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Stockholders' Equity
 6 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Stockholders' Equity

E. Stockholders’ Equity

In fiscal 2007, the Board of Directors authorized Cabot to repurchase up to ten million shares of Cabot’s common stock in the open market or in privately negotiated transactions. This authorization did not have a set expiration date. During the first six months of fiscal 2015, Cabot repurchased 925,700 shares of its common stock under this authorization.

In January 2015, the Board of Directors authorized Cabot to repurchase up to five million shares of its common stock in the open market or in privately negotiated transactions and cancelled the previous authorization. Cabot has repurchased 1,700,676 shares of its common stock under this authorization. As of March 31, 2016, 3,299,324 shares remain available for repurchase under the current authorization. The Company retired the repurchased shares and recorded the excess of the purchase price over par value to additional paid-in capital until such amount was reduced to zero and then charged the remainder against retained earnings.

During the first six months of both fiscal 2016 and 2015, Cabot paid cash dividends in the aggregate amount of $0.44 per share of common stock, with a total cost of $28 million in each period.

Noncontrolling interest

The following table illustrates the noncontrolling interest activity for the periods presented:

 

 

 

2016

 

 

2015

 

 

 

(Dollars in millions)

 

Balance at September 30

 

$

104

 

 

$

122

 

Net income attributable to noncontrolling interests

 

 

8

 

 

 

5

 

Noncontrolling interest foreign currency translation

   adjustment

 

 

(2

)

 

 

(3

)

Noncontrolling interest dividends declared

 

 

(16

)

 

 

(13

)

Balance at March 31

 

$

94

 

 

$

111

 

 

During the six months ended March 31, 2016, $16 million of dividends were declared, of which $3 million were paid in cash.  During the six months ended March 31, 2015, $13 million of dividends were declared, of which $11 million were paid in cash.