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Equity (Tables)
6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Schedule of Treasury Stock by Class
The table below presents a summary of common stock repurchases (in millions).
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Series C Common Stock:
 
 
 
 
 
 
 
 
Shares repurchased
 

 
9.1

 

 
14.3

Purchase price
 
$

 
$
241

 
$

 
$
381


Schedule of Preferred Stock Repurchase
The table below presents a summary of Series C convertible preferred stock repurchases made under the repurchase agreement (in millions).
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
Series C convertible preferred stock:
 
 
 
 
 
 
 
Shares repurchased

 
1.1

 

 
2.3

Purchase price
$

 
$
60

 
$

 
$
120

Components of Other Comprehensive (Loss) Income
The table below presents the tax effects related to each component of other comprehensive (loss) income and reclassifications made in the consolidated statements of operations (in millions).
 
Three Months Ended June 30, 2018
 
Three Months Ended June 30, 2017
 

Pretax
 
Tax
Benefit (Expense)
 

Net-of-tax
 

Pretax
 
Tax
Benefit (Expense)
 

Net-of-tax
Currency translation adjustments:
 
 
 
 
 
 
 
 
 
 
 
Unrealized (losses) gains:
 
 
 
 
 
 
 
 
 
 
 
  Foreign currency
$
(295
)
 
$
(10
)
 
$
(305
)
 
$
109

 
$
9

 
$
118

  Net investment hedges
95

 

 
95

 
(39
)
 

 
(39
)
Reclassifications:
 
 
 
 
 
 
 
 
 
 
 
Loss on disposition
4

 

 
4

 
12

 

 
12

Total currency translation adjustments
(196
)
 
(10
)
 
(206
)
 
82

 
9

 
91

 
 
 
 
 
 
 
 
 
 
 
 
AFS adjustments:(a)
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains

 

 

 
9

 

 
9

Reclassifications to other expense, net:
 
 
 
 


 
 
 
 
 


Hedged portion of AFS securities

 

 

 
(4
)
 

 
(4
)
Total equity investment adjustments

 

 

 
5

 

 
5

 
 
 
 
 
 
 
 
 
 
 
 
Derivative adjustments:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains (losses)
39

 
(9
)
 
30

 
(18
)
 
5

 
(13
)
Reclassifications:
 
 
 
 
 
 
 
 
 
 
 
Distribution revenue
(3
)
 

 
(3
)
 
4

 
(1
)
 
3

Advertising revenue
2

 

 
2

 
1

 

 
1

Total derivative adjustments
38

 
(9
)
 
29

 
(13
)
 
4

 
(9
)
Other comprehensive (loss) income adjustments
$
(158
)
 
$
(19
)
 
$
(177
)
 
$
74

 
$
13

 
$
87



 
Six Months Ended June 30, 2018
 
Six Months Ended June 30, 2017
 

Pretax
 
Tax
Benefit (Expense)
 

Net-of-tax
 

Pretax
 
Tax
Benefit (Expense)
 

Net-of-tax
Currency translation adjustments:
 
 
 
 
 
 
 
 
 
 
 
Unrealized (losses) gains
 
 
 
 
 
 
 
 
 
 
 
  Foreign currency
$
(224
)
 
$
(3
)
 
$
(227
)
 
$
180

 
$
10

 
$
190

  Net investment hedges
20

 

 
20

 
(43
)
 

 
(43
)
Reclassifications:
 
 
 
 
 
 
 
 
 
 
 
Loss on disposition
4

 

 
4

 
12

 

 
12

Total currency translation adjustments
(200
)
 
(3
)
 
(203
)
 
149

 
10

 
159

 
 
 
 
 
 
 
 
 
 
 
 
AFS adjustments:(a)
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains

 

 

 
8

 

 
8

Reclassifications to other expense, net:
 
 
 
 
 
 
 
 
 
 
 
Hedged portion of AFS securities

 

 

 
(4
)
 

 
(4
)
Total equity investment adjustments

 

 

 
4

 

 
4

 
 
 
 
 
 
 
 
 
 
 
 
Derivative adjustments:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains (losses)
29

 
(6
)
 
23

 
(31
)
 
10

 
(21
)
Reclassifications:
 
 
 
 
 
 
 
 
 
 
 
Distribution revenue
(3
)
 

 
(3
)
 
7

 
(2
)
 
5

Advertising revenue
1

 

 
1

 
1

 

 
1

Costs of revenues
4

 
(1
)
 
3

 
(4
)
 
1

 
(3
)
Interest expense

 

 

 
1

 

 
1

Total derivative adjustments
31

 
(7
)
 
24

 
(26
)
 
9

 
(17
)
Other comprehensive (loss) income adjustments
$
(169
)
 
$
(10
)
 
$
(179
)
 
$
127

 
$
19

 
$
146

(a) Effective January 1, 2018, upon adoption of ASU 2016-01, unrealized gains and losses on equity investments with readily determinable fair values are recorded in other expense, net. The Company recorded a transition adjustment to reclassify prior period amounts in other comprehensive income to retained earnings. (See Note 1 and Note 3.)
Schedule of Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
The table below presents the changes in the components of accumulated other comprehensive loss, net of taxes (in millions).
 
Three Months Ended June 30, 2018
 
Currency Translation
 
AFS(a)
 
Derivatives
 
 
Accumulated
Other
Comprehensive Loss
Beginning balance
$
(612
)
 
$

 
$
(1
)
 
 
$
(613
)
Other comprehensive (loss) income before reclassifications
(210
)
 

 
30

 
 
(180
)
Reclassifications from accumulated other comprehensive loss to net income
4

 

 
(1
)
 
 
3

Other comprehensive (loss) income
(206
)
 

 
29

 
 
(177
)
Ending balance
$
(818
)
 
$

 
$
28

 
 
$
(790
)


 
Three Months Ended June 30, 2017
 
Currency Translation
 
AFS(a)
 
Derivatives
 
Accumulated
Other
Comprehensive Loss
Beginning balance
$
(730
)
 
$
10

 
$
16

 
$
(704
)
Other comprehensive income (loss) before reclassifications
79

 
9

 
(13
)
 
75

Reclassifications from accumulated other comprehensive loss to net income
12

 
(4
)
 
4

 
12

Other comprehensive income (loss)
91

 
5

 
(9
)
 
87

Ending balance
$
(639
)
 
$
15

 
$
7

 
$
(617
)

 
Six Months Ended June 30, 2018
 
Currency Translation
 
AFS(a)
 
Derivatives
 
 
Accumulated
Other
Comprehensive Loss
Beginning balance
$
(615
)
 
$
26

 
$
4

 
 
$
(585
)
Other comprehensive (loss) income before reclassifications
(207
)
 

 
23

 
 
(184
)
Reclassifications from accumulated other comprehensive loss to net income
4

 

 
1

 
 
5

Other comprehensive (loss) income
(203
)
 

 
24

 
 
(179
)
Reclassifications to retained earnings resulting from the adoption of ASU 2016-01

 
(26
)
 

 
 
(26
)
Ending balance
$
(818
)
 
$

 
$
28

 
 
$
(790
)
 
Six Months Ended June 30, 2017
 
Currency Translation
 
AFS(a)
 
Derivatives
 
Accumulated
Other
Comprehensive Loss
Beginning balance
$
(797
)
 
$
11

 
$
24

 
$
(762
)
Other comprehensive income (loss) before reclassifications
147

 
8

 
(21
)
 
134

Reclassifications from accumulated other comprehensive loss to net income
12

 
(4
)
 
4

 
12

Other comprehensive income (loss)
159

 
4

 
(17
)
 
146

Other comprehensive income attributable to redeemable noncontrolling interests
(1
)
 

 

 
(1
)
Ending balance
$
(639
)
 
$
15

 
$
7

 
$
(617
)
(a) Effective January 1, 2018, unrealized gains and losses on equity investments with readily determinable fair values are recorded in other expense, net. (See Note 1 and Note 3.)