Stockholders' Equity

9 Months Ended

Jun. 30, 2018

G. Stockholders’ Equity

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. As of June 30, 2018, under such authorization, Cabot has repurchased 4,171,802 shares of its common stock and 828,198 shares remained available for repurchase. 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. In July 2018, the Board of Directors authorized Cabot to repurchase up to an additional ten million shares of its common stock on the open market or in privately negotiated transactions. The January 2015 share repurchase authorization remains in place. Neither authorization has a set expiration date.

During the first nine months of fiscal 2018 and 2017, Cabot paid cash dividends in the aggregate amount of $0.96 and $0.915, respectively, per share of common stock, with a total cost of $60 million and $57 million, respectively.

Noncontrolling Interest

The following table illustrates the noncontrolling interest activity for the periods presented:

	Nine Months Ended June 30
	2018			2017
	(In millions)
Noncontrolling interests at beginning of period	$	121		$	98
Net income (loss) attributable to noncontrolling interests		31			18
Foreign currency translation adjustment attributable to noncontrolling interests, net of tax		—			—
Dividends declared to noncontrolling interests		(22	)		(14	)
Contribution from noncontrolling interest		—			2
Noncontrolling interests at end of period	$	130		$	104

During the nine months ended June 30, 2018, $21 million of the dividends declared to noncontrolling interests during the period were paid. During the nine months ended June 30, 2017, $13 million of the dividends declared to noncontrolling interests during the period were paid.