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 December 31, 2018, $1 billion remained available for repurchase under this authorization.

In November 2018, the Board of Directors of Ashland announced a quarterly cash dividend of 25 cents per share or $16 million, to eligible stockholders at record, which was paid for quarterly dividends in the first quarter of fiscal 2019 and the third and fourth quarters of fiscal 2018. This represented an increase from the previous quarterly cash dividend of 22.5 cents per share which was paid for quarterly dividends in the first and second quarters of fiscal 2018.

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 December 31
Other comprehensive income (loss)
Unrealized translation gain (loss)	$	(31	)	$	—	$	(31	)	$	3		$	—		$	3
Pension and postretirement obligation adjustment:
Adjustment of unrecognized prior service costs		(7	)		1		(6	)		—			—			—
Net change in investment securities:
Unrealized gains during periods (a)		—			—		—			11			(2	)		9
Reclassification adjustment for gains
included in net income		—			—		—			(1	)		—			(1	)
Total other comprehensive income (loss)	$	(38	)	$	1	$	(37	)	$	13		$	(2	)	$	11

(a)

Due to the adoption of new accounting guidance in the current quarter, unrealized gains and losses on Ashland’s equity securities are now recognized in net income rather than AOCI. See Notes A and E for more information.