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Stockholders' Equity and Equity Instruments (Tables)
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Range of estimates and calculated fair values of options granted in period
The range of estimates and calculated fair values for options granted during the first nine months of 2015 is included in the table below. The weighted-average grant date fair value of these options was $14.78.
 
Range
Fair value of options granted
$ 14.22 - $15.09
Exercise price
$ 91.75 - $93.26
Expected term (years)
4.5-5
Expected volatility
24.7% - 25.0%
Dividend yield
3.1%
Risk-free rate of return
1.3% - 1.6 %
Stock-based compensation activity
The following table summarizes stock-based compensation activity during the nine months ended September 30, 2015.

 
 
Stock Options
 
RSUs
 
PSUs(a)
 
 
Number
 
Weighted-average
exercise price
 
Number
 
Weighted-average
fair value
 
Number
 
Weighted-average
fair value
Outstanding at December 31, 2014
 
278,429

 
$
79.23

 
88,532

 
$
76.58

 
59,627

 
$
88.69

Granted
 
120,956

 
91.76

 
19,492

 
91.76

 
35,584

 
100.49

Exercised (b)
 
(31,104
)
 
72.20

 
—

 
—

 
—

 
—

Released from restriction (b)
 
—

 
—

 
(15,952
)
 
71.69

 
(10,454
)
 
74.49

Cancelled/Expired
 
(9,060
)
 
84.81

 
(2,188
)
 
81.56

 
(6,689
)
 
81.47

Outstanding at September 30, 2015
 
359,221

 
$
83.88

 
89,884

 
$
80.62

 
78,068

 
$
96.59


(a)
Until they vest, PSUs are included in the table at the 100% attainment level at their grant date and at that level represent one share per unit.  The final performance period for the 2012 PSU grant was completed in 2014.  The Company issued 10,454 shares and cancelled 4,443 PSUs due to performance in the first quarter of 2015 related to the 2012 PSU grant.
(b)
Common stock issued for exercised options and RSUs and PSUs released from restriction was issued from treasury stock.
Components of and changes in accumulated other comprehensive income
The components of and changes in accumulated other comprehensive income (loss) (“AOCI”) as of and for the three and nine months ended September 30, 2015 and 2014 are as follows (in millions):
Three Months Ended September 30, 2015 (a)
Gains and
(Losses) on
Cash Flow
Hedges
 
Defined
Benefit
Pension
 
Foreign
Currency
 
Total
Beginning balance
$
(1.5
)
 
$
(8.4
)
 
$
(43.1
)
 
$
(53.0
)
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications (b)
(0.3
)
 
—

 
(37.4
)
 
(37.7
)
Amounts reclassified from accumulated other comprehensive income (loss)
0.3

 
0.2

 
—

 
0.5

Net current period other comprehensive income (loss)
—

 
0.2

 
(37.4
)
 
(37.2
)
 
 
 
 
 
 
 
 
Ending balance
$
(1.5
)
 
$
(8.2
)
 
$
(80.5
)
 
$
(90.2
)

Three Months Ended September 30, 2014 (a)
Gains and
(Losses) on
Cash Flow
Hedges
 
Defined
Benefit
Pension
 
Foreign
Currency
 
Total
Beginning balance
$
0.4

 
$
(8.7
)
 
$
46.9

 
$
38.6

 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications (b)
(0.5
)
 
—

 
(28.4
)
 
(28.9
)
Amounts reclassified from accumulated other comprehensive income (loss)
—

 
0.3

 
—

 
0.3

Net current period other comprehensive income (loss)
(0.5
)
 
0.3

 
(28.4
)
 
(28.6
)
 
 
 
 
 
 
 
 
Ending balance
$
(0.1
)
 
$
(8.4
)
 
$
18.5

 
$
10.0

 
Nine Months Ended September 30, 2015 (a)
Gains and
(Losses) on
Cash Flow
Hedges
 
Defined
Benefit
Pension
 
Foreign
Currency
 
Total
Beginning balance
$
(2.0
)
 
$
(9.0
)
 
$
(4.5
)
 
$
(15.5
)
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications (b)
(0.9
)
 
—

 
(76.0
)
 
(76.9
)
Amounts reclassified from accumulated other comprehensive income (loss)
1.4

 
0.8

 
—

 
2.2

Net current period other comprehensive income (loss)
0.5

 
0.8

 
(76.0
)
 
(74.7
)
 
 
 
 
 
 
 
 
Ending balance
$
(1.5
)
 
$
(8.2
)
 
$
(80.5
)
 
$
(90.2
)

Nine Months Ended September 30, 2014 (a)
Gains and
(Losses) on
Cash Flow
Hedges
 
Defined
Benefit
Pension
 
Foreign
Currency
 
Total
Beginning balance
$
0.3

 
$
(9.3
)
 
$
43.5

 
$
34.5

 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications (b)
0.2

 
—

 
(25.0
)
 
(24.8
)
Amounts reclassified from accumulated other comprehensive income (loss)
(0.6
)
 
0.9

 
—

 
0.3

Net current period other comprehensive income (loss)
(0.4
)
 
0.9

 
(25.0
)
 
(24.5
)
 
 
 
 
 
 
 
 
Ending balance
$
(0.1
)
 
$
(8.4
)
 
$
18.5

 
$
10.0


(a)
With the exception of the cumulative foreign currency translation adjustment, for which no tax effect is recorded, the changes in the components of accumulated other comprehensive gain (loss) presented in the table above are reflected net of applicable income taxes.
(b)
The Company recorded foreign exchange (gains) losses of approximately $13.0 million and $27.6 million in the three months and nine months ended September 30, 2015, respectively, and $10.4 million and $10.8 million in the three and nine months ended September 30, 2014, respectively, in accumulated other comprehensive income (loss) related to intercompany notes which were deemed to be of long-term investment nature.
Reclassifications out of Accumulated Other Comprehensive Income
The amounts reclassified from AOCI to (income) expense for the three and nine months ended September 30, 2015 and 2014 are shown below (in millions):
 
Amount Reclassified from AOCI
 
 
 
Three Months Ended
September 30, 2015
 
Nine Months Ended
September 30, 2015
 
Line Item Impacted in the
Consolidated Statement of Operations
Gains and (losses) on cash flow hedges:
 
 
 
 
 
Natural gas instruments
$
0.5

 
$
2.2

 
Product cost
 
(0.2
)
 
(0.8
)
 
Income tax expense (benefit)
Reclassifications, net of income taxes
0.3

 
1.4

 
 
 
 

 
 
 
 
Amortization of defined benefit pension:
 

 
 
 
 
Amortization of loss
$
0.3

 
$
1.0

 
Product cost
 
(0.1
)
 
(0.2
)
 
Income tax expense (benefit)
Reclassifications, net of income taxes
0.2

 
0.8

 
 
 
 

 
 

 
 
Total reclassifications, net of income taxes
$
0.5

 
$
2.2

 
 

 
Amount Reclassified from AOCI
 
 
 
Three Months Ended
September 30, 2014
 
Nine Months Ended
September 30, 2014
 
Line Item Impacted in the
Consolidated Statement of Operations
Gains and (losses) on cash flow hedges:
 
 
 
 
 
Natural gas instruments
$
(0.1
)
 
$
(1.0
)
 
Product cost
 
0.1

 
0.4

 
Income tax expense (benefit)
Reclassifications, net of income taxes
—

 
(0.6
)
 
 
 
 
 
 
 
 
Amortization of defined benefit pension:
 

 
 

 
 
Amortization of loss
$
0.4

 
$
1.2

 
Product cost
 
(0.1
)
 
(0.3
)
 
Income tax expense (benefit)
Reclassifications, net of income taxes
0.3

 
0.9

 
 
 
 

 
 

 
 
Total reclassifications, net of income taxes
$
0.3

 
$
0.3