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Additional Shareholders' Equity Information
 12 Months Ended
Dec. 31, 2017
Additional Shareholders' Equity Information [Abstract]  
Additional Shareholders' Equity Information
Note 16. Additional Shareholders’ Equity Information
Common Stock and Treasury Stock Activity in shares of our common stock and treasury stock was as follows:
 
 
Year Ended December 31,
 
 
2017
 
2016
Common Stock Shares Issued
 
 

 
 

Shares, Beginning of Period
 
471,360,427

 
469,718,512

Exercise of Common Stock Options
 
382,882

 
954,898

Restricted Stock Awarded, Net of Forfeitures (1)
 
2,912,936

 
687,017

Shares Exchanged in Clayton Williams Energy Acquisition
 
54,087,136

 
—

Shares, End of Period
 
528,743,381

 
471,360,427

Treasury Stock
 


 


Shares, Beginning of Period
 
37,961,316

 
37,925,625

Shares Received in Payment of Withholding Taxes Due on Vesting of Shares of Restricted Stock (2)
 
1,026,891

 
236,700

Rabbi Trust Shares Distributed and/or Sold
 
(201,238
)
 
(201,009
)
Shares, End of Period
 
38,786,969

 
37,961,316

Additional Information
 
 
 
 
Incremental Shares From Assumed Conversion of Dilutive Stock Options, Restricted Stock, and Shares of Common Stock in Rabbi Trust (2)
 
—

 
—

Number of Antidilutive Stock Options, Shares of Restricted Stock and Shares of Common Stock in Rabbi Trust excluded from Dilutive Loss per Share
 
15,619,276

 
14,218,319


(1) 
The 2017 amount includes approximately 1.9 million shares of restricted stock awarded to former holders of Clayton Williams Energy outstanding stock awards as part of the Clayton Williams Energy Acquisition. See Note 3. Clayton Williams Energy Acquisition.
(2) 
The 2017 amount includes approximately 720,000 shares of common stock from Clayton Williams Energy shareholders for the payment of withholding taxes due on the vesting of Clayton Williams Energy restricted shares and options pursuant to the purchase and sale agreement.
(3) 
For the years ended December 31, 2017 and 2016, all outstanding options and non-vested restricted shares have been excluded from the calculation of diluted earnings (loss) per share as Noble Energy incurred a loss. Therefore, inclusion of outstanding options and non-vested restricted shares in the calculation of diluted earnings (loss) per share would be anti-dilutive.
Issuance of Noble Midstream Partners Common Units On December 15, 2017, Noble Midstream Partners closed an offering of 3,680,000 common units, generating net proceeds of approximately $174 million, net of offering costs. On June 26, 2017, Noble Midstream Partners engaged in a private placement offering of 3,525,000 common units, generating proceeds of approximately $138 million, net of offering costs.
In third quarter 2016, Noble Midstream Partners completed its initial public offering of 14,375,000 common units, generating proceeds of $299 million, net of offering costs.
Subsequent Event - Share Repurchase Program On February 15, 2018, we announced the Company's Board of Directors authorized a share repurchase program of $750 million which expires December 31, 2020. All purchases will be made in accordance with applicable securities laws from time to time in open market or private transactions, depending on market conditions, and may be discontinued at any time.
Accumulated Other Comprehensive Loss (AOCL) AOCL in the shareholders’ equity section of the balance sheet included:








 
Accumulated Other Comprehensive Loss
(millions)
 
Interest Rate
 Cash Flow
Hedges
 
Pension-
Related and
 Other
 
Total
December 31, 2014
 
$
(23
)
 
$
(67
)
 
$
(90
)
Realized Amounts Reclassified Into Earnings
 
1

 
62

 
63

Unrealized Change in Fair Value
 
—

 
(6
)
 
(6
)
December 31, 2015
 
(22
)
 
(11
)
 
(33
)
Realized Amounts Reclassified Into Earnings
 
1

 
4

 
5

Unrealized Change in Fair Value
 
—

 
(3
)
 
(3
)
December 31, 2016
 
(21
)
 
(10
)
 
(31
)
Realized Amounts Reclassified Into Earnings
 
1

 
4

 
5

Unrealized Change in Fair Value
 
—

 
(4
)
 
(4
)
December 31, 2017
 
$
(20
)
 
$
(10
)
 
$
(30
)

All amounts in the table above are reported net of tax, using an effective income tax rate of 35%.
AOCL at December 31, 2017 included deferred losses of $20 million, net of tax, related to interest rate derivative instruments. This amount is being reclassified to earnings as an adjustment to interest expense over the term of our senior notes due March 2041.