STOCKHOLDERS’ EQUITY

There were no cash dividends paid during the three months ended March 31, 2019 and 2018. However, the dividends declared on February 19, 2019 and February 20, 2018 were subsequently paid on April 3, 2019 and April 4, 2018.

As an English public limited company, we are required under U.K. law to have available “distributable reserves” to conduct share repurchases or pay dividends to shareholders. Distributable reserves are a statutory requirement and are not linked to a GAAP reported amount (e.g., retained earnings). The declaration and payment of dividends require the authorization of our Board of Directors, provided that such dividends on issued share capital may be paid only out of our “distributable reserves” on our statutory balance sheet. Therefore, we are not permitted to pay dividends out of share capital, which includes share premium.

In December 2018, our Board of Directors authorized an extension of our share repurchase program for $300.0 million for the purchase of ordinary shares. We repurchased 2.2 million of ordinary shares for a total consideration of $50.1 million during the three months ended March 31, 2019 under our authorized share repurchase program. We intend to cancel repurchased shares and not hold them in treasury. Canceled treasury shares are accounted for using the constructive retirement method.

Accumulated other comprehensive income (loss) consisted of the following:



(In millions)	Foreign Currency Translation			Hedging			Defined Pension and Other Post-Retirement Benefits			Accumulated Other Comprehensive Loss attributable to TechnipFMC plc			Accumulated Other Comprehensive Loss attributable to Noncontrolling interest
December 31, 2018	$	(1,234.4	)	$	(32.9	)	$	(92.4	)	$	(1,359.7	)	$	(4.0	)
Other comprehensive income (loss) before reclassifications, net of tax	20.2			16.0			0.5			36.7			0.7
Reclassification adjustment for net losses (gains) included in net income, net of tax	—			(0.3		)	0.3			—			—
Other comprehensive income (loss), net of tax	20.2			15.7			0.8			36.7			0.7
March 31, 2019	$	(1,214.2	)	$	(17.2	)	$	(91.6	)	$	(1,323.0	)	$	(3.3	)

Reclassifications out of accumulated other comprehensive income (loss) consisted of the following:



	Three Months Ended
	March 31,
(In millions)	2019			2018
Details about Accumulated Other Comprehensive Income (loss) Components	Amount Reclassified out of Accumulated Other Comprehensive Loss						Affected Line Item in the Condensed Consolidated Statements of Income
Gains (losses) on hedging instruments
Foreign exchange contracts	$	0.7		$	2.5		Revenue
	2.6			1.6			Cost of sales
	0.1			0.1			Selling, general and administrative expense
	(2.4		)	(4.6		)	Other income (expense), net
	1.0			(0.4		)	Income (loss) before income taxes
	0.7			(0.2		)	Provision for income taxes (Note 17)
	$	0.3		$	(0.2	)	Net income (loss)
Pension and other post-retirement benefits
Amortization of prior service credit (cost)	(0.4		)	—			(a)
	(0.4		)	—			Income (loss) before income taxes
	(0.1		)	—			Provision for income taxes (Note 17)
	$	(0.3	)	$	—		Net income (loss)


(a)	These accumulated other comprehensive income components are included in the computation of net periodic pension cost.