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SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2019
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY
NOTE 20. SHAREHOLDERS’ EQUITY

On April 26, 2018, our board of directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $500.0 million.  This program will terminate upon the purchase of $500.0 million of our common stock.

On August 5, 2019, we entered into an accelerated share repurchase (ASR) agreement with Goldman Sachs & Co. LLC, a third-party financial institution, to repurchase $100.0 million of Olin’s common stock. This authorization was granted under the April 26, 2018 share repurchase program and reduced the remaining authorized repurchase amount under that program by $100.0 million. In connection with this agreement, we repurchased a total of 5.7 million shares under this ASR agreement.

For the years ended December 31, 2019 and 2018, 8.0 million and 2.1 million shares, respectively, were repurchased and retired at a cost of $145.9 million and $50.0 million, respectively. As of December 31, 2019, a cumulative total of 10.1 million shares were repurchased and retired at a cost of $195.9 million and $304.1 million of common stock remained authorized to be repurchased.

During 2019, 2018 and 2017, we issued 0.1 million, 0.2 million and 1.7 million shares, respectively, with a total value of $1.7 million, $3.4 million and $32.4 million, respectively, representing stock options exercised.  

We have registered an undetermined amount of securities with the SEC, so that, from time-to-time, we may issue debt securities, preferred stock and/or common stock and associated warrants in the public market under that registration statement.

In February 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (ASU 2018-02) which amends ASC 220 “Income Statement—Reporting Comprehensive Income.”  This update allows a reclassification from accumulated other comprehensive loss to retained earnings for the stranded tax effects resulting from the 2017 Tax Act during each fiscal year or quarter in which the effect of the lower tax rate is recorded.  We adopted this update in March 2018 and reclassified $85.9 million related to the deferred gain resulting from the 2017 Tax Act from accumulated other comprehensive loss to retained earnings.

The following table represents the activity included in accumulated other comprehensive loss:
 
Foreign Currency Translation Adjustment (net of taxes)
 
Unrealized (Losses) Gains on Derivative Contracts (net of taxes)
 
Pension and Other Postretirement Benefits (net of taxes)
 
Accumulated Other Comprehensive Loss
 
($ in millions)
Balance at January 1, 2017
$
(24.1
)
 
$
12.8

 
$
(498.7
)
 
$
(510.0
)
Unrealized gains (losses)
55.6

 
1.9

 
(27.3
)
 
30.2

Reclassification adjustments of (gains) losses into income
—

 
(4.6
)
 
26.9

 
22.3

Tax (provision) benefit
(23.9
)
 
1.0

 
(4.2
)
 
(27.1
)
Net change
31.7

 
(1.7
)
 
(4.6
)
 
25.4

Balance at December 31, 2017
7.6

 
11.1

 
(503.3
)
 
(484.6
)
Unrealized losses
(22.2
)
 
(1.1
)
 
(98.5
)
 
(121.8
)
Reclassification adjustments of (gains) losses into income
—

 
(14.3
)
 
37.0

 
22.7

Tax benefit (provision)
—

 
3.7

 
14.9

 
18.6

Net change
(22.2
)
 
(11.7
)
 
(46.6
)
 
(80.5
)
Income tax reclassification adjustment
15.3

 
2.4

 
(103.6
)
 
(85.9
)
Balance at December 31, 2018
0.7

 
1.8

 
(653.5
)
 
(651.0
)
Unrealized losses
(9.1
)
 
(23.0
)
 
(183.9
)
 
(216.0
)
Reclassification adjustments of (gains) losses into income
—

 
2.8

 
29.1

 
31.9

Tax benefit (provision)
—

 
4.8

 
26.9

 
31.7

Net change
(9.1
)
 
(15.4
)
 
(127.9
)
 
(152.4
)
Balance at December 31, 2019
$
(8.4
)
 
$
(13.6
)
 
$
(781.4
)
 
$
(803.4
)


Net income (loss), interest expense and cost of goods sold included reclassification adjustments for realized gains and losses on derivative contracts from accumulated other comprehensive loss.

Net income (loss) and non-operating pension income included the amortization of prior service costs and actuarial losses from accumulated other comprehensive loss.