Key Energy Services, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
NOTE 18. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The components of our accumulated other comprehensive loss are as follows (in thousands):
Foreign currency translation income
Accumulated other comprehensive income
The local currency was the functional currency for our former operations in Russia, which was sold in the third quarter of 2017. As of December 31, 2017 and December 31, 2016, one U.S. dollar was equal to 57.61 and 61.23 Russian rubles, respectively. The cumulative translation gains and losses resulting from translating financial statements from the functional currency to U.S. dollars are included in other comprehensive loss and accumulated in stockholders’ equity until a partial or complete sale or liquidation of our net investment in the entity.
NOTE 19. EMPLOYEE BENEFIT PLANS
We maintain a 401(k) plan as part of our employee benefits package. In the third quarter of 2015, management suspended the 401(k) matching program as part of our cost cutting efforts. Prior to this, we matched 100% of employee contributions up to 4% of the employee’s salary, which vest immediately, into our 401(k) plan, subject to maximums of $10,800, $10,600 and $10,600 for the years ended December 31, 2017, 2016 and 2015, respectively. Our matching contributions were zero, zero, zero and $5.5 million for the year ended December 31, 2017, the period from December 16, 2016 through December 31, 2016, the period from January 1, 2016 through December 15, 2016 and the year ended December 31, 2015, respectively. We do not offer participants the option to purchase shares of our common stock through a 401(k) plan fund.
NOTE 20. STOCKHOLDERS’ EQUITY
As of December 31, 2017, we had 10,000,000 shares of preferred stock authorized with a par value of $0.01 per share. As of December 31, 2017, the sole share of the Successor Company’s Series A Preferred Stock, which confers certain rights to elect directors (but has no economic rights), was held by Soter.
As of December 31, 2017 and December 31, 2016, we had 100,000,000 shares of common stock authorized with a par value of $0.01 per share, of which 20,217,641 and 20,096,462 shares were issued and outstanding, respectively. During 2017, 2016 and 2015, no dividends were declared or paid and we currently do not intend to pay dividends.
We repurchase shares of restricted common stock that have been previously granted to certain of our employees, pursuant to an agreement under which those individuals are permitted to sell shares back to us in order to satisfy the minimum income tax withholding requirements related to vesting of these grants. We repurchased a total of 56,328 shares, zero shares, 1,614,047 shares and 239,636 shares for an aggregate cost of $0.7 million, zero, $0.2 million and $0.4 million during the year ended December 31, 2017, the period from December 16, 2016 through December 31, 2016, the period from January 1, 2016 through December 15, 2016 and the year ended December 31, 2015, respectively, which represented the fair market value of the shares based on the price of our stock on the dates of purchase.