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EQUITY
 6 Months Ended
Jun. 30, 2015
Equity [Abstract]  
EQUITY
                              EQUITY
 
Changes in common shares and treasury stock were as follows: 
(In millions)
 
Common Shares
Issued
 
Treasury Stock
 
Cost of Treasury
Stock
Balance as of January 1, 2015
 
207.2

 
4.9

 
$
362.6

Stock-based compensation
 
0.5

 
—

 
—

Balance as of June 30, 2015
 
207.7

 
4.9

 
$
362.6

 
 
 
 
 
 
 
Balance as of January 1, 2014
 
206.8

 
4.8

 
$
351.9

Stock-based compensation
 
0.7

 
0.1

 
7.8

Treasury stock purchases
 
—

 
0.4

 
29.0

Balance as of June 30, 2014
 
207.5

 
5.3

 
$
388.7


 
The Company may use either authorized and unissued shares or treasury shares to meet share requirements resulting from the exercise of stock options and vesting of performance share awards and restricted stock units. Treasury stock is recognized at the cost to reacquire the shares. Shares issued from treasury are recognized using the first-in first-out method.
 
On September 10, 2013, MJN’s board of directors approved a share repurchase authorization of up to $500.0 million of the Company’s common stock. As of June 30, 2015, the Company had $437.4 million available under this authorization.


























Changes in accumulated other comprehensive loss by component were as follows:
(In millions)
 
Foreign Currency Translation Adjustments
 
Deferred Gains/(Losses) on Derivatives Qualifying as Hedges
 
Pension and Other Post-employment Benefits
 
Total
 
Noncontrolling Interest
 
Redeemable Noncontrolling Interest
 
Balance as of January 1, 2015
 
$
(180.4
)
 
$
(17.8
)
 
$
(0.7
)
 
$
(198.9
)
 
$
1.9

 
$
(21.6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Deferred Gains/(Losses)
 
(48.4
)
 
9.3

 
 
 
(39.1
)
 
0.1

(1
)
(1.3
)
(1
)
  Reclassification Adjustment for (Gains)/Losses Included in Net Earnings
 
 
 
(7.8
)
 
 
 
(7.8
)
 
 
 
 
 
  Tax Benefit/(Expense)
 
0.1

 
1.1

 
 
 
1.2

 
 
 
 
 
Acquisition of Noncontrolling Interest
 
(11.5
)
 
 
 
 
 
(11.5
)
 
(11.4
)
 
22.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2015
 
$
(240.2
)
 
$
(15.2
)
 
$
(0.7
)
 
$
(256.1
)
 
$
(9.4
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of January 1, 2014
 
$
(83.6
)
 
$
15.4

 
$
(1.0
)
 
$
(69.2
)
 
$
1.9

 
$
(14.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Deferred Gains/(Losses)
 
(21.5
)
 
(70.3
)
(2)
 
 
(91.8
)
 
(0.4
)
(1
)
(6.0
)
(1
)
  Reclassification Adjustment for (Gains)/Losses Included in Net Earnings
 
 
 
(3.3
)
 
0.2

 
(3.1
)
 
 
 
 
 
  Tax Benefit/(Expense)
 
2.6

 
26.4

 
 
 
29.0

 
0.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2014
 
$
(102.5
)
 
$
(31.8
)
 
$
(0.8
)
 
$
(135.1
)
 
$
1.6

 
$
(20.4
)
 

(1) Represents foreign currency translation adjustments.
(2) See Note 16. Derivatives and Other Financial Instruments for additional information related to interest rate forward swaps.





Reclassification adjustments out of accumulated other comprehensive loss were as follows:
 
Three Months Ended June 30, 2015
 
Affected Statement of Earnings Lines
 
 
 
 
(In millions)
Cost of Products Sold
 
Tax Benefit/(Expense)
 
Net
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Deferred Gains/(Losses) on Derivatives Qualifying as Hedges:
 
 
 
 
 
 
 
 
 
 
 
  Forward Exchange Contracts
$
6.8

 
$
1.9

 
$
(3.4
)
 
$
(0.6
)
 
$
3.4

 
$
1.3

  Commodity Contracts
(0.6
)
 
 
 
0.2

 
 
 
(0.4
)
 
 
  Interest Rate Forward Swap
(0.3
)
 
 
 
0.2

 
 
 
(0.1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension and Other Post-employment Benefit Plans:
 
 
 
 
 
 
 
 
 
 
 
  Prior Service Benefits
 
 
(0.1
)
 
 
 
 
 


 
(0.1
)
Total Reclassifications
$
5.9

 
$
1.8

 
$
(3.0
)
 
$
(0.6
)
 
$
2.9

 
$
1.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2015
 
Affected Statement of Earnings Lines
 
 
 
 
(In millions)
Cost of Products Sold
 
Tax Benefit/(Expense)
 
Net
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Deferred Gains/(Losses) on Derivatives Qualifying as Hedges:
 
 
 
 
 
 
 
 
 
 
 
  Forward Exchange Contracts
$
9.2

 
$
3.3

 
$
(4.0
)
 
$
(1.0
)
 
$
5.2

 
$
2.3

  Commodity Contracts
(0.7
)
 
 
 
0.3

 
 
 
(0.4
)
 
 
  Interest Rate Forward Swap
(0.7
)
 
 
 
0.3

 
 
 
(0.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension and Other Post-employment Benefit Plans:
 
 
 
 
 
 
 
 
 
 
 
  Prior Service Benefits
 
 
(0.2
)
 
 
 
 
 
 
 
(0.2
)
Total Reclassifications
$
7.8

 
$
3.1

 
$
(3.4
)
 
$
(1.0
)
 
$
4.4

 
$
2.1