12) STOCKHOLDERS’ EQUITY

In general, CBS Corp. Class A Common Stock and CBS Corp. Class B Common Stock have the same economic rights; however, holders of CBS Corp. Class B Common Stock do not have any voting rights, except as required by law. Holders of CBS Corp. Class A Common Stock are entitled to one vote per share with respect to all matters on which the holders of CBS Corp. Common Stock are entitled to vote.

Dividends—On July 28, 2016, the Company announced that its Board of Directors approved a 20% increase to the quarterly cash dividend on its Class A and Class B Common Stock to $.18 from $.15 per share. The Company declared a quarterly cash dividend on its Class A and Class B Common Stock during each of the four quarters of 2016, 2015, and 2014. For the years ended December 31, 2016, 2015 and 2014, the Company declared total per share dividends of $.66, $.60, and $.54, respectively, resulting in total annual dividends of $294 million, $293 million and$296 million, respectively. Dividends have been recorded as a reduction to additional paid-in capital as the Company has an accumulated deficit balance.

Purchase of Company Stock—On July 28, 2016, the Company announced that its Board of Directors approved an increase to the Company’s share repurchase program to a total availability of $6.0 billion. During 2016, the Company repurchased 54.3 million shares of CBS Corp. Class B Common Stock under its share repurchase program for $3.0 billion, at an average cost of $55.15 per share. At December 31, 2016, $4.11 billion of authorization remained under the share repurchase program.

Conversion Rights—Holders of Class A Common Stock have the right to convert their shares to Class B Common Stock as long as there are at least 5,000 shares of Class A Common Stock outstanding. Conversions of CBS Corp. Class A Common Stock into Class B Common Stock were 0.1 million for both 2016 and 2015 and 1.3 million for 2014.

Accumulated Other Comprehensive Income —The following table presents the changes in the components of accumulated other comprehensive income (loss).



	Continuing Operations										Discontinued Operations
				Net Actuarial											Accumulated
	Cumulative			Gain (Loss)				Unrealized			Other				Other
	Translation			and Prior				Gain on			Comprehensive				Comprehensive
	Adjustments			Service Cost				Securities			Income (Loss)			^(a)	Loss
At December 31, 2013	$	166		$	(729	)		$	3		$	15			$	(545	)
Other comprehensive income (loss) before reclassifications	(9		)	(189		)		—			15				(183		)
Reclassifications to net earnings	—			26			^(b)	(3		)	(30		)	^(c)	(7		)
Other comprehensive loss	(9		)	(163		)		(3		)	(15		)		(190		)
At December 31, 2014	157			(892		)		—			—				(735		)
Other comprehensive income (loss) before reclassifications	(5		)	(66		)		—			—				(71		)
Reclassifications to net earnings	—			36			^(b)	—			—				36
Other comprehensive loss	(5		)	(30		)		—			—				(35		)
At December 31, 2015	152			(922		)		—			—				(770		)
Other comprehensive income (loss) before reclassifications	(1		)	(165		)		—			—				(166		)
Reclassifications to net earnings	—			169			^(b)	—			—				169
Other comprehensive income (loss)	(1		)	4				—			—				3
At December 31, 2016	$	151		$	(918	)		$	—		$	—			$	(767	)

(a) Primarily reflects cumulative translation adjustments.

(b) Reflects amortization of net actuarial losses (See Note 15).

The net actuarial gain (loss) and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax (provision) benefit for the years ended December 31, 2016, 2015 and 2014 of $(3) million, $19 million and $105 million, respectively. The tax provision related to the other comprehensive loss from discontinued operations and the tax provision related to the unrealized gain on securities were minimal for all periods presented.