EARNINGS PER SHARE ("EPS") AND EQUITY (Notes)

3 Months Ended

Mar. 31, 2018

EARNINGS PER SHARE (“EPS”) AND EQUITY

Earnings Per Share

We calculate basic earnings per share ("EPS") using net earnings for the period and the weighted average number of outstanding shares of our common stock, par value $0.10 per share, during the period. Diluted earnings per share computations, as calculated under the treasury stock method, include the weighted average number of shares of additional outstanding common stock issuable for stock options, restricted stock awards and restricted stock units whether or not currently exercisable. Diluted earnings per share does not include securities if their effect was anti-dilutive. Basic and diluted weighted average shares outstanding were as follows (in millions):



	Three Months Ended March 31,
	2018	2017
Basic weighted average common shares outstanding	130	129
Diluted weighted average common shares outstanding	132	129

(1) Excludes the following securities because their inclusion would have been anti-dilutive:



	Three Months Ended March 31,
	2018	2017
Stock options	—	1
Restricted stock	—	1
Restricted stock units	—	1

Equity

Dividends per Share

Dividends declared were as follows (in millions):



	Three Months Ended March 31,
	2018		2017
Declared	$	33	$	33
Per Share	$	0.25	$	0.25

Accumulated Other Comprehensive Income (Loss) ("AOCI")

The changes in accumulated other comprehensive loss are as follows (in millions):



	Foreign Currency Translation			Pension and Other Postretirement Plan Unrecognized Net Gain		Net Unrealized (Loss) Gain On Derivatives			Total
Balance at December 31, 2016	$	(41	)	$	2	$	(23	)	$	(62	)
Other comprehensive income before reclassifications	3			—		—			3
Balance at March 31, 2017	$	(38	)	$	2	$	(23	)	$	(59	)

Balance at December 31, 2017	$	(24	)	$	2	$	(33	)	$	(55	)
Other comprehensive income before reclassifications	10			—		5			15
Amounts reclassified from accumulated other comprehensive income	2			—		27			29
Net current period comprehensive income	12			—		32			44
Balance at March 31, 2018	$	(12	)	$	2	$	(1	)	$	(11	)



Amount Reclassified from Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income Component	Three months ended March 31, 2018		Affected Line Item in the Condensed Consolidated Statement of Operations

Foreign currency translation	$	2	Gain (loss) on sale of assets ⁽¹⁾
Interest rate swap	27		Gain (loss) on sale of assets ⁽¹⁾
	29		Total before tax
	—		Tax benefit
Total reclassifications	$	29	Net of tax

⁽¹⁾ For additional information see, Note 3. Acquisitions and Dispositions - Green Investment Group Limited (“GIG”) Joint Venture and China Investment.