Stockholders' Equity

9 Months Ended

Jun. 30, 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 nine 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 1,875,676 shares of its common stock under this authorization. As of June 30, 2016, 3,124,324 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 nine months of fiscal 2016 and 2015, Cabot paid cash dividends in the aggregate amount of $0.74 and $0.66, respectively, per share of common stock, with a total cost of $47 million and $42 million, respectively.

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		12			7
Noncontrolling interest foreign currency translation    adjustment		(5	)		(3	)
Noncontrolling interest dividends declared		(16	)		(22	)
Balance at June 30	$	95		$	104

During the nine months ended June 30, 2016, $16 million of dividends were declared to noncontrolling interests, all of which were paid in cash during that time.  During the nine months ended June 30, 2015, $22 million of dividends were declared to noncontrolling interests, $16 million of which were paid during that time with the remaining $6 million paid later in the fiscal year.