Corning has 2,300 outstanding shares of Fixed Rate Cumulative Convertible Preferred Stock, Series A. The Preferred Stock is convertible at the option of the holder and the Company upon certain events, at a conversion rate of 50,000 shares of Corning’s common stock per one share of Preferred Stock, subject to certain anti-dilution provisions. As of June 30, 2020, the Preferred Stock has not been converted, and none of the anti-dilution provisions have been triggered.

On April 26, 2018, Corning’s Board of Directors approved a $2 billion share repurchase program with no expiration date (the “2018 Repurchase Program”). On July 17, 2019, Corning’s Board of Directors authorized $5 billion in share repurchases with no expiration date (the “2019 Repurchase Program”).

The Company suspended share buybacks during the first quarter of 2020 and made no share repurchases for the three months ended June 30, 2020. For the six months ended June 30, 2020, the Company repurchased 4.1 million shares of common stock on the open market for approximately $105 million, as part of its 2018 Repurchase Program.

In the three and six months ended June 30, 2019, the Company repurchased 4.8 million and 12.6 million shares of common stock on the open market for approximately $151 million and $395 million, respectively, as part of its 2018 Repurchase Program.

In the three and six months ended June 30, 2020 and 2019, the change in accumulated other comprehensive loss was primarily related to the foreign currency translation adjustment and the net unrealized gains (losses) on designated hedges components.

A summary of changes in the foreign currency translation adjustment component of accumulated other comprehensive loss is as follows (in millions) (1):



	Three months ended				Six months ended
	June 30,				June 30,
	2020		2019		2020		2019
Beginning balance	$	(1,122)	$	(824)	$	(857)	$	(714)
Other comprehensive income (loss) (2)		55		39		(198)		(59)
Equity method affiliates (3)		3		(1)		(9)		(13)
Net current-period other comprehensive income (loss)		58		38		(207)		(72)
Ending balance	$	(1,064)	$	(786)	$	(1,064)	$	(786)

(1) All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss.

(2) For the three and six months ended June 30, 2020, amounts are net of tax expense of $18 million and tax benefit of $10 million, respectively. For the three and six months ended June 30, 2019, amounts are net of tax benefit of $10 million and $23 million, respectively.

A summary of changes in the net unrealized gains (losses) on designated hedges component of accumulated other comprehensive loss is as follows (in millions) (1):



	Three months ended				Six months ended
	June 30,				June 30,
	2020		2019		2020		2019
Beginning balance	$	(10)	$	10	$	51	$	6
Other comprehensive income (loss) before ‎ reclassifications (2)		17				(50)		5
Amounts reclassified from accumulated other ‎ comprehensive income (loss) (3)		2		(2)		8		(3)
Net current-period other comprehensive income (loss)		19		(2)		(42)		2
Ending balance	$	9	$	8	$	9	$	8

(1) All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss.

(2) For the three and six months ended June 30, 2020, amounts are net of tax expense of $5 million and tax benefit of $17 million, respectively. For the three and six months ended June 30, 2019, tax effects are not significant.