Stockholders' Equity

Common Stock

The Company has authorized 100 million shares of Common Stock. Holders of the Company's Common Stock are entitled to one vote per share.

In May 2017, the Company's Board of Directors authorized a program that would allow the Company to repurchase up to $25 million of its outstanding Common Stock over the next 12 months (the "2017 Stock Purchase Plan"). Purchases by the Company under the 2017 Stock Purchase Plan would be made from time to time in the open market or in privately negotiated transactions in accordance with the requirements of applicable law. The timing and amount of any purchases will depend on share price, market conditions and other factors. The 2017 Stock Purchase Plan does not require the Company to purchase any specific number of shares and may be suspended or discontinued at any time. The 2017 Stock Purchase Plan is expected to be funded using cash on hand or borrowings under the Company's bank credit facility. The Company also had $25 million repurchase programs in place during the preceding two years that expired in May 2017 (the “2016 Stock Purchase Plan”) and May 2016 (the “2015 Stock Purchase Plan”), respectively.

The following table shows shares purchased under the respective stock purchase plans:



	Year Ended December 31,
	2017			2016			2015
	Shares	$		Shares	$		Shares	$
2017 Stock Purchase Plan	—	$	—
2016 Stock Purchase Plan	85,354	$	6.8	91,542	$	7.4
2015 Stock Purchase Plan				93,600	$	5.2	42,100	$	2.4
2014 Stock Purchase Plan							60,900	$	3.5

As of December 31, 2017, under the terms of the Third Amended and Restated Credit Agreement and the 2021 Senior Notes, the Company has limitations on its ability to repurchase shares of its Common Stock, as further discussed in Note 7, "Debt."

For the years ended December 31, 2017, 2016 and 2015, the Company acquired 28,000 shares, 46,000 shares and 40,000 shares of Common Stock, respectively, at a cost of $2.5 million, $3.8 million and $2.5 million, respectively, for shares surrendered by employees to pay taxes due on vested restricted stock awards and SARs exercised.

Each share of Common Stock contains a preferred stock purchase right that is associated with the share. These preferred stock purchase rights are transferred only with shares of Common Stock. The preferred stock purchase rights become exercisable and separately certificated only upon a "Rights Distribution Date" as that term is defined in the stockholder rights agreement adopted by the Company at the time of the Spin-Off. In general, a Rights Distribution Date occurs 10 business days following either of these events: (i) a person or group has acquired or obtained the right to acquire beneficial ownership of 15 percent or more of the outstanding shares of the Company's Common Stock then outstanding or (ii) a tender offer or exchange offer is commenced that would result in a person or group acquiring 15 percent or more of the outstanding shares of Common Stock then outstanding.

Preferred Stock

The Company has authorized 20 million shares of $0.01 par value preferred stock. The preferred stock may be issued in one or more series and with such designations and preferences for each series as shall be stated in the resolutions providing for the designation and issue of each such series adopted by the Board of Directors of the Company. The Board of Directors is authorized by the Company's articles of incorporation to determine the voting, dividend, redemption and liquidation preferences pertaining to each such series. No shares of preferred stock have been issued by the Company.

Other Comprehensive Income (Loss)

Comprehensive income (loss) includes, in addition to net income (loss), gains and losses recorded directly into stockholders' equity on the consolidated balance sheet. These gains and losses are referred to as other comprehensive income items. Accumulated other comprehensive income (loss) consists of foreign currency translation gains and (losses), deferred gains and (losses) on "available-for-sale" securities, and adjustments related to pensions and other post-retirement benefits. The Company does not provide income taxes for foreign currency translation adjustments related to indefinite investments in foreign subsidiaries.

The components of accumulated other comprehensive income (loss), net of applicable income taxes are as follows:



	December 31,
	2017			2016
Unrealized foreign currency translation losses, net of income tax benefit of $0.4 and $0.4, respectively	$	(7.5	)	$	(27.5	)
Unrealized loss on "available-for-sale" securities, net of income tax benefit of $0.1 million	(0.3		)	—
Net loss from pension and other postretirement benefit liabilities, net of income tax benefits of $28.8 million and $36.8 million, respectively (a)	(86.3		)	(64.5		)
Accumulated other comprehensive loss	$	(94.1	)	$	(92.0	)

_________________

(a) In conjunction with the Tax Act, The Company early adopted ASU 2018-02 in the fourth quarter of 2017 and accordingly reclassified $10.9 million related to stranded tax effects resulting from the Tax Act from AOCI to retained earnings. The Company’s policy is to release stranded tax effects for “available-for-sale” securities using the portfolio approach.

The following table presents changes in comprehensive income:



	Year Ended December 31,
	2017								2016								2015
	Pretax Amount			Tax Effect		Net Amount			Pretax Amount			Tax Effect		Net Amount			Pretax Amount			Tax Effect			Net Amount
Unrealized foreign currency translation gains (losses)	$	20.0		$	—	$	20.0		$	(7.1	)	$	0.4	$	(6.7	)	$	(15.0	)	$	—		$	(15.0	)
Unrealized loss on "available-for-sale" securities	(0.4		)	0.1		(0.3		)	—			—		—			—			—			—
Adjustment to pension and other benefit liabilities	(13.8		)	2.9		(10.9		)	(10.0		)	3.0		(7.0		)	6.3			(1.2		)	5.1
Other comprehensive income (loss)	$	5.8		$	3.0	$	8.8		$	(17.1	)	$	3.4	$	(13.7	)	$	(8.7	)	$	(1.2	)	$	(9.9	)

For the years ended December 31, 2017, 2016 and 2015, the Company reclassified $5.9 million, $7.2 million and $7.1 million, respectively, of costs from accumulated other comprehensive income to cost of products sold and selling, general and administrative expenses on the Consolidated Statements of Operations. For the years ended December 31, 2017, 2016 and 2015, the Company recognized an income tax benefit of $2.3 million, $2.8 million and $2.7 million, respectively, related to such reclassifications classified as Provision for income taxes on the Consolidated Statements of Operations.

For the year ended December 31, 2017 and 2016, the Company reclassified $0.6 million and $0.8 million, respectively, of costs from accumulated other comprehensive income to pension plan settlement charge on the Consolidated Statements of Operations. For the year ended December 31, 2015, the Company reclassified $5.5 million of costs from accumulated other comprehensive income to loss from discontinued operations on the Consolidated Statements of Operations. For both of the years ended December 31, 2017 and 2016, the Company recognized an income tax benefit of $0.2 million related to such reclassifications classified as Provision for income taxes on the Consolidated Statements of Operations. For the year ended December 31, 2015, the Company recognized an income tax benefit of $2.1 million, related to reclassifications classified as Loss from discontinued operations, net of income taxes on the Consolidated Statements of Operations.