XML 62 R20.htm IDEA: XBRL DOCUMENT
v3.19.3

Stockholders' Equity | 9 Months Ended
--- | ---
Sep. 30, 2019
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity Share Repurchases The Company’s Board of Directors has authorized the repurchase of up to $1.8 billion of its common stock under a plan originally approved in 2013 and subsequently expanded, most recently in August 2019. During the nine months ended September 30, 2019, the Company repurchased approximately 2.1 million shares of common stock at a cost of approximately $59 million under the program. During the nine months ended September 30, 2018, the Company repurchased approximately 3.5 million shares of common stock at a cost of approximately $129 million under the program. As of September 30, 2019, approximately $192 million of authorization remains available to repurchase common stock under this plan. In June 2019, as part of its share repurchase program, the Company entered into a structured repurchase agreement involving the use of capped call options for the purchase of its common stock. The Company paid a fixed sum upon the execution of the agreement in exchange for the right to receive either a pre-determined amount of cash or stock. The Company paid net premiums of $16 million to enter into this agreement, which was recorded as a reduction of additional paid in capital. In September 2019, the capped call options expired and all outstanding options settled for 0.6 million shares. Total Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income (loss). The components of other comprehensive income (loss) were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Net income | $ | 189 |  |  | $ | 213 |  |  | $ | 160 |  |  | $ | 152 |
Other comprehensive income (loss): |  |  |  |  |  |  |
| Currency translation adjustments (net of tax of $(12), $(1), $(14), and $(6) respectively) | (31 | ) |  | (8 | ) |  | (21 | ) |  | (61 | )
| Net unrealized gain (loss) on cash flow hedges (net of tax of $2, $0, and $9, and $(3) respectively) | (4 | ) |  | — |  |  | (25 | ) |  | 8 |
| Minimum pension liability adjustment (net of tax of $(1), $0, $(1), and $(1), respectively) | 1 |  |  | 2 |  |  | 5 |  |  | 5 |
|  | (34 | ) |  | (6 | ) |  | (41 | ) |  | (48 | )
Comprehensive income | $ | 155 |  |  | $ | 207 |  |  | $ | 119 |  |  | $ | 104 |
__________ Currency translation adjustments exclude income taxes related to indefinite investments in foreign subsidiaries. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were as follows:
|  | Currency Translation Adjustments |  | Net Unrealized Gains (Losses) on Cash Flow Hedges(a) |  | Net Unrealized Gains (Losses) on Available-for-Sale Securities |  | Minimum Pension Liability Adjustment(b) |  | Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2018 | $ | (3 | ) |  | $ | 2 |  |  | $ | — |  |  | $ | (132 | ) |  | $ | (133 | )
| Cumulative effect of accounting change (c) | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Balance, January 1, 2019 | $ | (3 | ) |  | $ | 3 |  |  | $ | — |  |  | $ | (132 | ) |  | $ | (132 | )
| Other comprehensive income (loss) before reclassifications | (21 | ) |  | (23 | ) |  | — |  |  | 1 |  |  | (43 | )
| Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | (2 | ) |  | — |  |  | 4 |  |  | 2 |
Net current-period other comprehensive income (loss) | (21 | ) |  | (25 | ) |  | — |  |  | 5 |  |  | (41 | )
Balance, September 30, 2019 | $ | (24 | ) |  | $ | (22 | ) |  | $ | — |  |  | $ | (127 | ) |  | $ | (173 | )
Balance, December 31, 2017 | $ | 71 |  |  | $ | 5 |  |  | $ | 2 |  |  | $ | (102 | ) |  | $ | (24 | )
| Cumulative effect of accounting change | 7 |  |  | 1 |  |  | (2 | ) |  | (12 | ) |  | (6 | )
Balance, January 1, 2018 | $ | 78 |  |  | $ | 6 |  |  | $ | — |  |  | $ | (114 | ) |  | $ | (30 | )
| Other comprehensive income (loss) before reclassifications | (61 | ) |  | 9 |  |  | — |  |  | 1 |  |  | (51 | )
| Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | (1 | ) |  | — |  |  | 4 |  |  | 3 |
Net current-period other comprehensive income (loss) | (61 | ) |  | 8 |  |  | — |  |  | 5 |  |  | (48 | )
Balance, September 30, 2018 | $ | 17 |  |  | $ | 14 |  |  | $ | — |  |  | $ | (109 | ) |  | $ | (78 | )
__________ All components of accumulated other comprehensive income (loss) are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries and include a $101 million gain, net of tax, as of September 30, 2019 related to the Company’s hedge of its net investment in euro-denominated foreign operations (see Note 16–Financial Instruments).
(a) | For the three and nine months ended September 30, 2019, the amount reclassified from accumulated other comprehensive income (loss) into corporate interest expense was $1 million ($0 million, net of tax) and $4 million ($2 million, net of tax), respectively. For the three and nine months ended September 30, 2018, the amounts reclassified from accumulated other comprehensive income (loss) into corporate interest expense were $2 million ($1 million, net of tax), in each period.
(b) | For the three and nine months ended September 30, 2019, amounts reclassified from accumulated other comprehensive income (loss) into selling, general and administrative expenses were $2 million ($1 million, net of tax) and $6 million ($4 million, net of tax), respectively. For the three and nine months ended September 30, 2018, amounts reclassified from accumulated other
comprehensive income (loss) into selling, general and administrative expenses were $2 million ($2 million, net of tax) and $6 million ($4 million, net of tax), respectively. (c) See Note 1–Basis of Presentation for the impact of adoption of ASU 2017-12.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration