SHAREHOLDERS' EQUITY

Dividends

During 2018, the Board of Directors declared dividends of $1.28 per share. The Company paid dividends of $158 million, $148 million and $136 million to shareholders of record during 2018, 2017 and 2016.

Subsequent to year-end, the Board of Directors declared a quarterly cash dividend of $0.35 per share to be paid in March 2019 to shareholders of record as of February 19, 2019. This is a 9% increase from the most recent quarterly dividend of $0.32 per share.

Common Stock Repurchase

In August 2015, the Board of Directors authorized a $1 billion share repurchase program. As of December 31, 2018, the Company has repurchased 6 million shares for $438 million under this program.

At December 31, 2018, the Company held 7,619,046 shares in treasury. Management does not anticipate retiring common shares held in treasury for the foreseeable future.

Share repurchase activity (in millions, except shares):



	2018			2017			2016
	Shares	Amount		Shares	Amount		Shares	Amount
2015 Repurchase Program – $1 billion	776,186	$	50	981,277	$	75	2,594,809	$	193

Accumulated Other Comprehensive Loss (AOCL)

AOCL consisted of the following (in millions, net of tax):



	2018			2017
Related to marketable securities	$	(11	)	$	(5	)
Related to employee benefit plans	(440		)	(376		)
Related to interest rate derivatives	3			1
	$	(448	)	$	(380	)

The Company adopted ASU 2018-02 in 2018. As a result, the Company reclassified approximately $62 million of tax effects in AOCL recorded in prior periods at previously enacted tax rates thus increasing Retained earnings.

In relation to the Tax Cuts and Jobs Act, amounts recognized in other comprehensive income subsequent to the December 22, 2017 enactment date, are taxed at the revised federal income tax rates. The Company's actuarial adjustments for employee benefit plans occur annually at December 31, and therefore are tax effected at the new lower rates. Accordingly, the effective tax rate for employee benefit plan amounts recognized in other comprehensive income at December 31, 2017 was lower than it historically has been.