| 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 |
|