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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2019
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders’ Equity The following tables summarize our activity in shareholders’ equity:
Dollars in millions | Total |  | PIC |  | Retained Earnings |  | Treasury Stock |  | AOCL |  | NCI
Balance at December 31, 2016 | $ | 725 |  |  | $ | 2,088 |  |  | $ | 467 |  |  | $ | (769 | ) |  | $ | (1,049 | ) |  | $ | (12 | )
Acquisition of noncontrolling interest | (8 | ) |  | (8 | ) |  | — |  |  | — |  |  | — |  |  | — |
Share-based compensation | 12 |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | — |
Dividends declared to shareholders ($0.32/share) | (45 | ) |  | — |  |  | (45 | ) |  | — |  |  | — |  |  | — |
Repurchases of common stock | (53 | ) |  | — |  |  | — |  |  | (53 | ) |  | — |  |  | — |
Issuance of ESPP shares | 3 |  |  | (1 | ) |  | — |  |  | 4 |  |  | — |  |  | — |
Investments by noncontrolling interests | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Distributions to noncontrolling interests | (4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4 | )
Other noncontrolling interests activity | (1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (1 | )
Net income | 440 |  |  | — |  |  | 432 |  |  | — |  |  | — |  |  | 8 |
Other comprehensive income, net of tax | 127 |  |  | — |  |  | — |  |  | — |  |  | 127 |  |  | — |
Balance at December 31, 2017 | $ | 1,197 |  |  | $ | 2,091 |  |  | $ | 854 |  |  | $ | (818 | ) |  | $ | (922 | ) |  | $ | (8 | )
Cumulative effect of change in accounting policy, net of tax (Note 1) | 144 |  |  | — |  |  | 144 |  |  | — |  |  | — |  |  | — |
Adjusted balance at January 1, 2018 | 1,341 |  |  | 2,091 |  |  | 998 |  |  | (818 | ) |  | (922 | ) |  | (8 | )
Acquisition of noncontrolling interest | 69 |  |  | 69 |  |  | — |  |  | — |  |  | — |  |  | — |
Share-based compensation | 10 |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |
Tax benefit decrease related to share-based plans | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Common stock issued upon exercise of stock options | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |
Dividends declared to shareholders ($0.32/share) | (44 | ) |  | — |  |  | (44 | ) |  | — |  |  | — |  |  | — |
Repurchases of common stock | (3 | ) |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | — |
Issuance of ESPP shares | 3 |  |  | (1 | ) |  | — |  |  | 4 |  |  | — |  |  | — |
Issuance of convertible debt and call spread overlay | 18 |  |  | 18 |  |  | — |  |  | — |  |  | — |  |  | — |
Distributions to noncontrolling interests | (3 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (3 | )
Other noncontrolling interests activity | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Net income | 310 |  |  | — |  |  | 281 |  |  | — |  |  | — |  |  | 29 |
Other comprehensive income, net of tax | 12 |  |  | — |  |  | — |  |  | — |  |  | 12 |  |  | — |
Balance at December 31, 2018 | $ | 1,718 |  |  | $ | 2,190 |  |  | $ | 1,235 |  |  | $ | (817 | ) |  | $ | (910 | ) |  | $ | 20 |
Cumulative adjustment for the adoption of ASC 842, net of tax (Note 1) | 21 |  |  | — |  |  | 21 |  |  | — |  |  | — |  |  | — |
Cumulative adjustment for the adoption of ASC 606 for our unconsolidated affiliates, net of tax (Note 1) | 29 |  |  | — |  |  | 29 |  |  | — |  |  | — |  |  | — |
Adjusted balance at January 1, 2019 | 1,768 |  |  | 2,190 |  |  | 1,285 |  |  | (817 | ) |  | (910 | ) |  | 20 |
Share-based compensation | 12 |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | — |
Common stock issued upon exercise of stock options | 5 |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |
Dividends declared to shareholders ($0.32/share) | (46 | ) |  | — |  |  | (46 | ) |  | — |  |  | — |  |  | — |
Repurchases of common stock | (4 | ) |  | — |  |  | — |  |  | (4 | ) |  | — |  |  | — |
Issuance of ESPP shares | 3 |  |  | (1 | ) |  | — |  |  | 4 |  |  | — |  |  | — |
Investments by noncontrolling interests | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Distributions to noncontrolling interests | (14 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (14 | )
Net income | 209 |  |  | — |  |  | 202 |  |  | — |  |  | — |  |  | 7 |
Other comprehensive income (loss), net of tax | (77 | ) |  | — |  |  | — |  |  | — |  |  | (77 | ) |  | — |
Balance at December 31, 2019 | $ | 1,857 |  |  | $ | 2,206 |  |  | $ | 1,441 |  |  | $ | (817 | ) |  | $ | (987 | ) |  | $ | 14 |
AOCL, net of tax
| December 31,
Dollars in millions | 2019 |  | 2018 |  | 2017
Accumulated foreign currency translation adjustments, net of tax of $3, $2 and $4 | $ | (315 | ) |  | $ | (304 | ) |  | $ | (259 | )
Pension and post-retirement benefits, net of tax of $224, $213 and $227 | (654 | ) |  | (592 | ) |  | (660 | )
Fair value of derivatives, net of tax of $5, $3 and $0 | (18 | ) |  | (14 | ) |  | (3 | )
Total accumulated other comprehensive loss | $ | (987 | ) |  | $ | (910 | ) |  | $ | (922 | )
Changes in AOCL, net of tax, by component
Dollars in millions | Accumulated foreign currency translation adjustments |  | Accumulated pension liability adjustments |  | Changes in fair value of derivatives |  | Total
Balance at December 31, 2017 | $ | (259 | ) |  | $ | (660 | ) |  | $ | (3 | ) |  | $ | (922 | )
Other comprehensive income adjustments before reclassifications | (51 | ) |  | 44 |  |  | (20 | ) |  | (27 | )
Amounts reclassified from AOCL | 6 |  |  | 24 |  |  | 9 |  |  | 39 |
Net other comprehensive income (loss) | (45 | ) |  | 68 |  |  | (11 | ) |  | 12 |
Balance at December 31, 2018 | $ | (304 | ) |  | $ | (592 | ) |  | $ | (14 | ) |  | $ | (910 | )
Other comprehensive income adjustments before reclassifications | (3 | ) |  | (76 | ) |  | (14 | ) |  | (93 | )
Amounts reclassified from AOCL | (8 | ) |  | 14 |  |  | 10 |  |  | 16 |
Net other comprehensive income (loss) | (11 | ) |  | (62 | ) |  | (4 | ) |  | (77 | )
Balance at December 31, 2019 | $ | (315 | ) |  | $ | (654 | ) |  | $ | (18 | ) |  | $ | (987 | )
Reclassifications out of AOCL, net of tax, by component
Dollars in millions | December 31, 2019 |  | December 31, 2018 |  | Affected line item on the Consolidated Statements of Operations
Accumulated foreign currency adjustments |  |  |  |  |
Reclassification of foreign currency adjustments | 8 |  |  | $ | (6 | ) |  | Gain (loss) on disposition of assets and Gain on consolidation of Aspire entities, respectively
Tax benefit | — |  |  | — |  |  | Provision for income taxes
Net accumulated foreign currency | $ | 8 |  |  | $ | (6 | ) |  |
Accumulated pension liability adjustments |  |  |  |  |
Amortization of actuarial loss (a) | $ | (17 | ) |  | $ | (28 | ) |  | See (a) below
Tax benefit | 3 |  |  | 4 |  |  | Provision for income taxes
Net pension and post-retirement benefits | $ | (14 | ) |  | $ | (24 | ) |  | Net of tax
Changes in fair value for derivatives |  |  |  |  |
Foreign currency hedge and interest rate swap settlements | $ | (10 | ) |  | $ | (9 | ) |  | Other non-operating income (loss)
Tax benefit | — |  |  | — |  |  | Provision for income taxes
Net changes in fair value of derivatives | $ | (10 | ) |  | $ | (9 | ) |  | Net of tax
(a) | This item is included in the computation of net periodic pension cost. See Note 13 to our consolidated financial statements for further discussion.
As a result of the Tax Cuts and Jobs Act of 2017, certain income tax effects related to items in AOCL have been stranded in AOCL, and we did not elect to reclassify these stranded tax effects to retained earnings. The tax effects remaining in AOCL are released only when all related units of account are liquidated, sold or extinguished. Shares of common stock
Shares in millions | Shares
Balance at December 31, 2017 | 176.6 |
Common stock issued | 0.8 |
Balance at December 31, 2018 | 177.4 |
Common stock issued | 0.9 |
Balance at December 31, 2019 | 178.3 |
Shares of treasury stock
Shares and dollars in millions | Shares |  | Amount
Balance at December 31, 2017 | 36.5 |  |  | $ | 818 |
Treasury stock acquired, net of ESPP shares issued | — |  |  | (1 | )
Balance at December 31, 2018 | 36.5 |  |  | 817 |
Treasury stock acquired, net of ESPP shares issued | — |  |  | — |
Balance at December 31, 2019 | 36.5 |  |  | $ | 817 |
Dividends We declared dividends totaling $46 million and $44 million in 2019 and 2018, respectively.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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