Equity

Accelerated Share Repurchase Program

In May 2018, the Company entered into accelerated share repurchase agreements (“ASRs”) with Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC (collectively, the “Dealers”) to repurchase in total $725.0 of the Company’s class A common stock. Under the ASRs, the Company delivered a total of $725.0 in cash to the Dealers and received a total of 7.3 million shares which represented approximately 85% of the total common shares expected to be repurchased under the ASRs based on the closing price on the day the Company entered into the ASRs. The final number of shares to be repurchased and the final average price per share under the ASRs will depend on the volume-weighted average price of the Company’s class A common stock, less a discount, during the term of the agreement. All purchases under the ASRs are expected to be completed in the fourth quarter of 2018.

For further information regarding the ASRs, refer to the Company's Current Report on Form 8-K filed with the SEC on May 30, 2018.

The Company accounts for the ASRs as two separate transactions: (i) as shares of reacquired common stock for the shares delivered to us upon effectiveness of the ASRs and (ii) as a forward contract indexed to the Company's own common stock for the undelivered shares. The initial delivery of shares is included in treasury stock at cost and results in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share. The forward contracts indexed to the Company's own common stock meet the criteria for equity classification, and these amounts are initially recorded in additional paid-in capital and reclassified to treasury stock upon completion of the ASRs.

Earnings per Share Calculation

Basic net income per share is computed using the weighted-average number of outstanding shares of common stock during the measurement period. Diluted net income per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential outstanding shares of common stock during the measurement period.

The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. As of September 27, 2018, no treasury shares have been reissued or retired.

The following table sets forth the computation of basic and diluted earnings per share:



	For the Three Months Ended
	September 27, 2018					September 28, 2017
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic EPS
Income available to common stockholders	$	168.7	105.1	$	1.61	$	147.1	115.8	$	1.27
Income allocated to participating securities	0.1		0.1			0.1		0.1
Net income	$	168.8				$	147.2

Diluted potential common shares			0.9					1.1
Diluted EPS
Net income	$	168.8	106.1	$	1.59	$	147.2	117.0	$	1.26



	For the Nine Months Ended
	September 27, 2018					September 28, 2017
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic EPS
Income available to common shareholders	$	439.1	109.3	$	4.02	$	231.9	117.8	$	1.97
Income allocated to participating securities	0.3		0.1			0.2		0.1
Net income	$	439.4				$	232.1

Diluted potential common shares			0.9					1.1
Diluted EPS
Net income	$	439.4	110.3	$	3.98	$	232.1	119.0	$	1.95

Included in the outstanding common shares were 1.4 million and 1.5 million of issued but unvested shares at September 27, 2018 and September 28, 2017, respectively, which are excluded from the basic EPS calculation.

For the impact of the transition adjustment due to the adoption ASC 606 on retained earnings, see Note 2, Adoption of New Accounting Standards.

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss is summarized by component as follows:



	As of			As of
	September 27, 2018			December 31, 2017
Pension	$	(76.0	)	$	(75.9	)
SERP/Retiree medical	16.0			17.7
Foreign currency impact on long term intercompany loan	(15.5		)	(14.2		)
Currency translation adjustment	(69.5		)	(56.1		)
Total accumulated other comprehensive loss	$	(145.0	)	$	(128.5	)