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Shareholders' Equity
3 Months Ended
Mar. 31, 2019
Equity [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, 2018
$
1,738

 
$
2,190

 
$
1,258

 
$
(817
)
 
$
(913
)
 
$
20

Cumulative adjustment for the adoption of ASC 842
21

 

 
21

 

 

 

Adjusted balance at January 1, 2019
1,759

 
2,190

 
1,279

 
(817
)
 
(913
)
 
20

Share-based compensation
3

 
3

 

 

 

 

Common stock issued upon exercise of stock options
1

 
1

 

 

 

 

Dividends declared to shareholders
(11
)
 

 
(11
)
 

 

 

Repurchases of common stock
(3
)
 

 

 
(3
)
 

 

Issuance of ESPP shares
2

 

 

 
2

 

 

Net income
42

 

 
40

 

 

 
2

Other comprehensive income, net of tax
2

 

 

 

 
2

 

Balance at March 31, 2019
$
1,795

 
$
2,194

 
$
1,308

 
$
(818
)
 
$
(911
)
 
$
22

 
 
 
 
 
 
 
 
 
 
 
 
Dollars in millions
Total
 
PIC
 
Retained
Earnings
 
Treasury
Stock
 
AOCL
 
NCI
Balance at December 31, 2017
$
1,221

 
$
2,091

 
$
877

 
$
(818
)
 
$
(921
)
 
$
(8
)
Cumulative effect of change in accounting policy, net of tax of $6
144

 

 
144

 

 

 

Adjusted balance at January 1, 2018
1,365

 
2,091

 
1,021

 
(818
)
 
(921
)
 
(8
)
Consolidation of Aspire entities
122

 

 

 

 

 
122

Share-based compensation
3

 
3

 

 

 

 

Dividends declared to shareholders
(11
)
 

 
(11
)
 

 

 

Repurchases of common stock
(2
)
 

 

 
(2
)
 

 

Issuance of ESPP shares
2

 

 

 
2

 

 

Other noncontrolling interests activity
4

 

 

 

 

 
4

Net income
139

 

 
138

 

 

 
1

Other comprehensive income, net of tax
9

 

 

 

 
9

 

Balance at March 31, 2018
$
1,631

 
$
2,094

 
$
1,148

 
$
(818
)
 
$
(912
)
 
$
119




Accumulated other comprehensive loss, net of tax
 
March 31,
Dollars in millions
2019
 
2018
Accumulated foreign currency translation adjustments, net of tax of $2 and $3
$
(306
)
 
$
(255
)
Pension and post-retirement benefits, net of tax of $212 and $226
(589
)
 
(654
)
Fair value of derivatives, net of tax of $3 and $0
(16
)
 
(3
)
Total accumulated other comprehensive loss
$
(911
)
 
$
(912
)


Changes in accumulated other comprehensive loss, 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, 2018
$
(307
)
 
$
(592
)
 
$
(14
)
 
$
(913
)
Other comprehensive income adjustments before reclassifications
1

 

 
(3
)
 
(2
)
Amounts reclassified from accumulated other comprehensive income

 
3

 
1

 
4

Balance at March 31, 2019
$
(306
)
 
$
(589
)
 
$
(16
)
 
$
(911
)


Dollars in millions
Accumulated foreign currency translation adjustments
 
Accumulated pension liability adjustments
 
Changes in fair value of derivatives
 
Total
Balance at December 31, 2017
$
(258
)
 
$
(660
)
 
$
(3
)
 
$
(921
)
Other comprehensive income adjustments before reclassifications
(2
)
 

 

 
(2
)
Amounts reclassified from accumulated other comprehensive income
5

 
6

 

 
11

Balance at March 31, 2018
$
(255
)
 
$
(654
)
 
$
(3
)
 
$
(912
)



Reclassifications out of accumulated other comprehensive loss, net of tax, by component
 
Three Months Ended March 31,
 
 
Dollars in millions
2019
 
2018
 
Affected line item on the Condensed Consolidated Statements of Operations
Accumulated pension liability adjustments
 
 
 
 
 
    Amortization of actuarial loss (a)
$
(4
)
 
$
(7
)
 
See (a) below
Tax benefit
1

 
1

 
Provision for income taxes
Net pension and post-retirement benefits
$
(3
)
 
$
(6
)
 
Net of tax
 
(a)
This item is included in the computation of net periodic pension cost. See Note 11 to our condensed consolidated financial statements for further discussion.

 
Three Months Ended March 31,
 
 
Dollars in millions
2019
 
2018
 
Affected line item on the Condensed Consolidated Statements of Operations
Accumulated foreign currency adjustments
 
 
 
 
 
    Reclassification of foreign currency adjustments
$

 
$
(5
)
 
Gain on consolidation of Aspire entities
Tax benefit

 

 
Provision for income taxes
Net accumulated foreign currency
$

 
$
(5
)
 
Net of tax