Stockholders' Equity

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Stockholders' Equity

Note 14. Stockholders’ Equity

The following tables represent changes in stockholders’ equity that are attributable to our stockholders and non-controlling interests for the three and six months ended June 30, 2014 (in millions):

				Equity Attributable to Starwood Stockholders
	Total			Common Shares		Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Equity Attributable to Noncontrolling Interests
Balance at March 31, 2014	$	3,320		$	2	$	675		$	(335	)	$	2,975		$	3
Net income		153			—		—			—			153			—
Equity compensation activity and other		28			—		28			—			—			—
Dividends		(191	)		—		—			—			(191	)		—
Share repurchases		(170	)		—		(170	)		—			—			—
Other comprehensive income		5			—		—			5			—			—
Balance at June 30, 2014	$	3,145		$	2	$	533		$	(330	)	$	2,937		$	3

				Equity Attributable to Starwood Stockholders
	Total			Common Shares		Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Equity Attributable to Noncontrolling Interests
Balance at December 31, 2013	$	3,363		$	2	$	661		$	(335	)	$	3,032		$	3
Net income		290			—		—			—			290			—
Equity compensation activity and other		42			—		42			—			—			—
Dividends		(385	)		—		—			—			(385	)		—
Share repurchases		(170	)		—		(170	)		—			—			—
Other comprehensive income		5			—		—			5			—			—
Balance at June 30, 2014	$	3,145		$	2	$	533		$	(330	)	$	2,937		$	3

Share Issuances and Repurchases. During the three and six months ended June 30, 2014, we issued approximately 0.2 million and 0.4 million of our common shares, respectively, as a result of stock option exercises.

During the three and six months ended June 30, 2014, we repurchased 2.2 million common shares at a weighted average price of $78.67 for a total cost of approximately $170 million. As of June 30, 2014, $444 million remained available under the share repurchase authorization approved by our Board of Directors.

Dividends. In June 2014, we paid approximately $189 million of dividends, or $1.00 per share consisting of a quarterly dividend of $0.35 per share and a special dividend of $0.65 per share, to stockholders of record as of June 6, 2014. In addition, we accrued dividends of approximately $2 million related to unvested equity awards, which will be paid when the awards lapse.

For the six months ended June 30, 2014, we paid approximately $379 million of dividends, or $2.00 per share consisting of quarterly dividends totaling $0.70 per share and special dividends totaling $1.30 per share. In addition, we accrued dividends of approximately $6 million related to unvested equity awards, which will be paid when the awards lapse.

Accumulated Other Comprehensive Loss.

The following table presents the changes in accumulated other comprehensive loss by component for the six months ended June 30, 2014 (in millions):

	For the Six Months Ended June 30, 2014 (a)
	Cash Flow Hedges		Defined Benefit Pension and Postretirement Benefit Plans (b)			Foreign Currency Translation Adjustments (c)			Total
Balance at December 31, 2013	$	—	$	(64	)	$	(271	)	$	(335	)
Other comprehensive income before reclassifications		—		—			8			8
Amounts reclassified from accumulated other comprehensive income		—		1			(4	)		(3	)
Total before tax		—		1			4			5
Tax (expense) benefit		—		—			—			—
Net current year other comprehensive income		—		1			4			5
Balance at June 30, 2014	$	—	$	(63	)	$	(267	)	$	(330	)

(a) Amounts in parentheses indicate debits.

(b) Pretax amortization of defined benefit pension and postretirement benefit plans is reclassified to selling, general, administrative and other.

(c) During the six months ended June 30, 2014, we recognized $4 million in the gain (loss) on asset dispositions and impairments, net line item due to the substantial liquidation of a foreign entity (see Note 4).

Gains included in accumulated other comprehensive loss related to intra-entity foreign currency transactions that are of a long-term investment nature amounted to $8 million in each of the three and six months ended June 30, 2014 compared to losses of $21 million and $6 million for the three and six months ended June 30, 2013, respectively.