11. TWC SHAREHOLDERS' EQUITY
Shares Authorized and Outstanding
As of December 31, 2013, TWC is authorized to issue up to approximately 8.333 billion shares of TWC common stock, par value $0.01 per share, of which 277.9 million and 297.7 million shares were issued and outstanding as of December 31, 2013 and 2012, respectively. TWC is also authorized to issue up to approximately 1.0 billion shares of preferred stock, par value $0.01 per share. As of December 31, 2013 and 2012, no preferred shares have been issued, nor does the Company have current plans to issue preferred shares.
Changes in Common Stock
Changes in the Company's common stock from January 1 through December 31 are presented below (in millions):
| 2013 | 2012 | 2011 | |||||||||||||||||||
| Balance at beginning of year | 297.7 | 315.0 | 348.3 | ||||||||||||||||||
| Shares issued under the Company’s equity-based compensation plan | 4.2 | 4.8 | 4.0 | ||||||||||||||||||
| Shares repurchased and retired | (24.0) | (22.1) | (37.3) | ||||||||||||||||||
| Balance at end of year | 277.9 | 297.7 | 315.0 | ||||||||||||||||||
Common Stock Repurchase Program
On July 25, 2013, TWC's Board increased the remaining authorization under its existing common stock repurchase program (the “Stock Repurchase Program”), which was $775 million as of July 24, 2013, to an aggregate of up to $4.0 billion of TWC common stock effective July 25, 2013. As a result of the Company's entry into the merger agreement with Comcast, the Stock Repurchase Program was suspended on February 13, 2014. As of December 31, 2013, the Company had $2.931 billion remaining under the Stock Repurchase Program. Purchases under the Stock Repurchase Program were made from time to time on the open market and in privately negotiated transactions. The size and timing of the Company's purchases under the Stock Repurchase Program were based on a number of factors, including business and market conditions, financial capacity and TWC's common stock price. For the year ended December 31, 2013, the Company repurchased 24.0 million shares of TWC common stock for $2.526 billion, including 0.4 million shares repurchased for $51 million that settled in January 2014.
Common Stock Dividends
TWC's Board declared quarterly cash dividends per share of TWC common stock in 2013, 2012 and 2011 as follows (in millions, except per share data):
| 2013 | 2012 | 2011 | |||||||||||||||||||
| Per Share | Amount | Per Share | Amount | Per Share | Amount | ||||||||||||||||
| First Quarter | $ | 0.65 | $ | 195 | $ | 0.56 | $ | 179 | $ | 0.48 | $ | 167 | |||||||||
| Second Quarter | 0.65 | 190 | 0.56 | 177 | 0.48 | 163 | |||||||||||||||
| Third Quarter | 0.65 | 188 | 0.56 | 173 | 0.48 | 158 | |||||||||||||||
| Fourth Quarter | 0.65 | 185 | 0.56 | 171 | 0.48 | 155 | |||||||||||||||
| Total | $ | 2.60 | $ | 758 | $ | 2.24 | $ | 700 | $ | 1.92 | $ | 643 | |||||||||
On January 29, 2014, TWC's Board declared an increased quarterly cash dividend of $0.75 per share of TWC common stock, payable in cash on March 17, 2014 to stockholders of record at the close of business on February 28, 2014.
Accumulated Other Comprehensive Income (Loss), Net
Changes in accumulated other comprehensive income (loss), net, included in TWC shareholders' equity from January 1 through December 31 are presented below (in millions):
| Year Ended December 31, | |||||||||||||||||||||
| 2013 | 2012 | 2011 | |||||||||||||||||||
| Balance at beginning of year | $ | (663) | $ | (559) | $ | (291) | |||||||||||||||
| Other comprehensive income (loss) before reclassifications, net of tax | 686 | (90) | (310) | ||||||||||||||||||
| Amounts reclassified into earnings, net of tax | 21 | (14) | 42 | ||||||||||||||||||
| Other comprehensive income (loss), net of tax | 707 | (104) | (268) | ||||||||||||||||||
| Balance at end of year | $ | 44 | $ | (663) | $ | (559) | |||||||||||||||
The following table summarizes the changes in the components of accumulated other comprehensive income (loss), net, (e.g., primarily unrealized losses on pension benefit obligation and deferred gains (losses) on cash flow hedges) included in TWC shareholders' equity from January 1 through December 31 (in millions):
| 2013 | 2012 | 2011 | |||||||||||||||||||
| Unrealized losses on pension benefit obligation: | |||||||||||||||||||||
| Balance at beginning of year | $ | (708) | $ | (541) | $ | (291) | |||||||||||||||
| Other comprehensive income (loss) before reclassifications, net of tax | 558 | (201) | (266) | ||||||||||||||||||
| Amounts reclassified into earnings, net of tax: | |||||||||||||||||||||
| Amortization of actuarial loss(a) | 75 | 59 | 27 | ||||||||||||||||||
| Income tax benefit | (29) | (25) | (11) | ||||||||||||||||||
| Amortization of actuarial loss, net of tax | 46 | 34 | 16 | ||||||||||||||||||
| Other comprehensive income (loss), net of tax | 604 | (167) | (250) | ||||||||||||||||||
| Balance at end of year | $ | (104) | $ | (708) | $ | (541) | |||||||||||||||
| Deferred gains (losses) on cash flow hedges: | |||||||||||||||||||||
| Balance at beginning of year | $ | 45 | $ | (18) | $ | — | |||||||||||||||
| Other comprehensive income (loss) before reclassifications, net of tax | 129 | 111 | (44) | ||||||||||||||||||
| Amounts reclassified into earnings, net of tax: | |||||||||||||||||||||
| Effective portion of (gain) loss on cash flow hedges(b) | (39) | (76) | 41 | ||||||||||||||||||
| Income tax provision (benefit) | 14 | 28 | (15) | ||||||||||||||||||
| Effective portion of (gain) loss on cash flow hedges, net of tax | (25) | (48) | 26 | ||||||||||||||||||
| Other comprehensive income (loss), net of tax | 104 | 63 | (18) | ||||||||||||||||||
| Balance at end of year | $ | 149 | $ | 45 | $ | (18) | |||||||||||||||
| Other changes: | |||||||||||||||||||||
| Balance at beginning of year | $ | — | $ | — | $ | — | |||||||||||||||
| Other comprehensive loss before reclassifications, net of tax | (1) | — | — | ||||||||||||||||||
| Amounts reclassified into earnings, net of tax | — | — | — | ||||||||||||||||||
| Other comprehensive loss, net of tax | (1) | — | — | ||||||||||||||||||
| Balance at end of year | $ | (1) | $ | — | $ | — | |||||||||||||||
—————————