Stockholders' Deficit

12 Months Ended

Sep. 30, 2019

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)	2019		2018		2017
Cash outlay	$	80	$	58	$	40
Dividend per share	$	0.424	$	0.298	$	0.196

Accumulated other comprehensive income

Changes in accumulated other comprehensive income by component for fiscal years 2019, 2018 and 2017 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
Fiscal 2019 activity, net of tax	(9)		(12)		(21)
Balance as of September 30, 2019	$	34	$	(23)	$	11

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


(in millions)	2019		2018		2017
Amortization of pension and other postretirement plan prior service credit ^(a)	$	(12)	$	(12)	$	(12)
(Gain) loss on liquidation of subsidiary ^(b)	(1)		1		—
Tax effect of reclassifications	3		2		4
Net of tax	(10)		(9)		(8)
Reclassification of income tax effects of U.S. tax reform ^(c)	—		8		—
Total amounts reclassified, net of tax	$	(10)	$	(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 expense (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 certain non-U.S. subsidiaries.

(c)Represents the reclassification of stranded income tax effects of U.S. tax reform resulting from the change in the federal corporate tax rate 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.

Share repurchases

During fiscal 2017, Valvoline’s Board of Directors (the "Board") 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, 2019, 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)	2019		2018		2017
Total cost	$	—	$	325	$	50
Shares repurchased	—		15		2