Stockholders' Equity

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

The Company’s Board of Directors (the “Board”) has the authority to issue 90.0 million shares of common stock at a par value of $1 per share. The holders of common stock (i) may receive dividends subject to all of the rights of the holders of preference stock, (ii) shall be entitled to share ratably upon any liquidation of the Company in the assets of the Company, if any, remaining after payment in full to the holders of preference stock and (iii) receive one vote for each common share held and shall vote together share for share with the holders of voting shares of preference stock as one class for the election of directors and for all other purposes. The Company had 66.1 million and 65.4 million common shares issued as of December 31, 2017 and 2016, respectively. Of those amounts, 60.0 million and 59.6 million common shares were outstanding as of December 31, 2017 and 2016, respectively.

The Board is also authorized to provide for the issuance of 0.8 million shares of preference stock at a par value of $1 per share. The authority of the Board includes, but is not limited to, the determination of the dividend rate, voting rights, conversion and redemption features and liquidation preferences. The Company has not designated or issued any preference stock as of December 31, 2017.

Dividends

The Company declared and paid dividends totaling $16.8 million, $16.9 million and $15.6 million during 2017, 2016 and 2015, respectively.

On February 19, 2018, the Board declared a quarterly cash dividend of $0.07 per common share payable on March 19, 2018 to holders of record at the close of business on March 5, 2018.

Stock Repurchase Program

In April 2014, the Board authorized a stock repurchase program (the “April 2014 program”) of up to $15.0 million of the Company’s common stock. The April 2014 program was intended primarily to facilitate a reduction in the investment in Company stock within the Company’s U.S. defined benefit pension plan portfolio and to reduce dilution resulting from issuances of stock under the Company’s employee equity incentive programs.

In November 2014, the Board authorized an additional stock repurchase program (the “November 2014 program”) of up to $75.0 million of the Company’s common stock. The November 2014 program is intended primarily to facilitate opportunistic purchases of Company stock as a means to provide cash returns to stockholders, enhance stockholder returns and manage the Company’s capital structure.

During the year ended December 31, 2015, the Company repurchased 724,792 shares for a total of $10.6 million under the authorized stock repurchase programs. During the second quarter of 2015, cumulative stock repurchases under the April 2014 program reached the maximum authorized level of $15.0 million. No additional stock repurchases will be made under that program.

During the year ended December 31, 2016, the Company repurchased 2,961,007 shares for a total of $37.8 million under the November 2014 program. No shares were repurchased during the year ended December 31, 2017.

Under its stock repurchase programs, the Company is authorized to repurchase, from time to time, shares of its outstanding common stock in the open market or through privately negotiated transactions. Stock repurchases by the Company are subject to market conditions and other factors and may be commenced, suspended or discontinued at any time.

Accumulated Other Comprehensive Loss

The following tables summarize the changes in each component of Accumulated other comprehensive loss, net of tax:

(in millions) (a)	Actuarial Losses (b)			Foreign Currency Translation			Unrealized Gain on Derivatives		Total
Balance at January 1, 2017	$	(79.0	)	$	(13.0	)	$	—	$	(92.0	)
Other comprehensive (loss) income before reclassifications	(2.2		)	10.5			0.8		9.1
Amounts reclassified from accumulated other comprehensive loss	5.8			—			0.2		6.0
Net current-period other comprehensive income	3.6			10.5			1.0		15.1
Balance at December 31, 2017	$	(75.4	)	$	(2.5	)	$	1.0	$	(76.9	)

(in millions) (a)	Actuarial Losses (c)			Foreign Currency Translation (d)			Unrealized Gain on Derivatives			Total
Balance at January 1, 2016	$	(75.6	)	$	(13.3	)	$	0.1		$	(88.8	)
Other comprehensive loss before reclassifications	(7.8		)	(7.1		)	—			(14.9		)
Amounts reclassified from accumulated other comprehensive loss	4.4			7.4			(0.1		)	11.7
Net current-period other comprehensive (loss) income	(3.4		)	0.3			(0.1		)	(3.2		)
Balance at December 31, 2016	$	(79.0	)	$	(13.0	)	$	—		$	(92.0	)

(a) Amounts in parenthesis indicate losses.

(b) During the year ended December 31, 2017, the Company reclassified $6.1 million of actuarial losses from Accumulated other comprehensive loss to Pension settlement charges on the Consolidated Statements of Operations.

(c) In connection with the sale of Bronto, the Company recognized an actuarial loss of $0.4 million attributable to Bronto’s defined benefit plan. The loss was included in Gain (loss) from discontinued operations and disposal for the year ended December 31, 2016.

(d) The Company recognized a foreign currency translation loss of $7.4 million in the year ended December 31, 2016, in connection with the sale of Bronto. The recognition of the translation loss, which represented the cumulative translation effects attributable to the Fire Rescue Group, was included in Gain (loss) from discontinued operations and disposal for the year ended December 31, 2016.

The following table summarizes the amounts reclassified from Accumulated other comprehensive loss, net of tax, and the affected line item in the Consolidated Statements of Operations:

Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss						Affected Line Item in Consolidated Statements of Operations (a)
	2017			2016
	(in millions) (b)
Amortization of actuarial losses of defined benefit pension plans	$	(3.1	)	$	(6.2	)	(c)
Recognition of actuarial losses associated with pension settlement	(6.1		)	—			Pension settlement charges
Interest expense on interest rate swap	(0.3		)	—			Interest expense
Total before tax	(9.5		)	(6.2		)
Income tax benefit	3.5			2.2			Income tax expense
Total reclassifications for the period, net of tax	$	(6.0	)	$	(4.0	)

(a) Continuing operations only.

(b) Amount in parenthesis indicate debits to profit/loss.

(c) The actuarial loss components of Accumulated other comprehensive loss are included in the computation of net periodic pension cost for the period, as disclosed in Note 9 – Pensions.