STOCKHOLDERS' EQUITY

Accumulated Other Comprehensive Loss



	January 31,
(in millions)	2019			2018
Accumulated other comprehensive loss, net of tax:
Foreign currency translation adjustments	$	(108.2	)	$	(48.0	)
Unrealized loss on marketable securities ^a	—			(1.8		)
Deferred hedging loss	(24.5		)	(22.9		)
Net unrealized loss on benefit plans	(72.1		)	(65.3		)
	$	(204.8	)	$	(138.0	)

The Company adopted ASU 2016-01 - Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities on February 1, 2018 using the modified retrospective method. Under ASU 2016-01, the Company recognizes both realized and unrealized gains and losses on marketable securities in Other expense, net. Previously, unrealized gains and losses were recorded as a separate component of stockholders' equity.

Additions to and reclassifications out of accumulated other comprehensive earnings (loss) were as follows:



	Years Ended January 31,
(in millions)	2019			2018			2017
Foreign currency translation adjustments	$	(62.9	)	$	97.9		$	8.3
Income tax benefit (expense)	2.7			(2.2		)	(16.7		)
Foreign currency translation adjustments, net of tax	(60.2		)	95.7			(8.4		)
Unrealized gain on marketable securities	—			0.2			2.7
Reclassification for gain included in net earnings	—			(3.5		)	—
Income tax benefit (expense)	—			0.7			(0.9		)
Unrealized (loss) gain on marketable securities, net of tax	—			(2.6		)	1.8
Unrealized (loss) gain on hedging instruments	(1.1		)	(21.0		)	12.1
Reclassification adjustment for (gain) loss included in net earnings ^a	(1.2		)	13.0			4.9
Income tax benefit (expense)	0.7			1.2			(6.3		)
Unrealized (loss) gain on hedging instruments, net of tax	(1.6		)	(6.8		)	10.7
Net actuarial (loss) gain	(24.2		)	30.6			14.1
Amortization of net loss included in net earnings ^b	15.1			13.3			14.7
Amortization of prior service credit included in net earnings ^b	(0.6		)	(0.5		)	(0.7		)
Income tax benefit (expense)	2.9			(11.5		)	(10.3		)
Net unrealized (loss) gain on benefit plans, net of tax	(6.8		)	31.9			17.8
Total other comprehensive (loss) earnings, net of tax	$	(68.6	)	$	118.2		$	21.9


^a	These losses (gains) are reclassified into Interest expense and financing costs and Cost of sales (see "Note H. Hedging Instruments" for additional details).


^b	These losses (gains) are included in the computation of net periodic benefit cost (see "Note M. Employee Benefit Plans" for additional details) and are reclassified into Other expense, net.

Stock Repurchase Program

In May 2018, the Registrant's Board of Directors approved a new share repurchase program (the "2018 Program"). The 2018 Program, which became effective June 1, 2018 and expires on January 31, 2022, authorizes the Company to repurchase up to $1.0 billion of its Common Stock through open market transactions, including through Rule 10b5-1 plans and one or more accelerated share repurchase ("ASR") or other structured repurchase transactions, and/or privately negotiated transactions. Purchases under this program are discretionary and will be made from time to time based on market conditions and the Company's liquidity needs. The Company may fund repurchases under the 2018 Program from existing cash at such time or from proceeds of any existing borrowing facilities at such time and/or the issuance of new debt. The 2018 Program replaced the Company's previous share repurchase program approved in January 2016 (the "2016 Program"), under which the Company was authorized to repurchase up to $500.0 million of its Common Stock. At the time of termination, $154.9 million remained available for repurchase under the 2016 Program. As of January 31, 2019, $635.0 million remained available under the 2018 Program.

During the three months ended July 31, 2018, the Company entered into ASR agreements with two third-party financial institutions to repurchase an aggregate of $250.0 million of its Common Stock. The ASR agreements were entered into under the 2018 Program. Pursuant to the ASR agreements, the Company made an aggregate payment of $250.0 million from available cash on hand in exchange for an initial delivery of 1,529,286 shares of its Common Stock. Final settlement of the ASR agreements was completed in July 2018, pursuant to which the Company received an additional 353,112 shares of its Common Stock. In total, 1,882,398 shares of the Company's Common Stock were repurchased under these ASR agreements at an average cost per share of $132.81 over the term of the agreements.

The Company's share repurchase activity was as follows:



	Years Ended January 31,
(in millions, except per share amounts)	2019		2018		2017
Cost of repurchases	$	421.4	$	99.2	$	183.6
Shares repurchased and retired	3.5		1.0		2.8
Average cost per share	$	121.28	$	94.86	$	65.24

Cash Dividends

The Company's Board of Directors declared quarterly dividends which, on an annual basis, totaled $2.15, $1.95 and $1.75 per share of Common Stock in 2018, 2017 and 2016, respectively.

On February 21, 2019, the Company's Board of Directors declared a quarterly dividend of $0.55 per share of Common Stock. This dividend will be paid on April 10, 2019 to stockholders of record on March 20, 2019.