Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

The following table summarizes activity within certain components of stockholders’ equity during the three months ended March 31, 2016:

(In millions)	Common Stock  Held in Treasury  and Employee Benefit Trust			Capital in Excess of Par Value of Common Stock			Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2015	$	(1,614.8	)	$	759.0		$	(872.7	)
Other comprehensive income (loss)	—			—			83.8
Excess tax benefits on stock-based payment arrangements	—			(5.6		)	—
Taxes withheld on issuance of stock-based awards	—			(7.7		)	—
Purchases of treasury stock	(30.5		)	2.2			—
Reissuances of treasury stock	15.4			(15.4		)	—
Net purchases of common stock for employee benefit trust	—			(0.2		)	—
Stock-based compensation (Note 14)	—			18.3			—
Other	—			(0.1		)	—
Balance as of March 31, 2016	$	(1,629.9	)	$	750.5		$	(788.9	)

There were no cash dividends declared during the three months ended March 31, 2016 and 2015.

The following is a summary of our treasury stock activity for the three months ended March 31, 2016 and 2015:

(Number of shares in thousands)	Treasury Stock
Balance as of December 31, 2014	54,626
Stock awards	(322	)
Treasury stock purchases	776
Balance as of March 31, 2015	55,080
Balance as of December 31, 2015	59,356
Stock awards	(487	)
Treasury stock purchases	1,108
Balance as of March 31, 2016	59,977

We repurchased $28.3 million and $30.8 million of common stock during the three months ended March 31, 2016 and March 31, 2015, respectively, under our authorized share repurchase program. As of March 31, 2016, our Board of Directors had authorized 90.0 million shares of common stock under our share repurchase program, and approximately 16.7 million shares of common stock remained available for purchase, which may be executed from time to time in the open market. We intend to hold repurchased shares in treasury for general corporate purposes, including issuances under our stock-based compensation plan. Treasury shares are accounted for using the cost method.

Accumulated other comprehensive loss consisted of the following:

(In millions)	Foreign Currency Translation			Hedging			Defined Pension and Other Post-retirement Benefits			Accumulated Other Comprehensive Loss
December 31, 2015	$	(494.2	)	$	(87.1	)	$	(291.4	)	$	(872.7	)
Other comprehensive income (loss) before reclassifications, net of tax	33.1			23.7			—			56.8
Reclassification adjustment for net losses (gains) included in net income, net of tax	—			22.6			4.4			27.0
Other comprehensive income (loss), net of tax	33.1			46.3			4.4			83.8
March 31, 2016	$	(461.1	)	$	(40.8	)	$	(287.0	)	$	(788.9	)

Reclassifications out of accumulated other comprehensive loss consisted of the following:

	Three Months Ended
(In millions)	March 31, 2016			March 31, 2015
Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified out of Accumulated Other Comprehensive Loss						Affected Line Item in the Condensed Consolidated Statement of Income
Gains (losses) on hedging instruments
Foreign exchange contracts:	$	(37.9	)	$	(26.4	)	Revenue
	8.9			11.5			Cost of sales
	(0.1		)	(0.5		)	Selling, general and administrative expense
	(29.1		)	(15.4		)	Income before income taxes
	6.5			2.4			Provision for income taxes
	$	(22.6	)	$	(13.0	)	Net income
Defined pension and other post-retirement benefits
Amortization of actuarial gain (loss)	$	(6.2	)	$	(7.8	)	(a)
Settlement cost	(0.2		)	—			(a)
	(6.4		)	(7.8		)	Income before income taxes
	2.0			2.5			Provision for income taxes
	$	(4.4	)	$	(5.3	)	Net income

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(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 13 for additional details).