EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

Description of Capital Stock

The Company is authorized to issue 1,000,000,000 shares of common stock, par value $0.01 per share, and 100,000,000 shares of preferred stock, par value $0.01 per share. In accordance with the Company's amended and restated certificate of incorporation, each share of common stock has one vote, and the common stock votes together as a single class.

Public Stock Offering

On September 29, 2017, the Company completed a public offering of its common stock (the "Equity Offering"), pursuant to which, the Company sold 7.4 million shares, including shares sold pursuant to an exercise of the underwriters' over-allotment option, at a price of $39.10 per share, before underwriting discounts and commissions. Net of these discounts and commissions and other offering expenses, the Company obtained total proceeds from the Equity Offering, including the over-allotment exercise, of $277.8 million. This amount is included in cash and cash equivalents within the consolidated balance sheet as of September 30, 2017. See also Note 2 concerning the use of these proceeds after the close of the first fiscal quarter.

Stock Repurchase Program

On October 29, 2015, the Company’s Board of Directors authorized a share repurchase program to use up to $100.0 million to repurchase shares of its outstanding common stock. Under the program, the Company is authorized to repurchase shares through open market purchases, privately negotiated transactions, or otherwise as permitted by applicable federal securities laws. There has been no purchase pursuant to this program as of September 30, 2017.

Accumulated Other Comprehensive Income/(Loss)

The components of the changes in the cumulative translation adjustment, minimum pension liability and available for sale investment for the three months ended September 30, 2017 and September 30, 2016 are presented below.



	Three Months Ended September 30,
(Dollars in millions)	2017			2016
Foreign currency translation adjustments:
Net investment hedge	$	(17.6	)	$	(3.5	)
Long-term intercompany loans	13.5			(7.7		)
Translation adjustments	36.1			10.6
Total foreign currency translation adjustment, pretax	32.0			(0.6		)
Tax expense/(benefit)	(6.1		)	(1.2		)
Total foreign currency translation adjustment, net of tax	$	38.1		$	0.6

Net change in minimum pension liability
Net gain/(loss) recognized during the period	0.6			1.1
Total pension, pretax	0.6			1.1
Tax expense/(benefit)	0.2			0.3
Net change in minimum pension liability, net of tax	$	0.4		$	0.8

Net change in available for sale investment:
Net gain/(loss) recognized during the period	(5.2		)	—
Total available for sale investment, pretax	(5.2		)	—
Tax expense/(benefit)	(1.8		)	—
Net change in available for sale investment, net of tax	$	(3.4	)	$	—

For the three months ended September 30, 2017, the changes in accumulated other comprehensive income, net of tax by component are as follows:



(Dollars in millions)	Foreign Exchange Translation Adjustments			Pension and Liability Adjustments			Available for Sale investment Adjustments			Total
Balance at June 30, 2017	$	(280.7	)	$	(43.9	)	$	10.5		$	(314.1	)
Other comprehensive income/(loss) before reclassifications	38.1			—			(3.4		)	34.7
Amounts reclassified from accumulated other comprehensive income	—			0.4			—			0.4
Net current period other comprehensive income (loss)	38.1			0.4			(3.4		)	35.1
Balance at September 30, 2017	$	(242.6	)	$	(43.5	)	$	7.1		$	(279.0	)