended, modified or discontinued at any time.
The following table summarizes our share repurchase activity:
 
 
Year Ended December 31,
 
 
2016
 
2015
Number of shares of common stock repurchased
 
1,547,778

 
7,191,685

Average price paid per share
 
$
64.42

 
$
52.44

Total purchase price (in millions)
 
$
100

 
$
377


As discussed above in “Common Stock in Treasury, at Cost,” most shares repurchased under our share repurchase program are retired and cancelled, and the remaining shares are available for general corporate purposes. As of December 31, 2016, the remaining amount authorized for share repurchases under the program was $429 million.
Other Repurchases of Common Stock
For the year ended December 31, 2016, we repurchased 1,004,254 shares of our common stock in settlement of employee tax withholding obligations arising from the vesting of restricted stock.
Preferred Stock
Our certificate of incorporation authorizes the issuance of 30,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. At December 31, 2016 and December 31, 2015, no shares of preferred stock were issued or outstanding.  

* * * * * *
Cash Dividends on Common Stock
During 2016, our board of directors declared the following cash dividends:
Declaration Date
 
Dividend Per
Common Share
 
Record Date
 
Total Amount Paid
 
Payment Date
 
 
 
 
 
 
(in millions)
 
 
January 27, 2016
 
$
0.25

 
March 14, 2016
 
$
41

 
March 28, 2016
March 28, 2016
 
0.32

 
June 10, 2016
 
53

 
June 24, 2016
July 26, 2016
 
0.32

 
September 16, 2016
 
53

 
September 30, 2016
October 25, 2016
 
0.32

 
December 16, 2016
 
53

 
December 30, 2016
 
 
 
 
 
 
$
200

 
 

The total amount paid of $200 million was recorded in retained earnings in the Consolidated Balance Sheets at December 31, 2016.
In January 2017, the board of directors declared a regular quarterly cash dividend of $0.32 per share on our outstanding common stock. The dividend is payable on March 31, 2017 to shareholders of record at the close of business on March 17, 2017. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors.
Accumulated Other Comprehensive Loss
The following table outlines the components of accumulated other comprehensive loss:
 
 
Foreign Currency
Translation Adjustments
 
Employee Benefit Plan
Adjustments
 
Accumulated Other
Comprehensive Loss
 
 
(in millions)
Gross balance, December 31, 2015
 
$
(1,298
)
 
$
(35
)
 
$
(1,333
)
Income taxes
 
455

 
14

 
469

Net balance, December 31, 2015
 
$
(843
)
 
$
(21
)
 
$
(864
)
 
 
 
 
 
 
 
Gross balance, December 31, 2016
 
$
(1,481
)
 
$
(35
)
 
$
(1,516
)
Income taxes
 
523

 
14

 
537

Net balance, December 31, 2016
 
$
(958
)
 
$
(21
)
 
$
(979
)


Foreign currency translation adjustments include cumulative gains (losses) on foreign currency translation adjustments from non-U.S. subsidiaries for which the functional currency is other than the U.S. dollar.
Employee benefit plan adjustments represent unrecognized net actuarial gains (losses) related to the Nasdaq Benefit Plans.