7. Stockholders’ Equity

(a) Common Stock Repurchases

In November 2015, the Alleghany Board of Directors authorized the repurchase of shares of common stock of Alleghany, par value $1.00 per share (“Common Stock”), at such times and at prices as management determines to be advisable, up to an aggregate of $400.0 million (the “2015 Repurchase Program”). As of March 31, 2018, Alleghany had $341.9 million remaining under its share repurchase authorization.

The following table presents the shares of Common Stock that Alleghany repurchased in the three months ended March 31, 2018 and 2017 pursuant to the 2015 Repurchase Program:


	Three Months Ended March 31,
	2018		2017
Shares repurchased		35,072		-
Cost of shares repurchased (in millions)	$	21.3	$	-
Average price per share repurchased	$	606.40	$	-

(b) Accumulated Other Comprehensive Income (loss)

The following table presents a reconciliation of the changes during the three months ended March 31, 2018 and 2017 in accumulated other comprehensive income (loss) attributable to Alleghany stockholders:


	Unrealized Appreciation of Investments		Unrealized Currency Translation Adjustment		Retirement Plans		Total
	($ in millions)
Balance as of January 1, 2018	$	718.2	$	(84.6)	$	(15.5)	$	618.1

Cumulative effect of adoption of new accounting pronouncements⁽¹⁾:
Reclassification of net unrealized gains on equity securities, net of tax		(735.6)		-		-		(735.6)
Reclassification of stranded taxes		156.6		(18.2)		(3.3)		135.1

Total		(579.0)		(18.2)		(3.3)		(600.5)


Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) before reclassifications		(146.4)		5.1		(1.3)		(142.6)
Reclassifications from accumulated other comprehensive income		1.4		-		-		1.4

Total		(145.0)		5.1		(1.3)		(141.2)

Balance as of March 31, 2018	$	(5.8)	$	(97.7)	$	(20.1)	$	(123.6)


	Unrealized Appreciation of Investments		Unrealized Currency Translation Adjustment		Retirement Plans		Total
	($ in millions)
Balance as of January 1, 2017	$	232.2	$	(111.2)	$	(11.7)	$	109.3

Cumulative effect of adoption of new accounting pronouncements⁽¹⁾		12.9		-		-		12.9
Other comprehensive income (loss), net of tax:
Other comprehensive income (loss) before reclassifications		124.9		5.1		(0.4)		129.6
Reclassifications from accumulated other comprehensive income		(36.7)		-		-		(36.7)

Total		88.2		5.1		(0.4)		92.9

Balance as of March 31, 2017	$	333.3	$	(106.1)	$	(12.1)	$	215.1

(1)	See Note 1(c) of this Form 10-Q for additional information regarding Alleghany’s adoption of new investment accounting guidance and adoption of new guidance on certain tax effects caused by the Tax Act.

The following table presents reclassifications out of accumulated other comprehensive income attributable to Alleghany stockholders during the three months ended March 31, 2018 and 2017:


Accumulated Other		Three Months Ended March 31,
Comprehensive Income Component	Line in Consolidated Statement of Earnings	2018		2017
		($ in millions)
Unrealized appreciation of investments:	Net realized capital gains⁽¹⁾	$	1.2	$	(59.6)
	Other than temporary impairment losses		0.5		3.2
	Income taxes		(0.3)		19.7

Total reclassifications:	Net earnings	$	1.4	$	(36.7)

(1)	For the first three months of 2018, excludes a $45.7 million pre-tax gain from AIHL’s conversion of its limited partnership interests in certain subsidiaries of Ares into Ares common units. See Note 3(g) of this Form 10-Q for additional information.

(c) Special Dividend

In February 2018, the Alleghany Board of Directors declared a special dividend of $10 per share for stockholders of record on March 5, 2018. On March 15, 2018, Alleghany paid dividends to stockholders totaling $154.0 million.