STOCKHOLDERS’ DEFICIT

Stockholder dividends

Since the first fiscal quarter of 2017, the Company has issued a quarterly cash dividend. The Company’s dividend activity was as follows during the years ended September 30:



(In millions except per share amounts)	2018		2017		2016
Cash outlay	$	58	$	40	$	—
Dividend per share	$	0.298	$	0.196	$	—

Share repurchases

During fiscal 2017, Valvoline’s Board of Directors authorized the repurchase of $150 million of the Company’s common stock for which the shares were repurchased during fiscal 2017 and 2018. In January 2018, the Board authorized the repurchase of up to $300 million of the Company’s common stock through September 30, 2020. As of September 30, 2018, the remaining amount available for repurchase was $75 million. Upon repurchase, shares were retired and recorded as a reduction in Common stock for par value with the price paid in excess of par value recorded as an increase in Retained deficit. The following table summarizes the Company’s share repurchase activity during the years ended September 30:



(In millions)	2018		2017		2016
Total cost	$	325	$	50	$	—
Shares repurchased	15		2		—

Accumulated other comprehensive income

Changes in accumulated other comprehensive income by component for the years ended September 30, 2017 and 2018 were as follows:



(In millions)	Unamortized benefit plan credits			Currency translation adjustments			Total
Balance as of September 30, 2016	$	52		$	(55	)	$	(3	)
Fiscal 2017 activity, net of tax	(8		)	54			46
Balance as of September 30, 2017	44			(1		)	43
Fiscal 2018 activity, net of tax	(1		)	(10		)	(11		)
Balance as of September 30, 2018	$	43		$	(11	)	$	32

Amounts reclassified from accumulated other comprehensive income for the years ended September 30 were as follows:



(in millions)	2018			2017
Amortization of pension and other postretirement plan prior service credit ^(a)	$	(12	)	$	(12	)
Loss on liquidation of subsidiary ^(b)	1			—
Tax effect of reclassifications	2			4
Net of tax	(9		)	(8		)
Reclassification of income tax effects of U.S. tax reform ^(c)	8			—
Total amounts reclassified, net of tax	$	(1	)	$	(8	)


(a)	Amortization of unrecognized prior service credits included in net periodic benefit income for pension and other postretirement plans was reported in Net pension and other postretirement plan income within the Consolidated Statements of Comprehensive Income.


(b)	Represents the realization of cumulative translation adjustments in Equity and other income, net within the Consolidated Statements of Comprehensive Income as a result of the liquidation of the Company’s Brazilian subsidiary.


(c)	Represents the reclassification of stranded income tax effects of U.S. tax reform to Retained deficit in the Consolidated Balance Sheet.

The Company generally releases the income tax effects from accumulated other comprehensive income as benefit plan credits are amortized into earnings.

Separation from Ashland

On May 12, 2017, Ashland completed the Distribution of all 170 million shares of Valvoline common stock as a pro rata dividend on shares of Ashland common stock outstanding at the close of business on the record date of May 5, 2017. Based on the shares of Ashland common stock outstanding on the record date, each share of Ashland common stock received 2.745338 shares of Valvoline common stock in the Distribution. Concurrent with the Distribution, Ashland’s net investment in Valvoline was reduced to zero with a corresponding adjustment to Paid-in capital and Retained deficit. Refer to Note 1 for additional information regarding the separation from Ashland.