10. SHAREHOLDERS' EQUITY
Common Stock Repurchase Program
For the years ended December 31, 2013, 2012 and 2011, the number of shares repurchased pursuant to trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and their cost are as follows (millions):
| Total Number of Shares Repurchased | Total Cost of Shares Repurchased | ||||||
| 2013 | 60 | $ | 3,700 | ||||
| 2012 | 80 | $ | 3,302 | ||||
| 2011 | 136 | $ | 4,618 | ||||
In January 2014, Time Warner's Board of Directors authorized up to $5.0 billion of share repurchases beginning January 1, 2014, including amounts available under the Company's prior stock repurchase program as of December 31, 2013. Purchases under the stock repurchase program may be made from time to time on the open market and in privately negotiated transactions. The size and timing of these purchases are based on a number of factors, including price and business and market conditions.
Shares Authorized and Outstanding
At December 31, 2013, shareholders' equity of Time Warner included 895 million shares of common stock (net of 757 million shares of common stock held in treasury). As of December 31, 2013, Time Warner is authorized to issue up to 750 million shares of preferred stock, up to 8.33 billion shares of common stock and up to 600 million shares of additional series of common stock. At December 31, 2012, shareholders' equity of Time Warner included 932 million shares of common stock (net of 720 million shares of common stock held in treasury).
Comprehensive Income
Comprehensive income is reported in the Consolidated Statement of Comprehensive Income and consists of Net income and other gains and losses affecting shareholders' equity that, under GAAP, are excluded from Net income. For Time Warner, such items consist primarily of foreign currency translation gains (losses), unrealized gains and losses on certain derivative financial instruments and equity securities, and changes in benefit plan obligations.
The following summary sets forth the activity within Other comprehensive income (loss) (millions):
| Year Ended December 31, 2011 | Pretax | Tax (provision) benefit | Net of tax | ||||||
| Unrealized losses on foreign currency translation | $ | (70) | $ | (5) | $ | (75) | |||
| Unrealized gains (losses) on securities | 6 | (2) | 4 | ||||||
| Unrealized gains (losses) on benefit obligation | (318) | 109 | (209) | ||||||
| Reclassification adjustment for (gains) losses on benefit obligation realized in | |||||||||
| net income(b) | 20 | (7) | 13 | ||||||
| Unrealized gains (losses) on derivative financial instruments | 11 | (4) | 7 | ||||||
| Reclassification adjustment for derivative financial instrument (gains) losses realized | |||||||||
| in net income(c) | 30 | (11) | 19 | ||||||
| Other comprehensive income (loss) | $ | (321) | $ | 80 | $ | (241) | |||
| Year Ended December 31, 2012 | |||||||||
| Unrealized gains on foreign currency translation | $ | 59 | $ | (8) | $ | 51 | |||
| Reclassification adjustment for losses on foreign currency translation realized in | |||||||||
| net income(a) | 10 | - | 10 | ||||||
| Unrealized gains (losses) on securities | 1 | - | 1 | ||||||
| Unrealized gains (losses) on benefit obligation | (312) | 106 | (206) | ||||||
| Reclassification adjustment for (gains) losses on benefit obligation realized in | |||||||||
| net income(b) | 28 | (10) | 18 | ||||||
| Unrealized gains (losses) on derivative financial instruments | 5 | (2) | 3 | ||||||
| Reclassification adjustment for derivative financial instrument (gains) losses realized | |||||||||
| in net income(c) | (2) | 1 | (1) | ||||||
| Other comprehensive income (loss) | $ | (211) | $ | 87 | $ | (124) | |||
| Year Ended December 31, 2013 | |||||||||
| Unrealized losses on foreign currency translation | $ | (38) | $ | 16 | $ | (22) | |||
| Reclassification adjustment for gains on foreign currency translation realized in | |||||||||
| net income(a) | (9) | 3 | (6) | ||||||
| Unrealized gains on securities | 22 | (9) | 13 | ||||||
| Unrealized gains (losses) on benefit obligation | 203 | (79) | 124 | ||||||
| Reclassification adjustment for (gains) losses on benefit obligation realized in | |||||||||
| net income(b) | 33 | (11) | 22 | ||||||
| Unrealized gains (losses) on derivative financial instruments | 45 | (18) | 27 | ||||||
| Reclassification adjustment for derivative financial instrument (gains) losses realized | |||||||||
| in net income(c) | (35) | 14 | (21) | ||||||
| Other comprehensive income (loss) | $ | 221 | $ | (84) | $ | 137 | |||
(a) Pretax (gains) losses included in Other loss, net.
(b) Pretax (gains) losses included in Selling, general, and administrative expenses.
(c) Pretax (gains) losses included in Selling, general and administrative expenses, Costs of revenues and Other loss, net are as follows (millions):
| Year Ended December 31, | ||||||||||
| 2013 | 2012 | 2011 | ||||||||
| Selling, general and administrative expenses | $ | (5) | $ | (12) | $ | - | ||||
| Costs of revenues | (27) | 10 | 34 | |||||||
| Other loss, net | (3) | - | (4) | |||||||
The following summary sets forth the components of Accumulated other comprehensive loss, net of tax (millions):
| December 31, 2013 | December 31, 2012 | ||||||
| Foreign currency translation gains (losses) | $ | (26) | $ | 2 | |||
| Net unrealized gains on securities | 26 | 13 | |||||
| Net derivative financial instruments gains | 18 | 12 | |||||
| Net unfunded/underfunded benefit obligation | (870) | (1,016) | |||||
| Accumulated other comprehensive loss, net | $ | (852) | $ | (989) | |||