On April 3, 2018, the Company completed a registered public offering of 5,300,000 newly issued shares of its common stock, par value $0.01 per share, at a price of $175 per share for proceeds of $915.2 million, net of $11.7 million in underwriting discounts and $0.6 million in offering expenses. The Company used the net proceeds from this equity offering to repay all amounts borrowed under a Wynn Resorts bridge facility, together with all interest accrued thereon, and used the remaining net proceeds to repay certain other indebtedness of the Company in April 2018.

On February 11, 2021, the Company completed a registered public offering of 7,475,000 newly issued shares of its common stock, par value $0.01 per share, at a price of $115.00 per share for proceeds of $842.4 million, net of $17.2 million in underwriting discounts and commissions. The Company intends to use the net proceeds from this equity offering for general corporate purposes, including the repayment of debt.

The Company's board of directors has authorized an equity repurchase program of up to $1.0 billion, which may include repurchases from time to time through open market purchases or negotiated transactions, depending on market conditions. During the year ended December 31, 2020, the Company did not repurchase any of its shares under the program. During the years ended December 31, 2019 and December 31, 2018, the Company repurchased 413,439 and 1,478,552 shares, respectively, at a net cost of $43.2 million and $156.7 million, respectively, under the equity repurchase program. As of December 31, 2020, the Company had $800.1 million in repurchase authority under the program.

During the years ended December 31, 2020, 2019, and 2018, the Company withheld a total of 120,513 shares, 176,989 shares, and 19,120 shares, respectively, in satisfaction of tax withholding obligations on vested restricted stock and stock option exercises.

During the first quarter of 2020, the company paid a cash dividend of $1.00 per share. On May 6, 2020, the Company announced that it had suspended its quarterly dividend program due to the financial impact of the COVID-19 pandemic.

During the first quarter of 2019, the Company paid a cash dividend of $0.75 per share and $1.00 per share for each of the the three subsequent quarters, for annual cash dividends of $3.75 per share. During the first quarter of 2018, the Company paid a cash dividend of $0.50 per share and $0.75 per share for each of the three subsequent quarters, for annual cash dividends of $2.75 per share. During the years ended December 31, 2020, 2019 and 2018, the Company recorded $107.5 million, $403.0 million, and $294.9 million, respectively, as a reduction of retained earnings from cash dividends declared.

In October 2009, WML, the developer, owner and operator of Wynn Macau and Wynn Palace, listed its ordinary shares of common stock on The Stock Exchange of Hong Kong Limited through an initial public offering. The Company currently owns approximately 72% of this subsidiary's common stock. The shares of WML were not and will not be registered under the Securities Act and may not be offered or sold in the United States absent a registration under the Securities Act, or an applicable exception from such registration requirements.

The WML board of directors concluded not to recommend the payment of a dividend with respect to the year ended December 31, 2019 due to the financial impact of the COVID-19 pandemic.

On September 16, 2019, WML paid a cash dividend of HK$0.45 per share for a total of $298.0 million. The Company's share of this dividend was $215.1 million with a reduction of $82.9 million to noncontrolling interest in the accompanying Consolidated Balance Sheet.

On June 19, 2019, WML paid a cash dividend of HK$0.45 per share for a total of $298.0 million. The Company's share of this dividend was $215.0 million with a reduction of $83.0 million to noncontrolling interest in the accompanying Consolidated Balance Sheet.

On October 5, 2018, WML paid a cash dividend of HK$0.75 per share for a total of $496.6 million. The Company's share of this dividend was $358.3 million with a reduction of $138.3 million to noncontrolling interest in the accompanying Consolidated Balance Sheet.

On April 25, 2018, WML paid a cash dividend of HK$0.75 per share for a total of $497.1 million. The Company's share of this dividend was $358.8 million with a reduction of $138.3 million to noncontrolling interest in the accompanying Consolidated Balance Sheet.

During the years ended December 31, 2020 and 2019, the Retail Joint Venture made aggregate distributions of $6.2 million and $7.7 million, respectively to its non-controlling interest holder made in the normal course of business. During the year ended December 31, 2018, the Retail Joint Venture made aggregate distributions of $305.4 million to its non-controlling interest holder in connection with the distribution of the net proceeds of the Retail Term Loan and distributions made in the normal course of business. For more information on the Retail Joint Venture, see Note 18, "Retail Joint Venture".

The following tables presents the changes by component, net of tax and noncontrolling interests, in accumulated other comprehensive loss of the Company (in thousands):


	Foreign currency translation		Unrealized loss on investment securities		Redemption Note		Total
January 1, 2018	$	(553)	$	(1,292)	$	—	$	(1,845)
Cumulative credit risk adjustment (1)	—		—		(9,211)		(9,211)
Change in net unrealized gain (loss)	(1,397)		(1,510)		7,690		4,783
Amounts reclassified to net income (2)	—		2,802		1,521		4,323
Other comprehensive income (loss)	(1,397)		1,292		9,211		9,106
December 31, 2018	(1,950)		—		—		(1,950)
Change in net unrealized gain	271		—		—		271
Other comprehensive income	271		—		—		271
December 31, 2019	(1,679)		—		—		(1,679)
Change in net unrealized gain	5,283		—		—		5,283
Other comprehensive income	5,283		—		—		5,283
December 31, 2020	$	3,604	$	—	$	—	$	3,604

(1) On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments. The adjustment to the beginning balance represents the cumulative effect of the change in instrument-specific credit risk on the Redemption Note.

(2) The amounts reclassified to net income include $1.8 million for other-than-temporary impairment losses and $1.0 million in realized losses, both related to investment securities, and a $1.5 million realized gain related to the repayment of the Redemption Note.