Stockholders' Equity

Preferred Stock— Preferred Stock, without par value, of which 0.3 million shares are authorized and unissued, is issuable in series. The Board of Directors is authorized to fix by resolution the designation and characteristics of each series of preferred stock. The Company has no present commitment to issue its preferred stock.

Share Repurchases— On August 2, 2013, the Company’s Board of Directors authorized a stock repurchase program, which provided for the repurchase of up to $6.0 billion of the Company’s common stock over an open-ended period of time (the "2013 Program"). Under the 2013 Program, the Company repurchased approximately 14.9 million shares of its common stock at an average price of $96.84 during 2015. As of December 31, 2015, there were no authorized repurchases remaining under the 2013 Program.

On February 13, 2015, the Company's Board of Directors authorized a new stock repurchase program, which provided for the repurchase of up to an additional $6.0 billion of the Company’s common stock over an open-ended period of time (the "2015 Program"). Under the 2015 Program, the Company repurchased approximately 6.1 million shares of its common stock at an average price of $91.78 per share during 2015, approximately 18.7 million shares of its common stock at an average price of $107.17 per share during 2016, and approximately 7.1 million shares of its common stock at an average price of $140.56 per share during 2017. As of December 31, 2017, there were approximately $2.4 billion of authorized repurchases remaining under the 2015 Program.

Cash Dividends— Cash dividends declared were $2.86 per share in 2017, $2.40 per share in 2016 and $2.07 per share in 2015. Cash dividends paid were $2.73 per share in 2017, $2.30 per share in 2016 and $2.005 per share in 2015.

Accumulated Other Comprehensive Income (Loss)— The changes in accumulated other comprehensive income (loss) during 2017, 2016 and 2015 were as follows:



In millions	2017			2016			2015
Beginning balance	$	(1,807	)	$	(1,504	)	$	(658	)

Foreign currency translation adjustments during the period	294			(251		)	(800		)
Foreign currency translation adjustments reclassified to income	2			(1		)	—
Income taxes	110			(25		)	(60		)
Total foreign currency translation adjustments, net of tax	406			(277		)	(860		)

Pension and other postretirement benefit adjustments during the period	96			(67		)	(41		)
Pension and other postretirement benefit adjustments reclassified to income	56			43			61
Income taxes	(38		)	(2		)	(6		)
Total pension and other postretirement benefit adjustments, net of tax	114			(26		)	14

Ending balance	$	(1,287	)	$	(1,807	)	$	(1,504	)

Foreign currency translation adjustments reclassified to income primarily relate to the disposal of operations and were included in the related gain or loss upon disposal. Pension and other postretirement benefit adjustments reclassified to income represent the amortization of actuarial gains and losses and prior service cost. Refer to Note 9. Pension and Other Postretirement Benefits for the amounts included in net periodic benefit cost.

The Company designated €1.0 billion of Euro notes issued in May 2014 and €1.0 billion of Euro notes issued in May 2015 as hedges of a portion of its net investment in Euro-denominated foreign operations to reduce foreign currency risk associated with the investment in these operations. Changes in the value of this debt resulting from fluctuations in the Euro to U.S. Dollar exchange rate have been recorded as foreign currency translation adjustments within Accumulated other comprehensive income (loss). The cumulative unrealized pre-tax gain recorded in Accumulated other comprehensive income (loss) related to the net investment hedge was $81 million and $375 million as of December 31, 2017 and December 31, 2016, respectively.

As of December 31, 2017 and 2016, the ending balance of Accumulated other comprehensive income (loss) consisted of after-tax cumulative translation adjustment losses of $1.0 billion and $1.4 billion, respectively, and after-tax unrecognized pension and other postretirement benefits costs of $291 million and $405 million, respectively. The estimated pre-tax unrecognized net benefit cost that will be amortized from Accumulated other comprehensive income (loss) into income in 2018 is $41 million for pension and other postretirement benefits.