NOTE M – EQUITY ITEMS

Stock repurchase programs

In April 2015, Ashland's Board of Directors approved a $1 billion share repurchase authorization that was set to expire on December 31, 2017 (the 2015 stock repurchase program). During September 2017, Ashland's Board of Directors extended the 2015 stock repurchase program indefinitely, at which point $500 million of share repurchase authorization remained under the 2015 stock repurchase program.

During March 2018, Ashland’s Board of Directors approved a new $1 billion stock repurchase program, which replaced the 2015 stock repurchase program. Under the new program, Ashland’s common shares may be repurchased in open market transactions, privately negotiated transactions or pursuant to one or more accelerated stock repurchase programs or Rule 10b5-1 plans. As of June 30, 2018, $1 billion remained available for repurchase under this authorization.

Stockholder dividends

In May 2018, the Board of Directors of Ashland announced a quarterly cash dividend of 25 cents per share to eligible stockholders at record, which represented an increase from the previous quarterly cash dividend of 22.5 cents per share. This dividend was paid in the third quarter of fiscal 2018.

In May 2017, subsequent to the final distribution of Valvoline Inc.'s common stock, the Board of Directors of Ashland announced a quarterly cash dividend of 22.5 cents per share to eligible stockholders at record which was paid for quarterly dividends in the first and second quarters of fiscal 2018 and the third and fourth quarters of fiscal 2017. This represented a reduction from the previous quarterly dividend of 39 cents per share which was paid for quarterly dividends in the first and second quarters of fiscal 2017.

Accumulated other comprehensive income (loss)

Components of other comprehensive income (loss) recorded in the Statements of Consolidated Comprehensive Income (Loss) are presented below, before tax and net of tax effects.

	2018									2017
(In millions)	Before tax			Tax (expense) benefit			Net of tax			Before tax			Tax (expense) benefit			Net of tax
Three months ended June 30
Other comprehensive income (loss)
Unrealized translation gain (loss)	$	(140	)	$	—		$	(140	)	$	107		$	(2	)	$	105
Amortization of unrecognized prior
service credit (a)		—			—			—			(1	)		1			—
Net change in available-for-sale securities:
Unrealized gain		4			(2	)		2			6			(2	)		4
Total other comprehensive income (loss)	$	(136	)	$	(2	)	$	(138	)	$	112		$	(3	)	$	109

Nine months ended June 30
Other comprehensive income (loss)
Unrealized translation gain (loss)	$	(82	)	$	—		$	(82	)	$	15		$	4		$	19
Amortization of unrecognized prior
service credit (a)		—			—			—			(7	)		3			(4	)
Net change in available-for-sale securities:
Unrealized gain		10			(3	)		7			15			(4	)		11
Reclassification adjustment for gains
included in net income		(4	)		1			(3	)		(2	)		1			(1	)
Total other comprehensive income (loss)	$	(76	)	$	(2	)	$	(78	)	$	21		$	4		$	25

(a)

For the three and nine months ended June 30, 2017, the amortization of unrecognized prior services credits was related to pension and other postretirement benefit plans that transferred to Valvoline and was classified within the discontinued operations caption on the Statements of Consolidated Comprehensive Income (Loss).