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SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY
NOTE 11. 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 (Goldman Sachs), a third-party financial institution, to repurchase $100.0 million of Olin’s common stock. This transaction qualified for treatment as an equity contract. Under this agreement, Olin paid $100.0 million to Goldman Sachs and received an initial delivery of 4.3 million shares in August 2019. The transaction had not settled as of September 30, 2019; however, upon settlement of the agreement in October 2019, we received 1.4 million additional shares which resulted in a total of 5.7 million shares repurchased under this ASR agreement.

There were no shares repurchased for the nine months ended September 30, 2020. For the nine months ended September 30, 2019, 6.0 million shares were repurchased and retired at a cost of $135.6 million. As of September 30, 2020, we
had repurchased a total of $195.9 million of our common stock, representing 10.1 million shares, and $304.1 million of common stock remained authorized to be repurchased.

We issued less than 0.1 million and 0.1 million shares representing stock options exercised for the nine months ended September 30, 2020 and 2019, respectively, with a total value of $0.5 million and $1.5 million, respectively.

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, 2019
$
0.7

 
$
1.8

 
$
(653.5
)
 
$
(651.0
)
Unrealized (losses) gains:
 
 
 
 
 
 
 
First quarter
(8.3
)
 
(6.6
)
 
—

 
(14.9
)
Second quarter
3.3

 
(22.2
)
 
—

 
(18.9
)
Third quarter
(15.7
)
 
(12.3
)
 
—

 
(28.0
)
Reclassification adjustments of losses into income:
 
 
 
 
 
 
 
First quarter
—

 
2.2

 
7.4

 
9.6

Second quarter
—

 
6.3

 
7.1

 
13.4

Third quarter
—

 
9.0

 
7.3

 
16.3

Tax benefit (provision):
 
 
 
 
 
 
 
First quarter
—

 
1.1

 
(1.7
)
 
(0.6
)
Second quarter
—

 
3.8

 
(1.8
)
 
2.0

Third quarter
—

 
0.8

 
(1.4
)
 
(0.6
)
Net change
(20.7
)
 
(17.9
)
 
16.9

 
(21.7
)
Balance at September 30, 2019
$
(20.0
)
 
$
(16.1
)
 
$
(636.6
)
 
$
(672.7
)
Balance at January 1, 2020
$
(8.4
)
 
$
(13.6
)
 
$
(781.4
)
 
$
(803.4
)
Unrealized (losses) gains:
 
 
 
 
 
 
 
First quarter
(9.0
)
 
(35.1
)
 
—

 
(44.1
)
Second quarter
8.2

 
29.9

 
—

 
38.1

Third quarter
17.0

 
26.0

 
—

 
43.0

Reclassification adjustments of losses into income:
 
 
 
 
 
 
 
First quarter
—

 
11.6

 
11.9

 
23.5

Second quarter
—

 
9.3

 
11.6

 
20.9

Third quarter
—

 
0.1

 
11.5

 
11.6

Tax benefit (provision):
 
 
 
 
 
 
 
First quarter
—

 
5.6

 
(2.7
)
 
2.9

Second quarter
—

 
(9.2
)
 
(2.6
)
 
(11.8
)
Third quarter
—

 
(6.3
)
 
(2.6
)
 
(8.9
)
Net change
16.2

 
31.9

 
27.1

 
75.2

Balance at September 30, 2020
$
7.8

 
$
18.3

 
$
(754.3
)
 
$
(728.2
)


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

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