Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2017

The following is a roll forward of retained earnings for the nine months ended September 30, 2017 and 2016:

($ in millions)	Retained Earnings
Balance at December 31, 2016	$	247.3
Net loss		(25.9	)
Balance at September 30, 2017	$	221.4

($ in millions)	Retained Earnings
Balance at December 31, 2015	$	562.3
Net loss		(342.4	)
Distribution of MFS		51.2
Balance at September 30, 2016	$	271.1

Reconciliation of accumulated other comprehensive loss

A reconciliation for the changes in accumulated other comprehensive loss, net of tax, by component for the nine months ended September 30, 2017 and September 30, 2016 is as follows:

($ in millions)	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2016	$	(0.3	)	$	(51.8	)	$	(110.8	)	$	(162.9	)
Other comprehensive income before reclassifications		0.3			—			10.1			10.4
Amounts reclassified from accumulated other comprehensive loss		0.2			0.6			—			0.8
Net other comprehensive income		0.5			0.6			10.1			11.2
Balance at March 31, 2017		0.2			(51.2	)		(100.7	)		(151.7	)
Other comprehensive income before reclassifications		—			—			23.1			23.1
Amounts reclassified from accumulated other comprehensive loss		0.1			0.5			—			0.6
Net other comprehensive income		0.1			0.5			23.1			23.7
Balance at June 30, 2017		0.3			(50.7	)		(77.6	)		(128.0	)
Other comprehensive income before reclassifications		—			8.0			14.2			22.2
Amounts reclassified from accumulated other comprehensive loss		—			(2.3	)		—			(2.3	)
Net other comprehensive income		—			5.7			14.2			19.9
Balance at September 30, 2017	$	0.3		$	(45.0	)	$	(63.4	)	$	(108.1	)

($ in millions)	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2015	$	(3.8	)	$	(82.6	)	$	(121.4	)	$	(207.8	)
Other comprehensive income (loss) before reclassifications		(2.7	)		—			20.3			17.6
Amounts reclassified from accumulated other comprehensive loss		4.3			1.2			—			5.5
Net other comprehensive income		1.6			1.2			20.3			23.1
Distribution of MFS		2.1			44.5			31.0			77.6
Balance at March 31, 2016		(0.1	)		(36.9	)		(70.1	)		(107.1	)
Other comprehensive loss before reclassifications		—			—			(17.4	)		(17.4	)
Amounts reclassified from accumulated other comprehensive loss		(0.1	)		1.2			—			1.1
Net other comprehensive income (loss)		(0.1	)		1.2			(17.4	)		(16.3	)
Balance at June 30, 2016		(0.2	)		(35.7	)		(87.5	)		(123.4	)
Other comprehensive income before reclassifications		—			—			5.7			5.7
Amounts reclassified from accumulated other comprehensive loss		0.2			1.1			—			1.3
Net other comprehensive income		0.2			1.1			5.7			7.0
Balance at September 30, 2016	$	—		$	(34.6	)	$	(81.8	)	$	(116.4	)

Reclassification out of accumulated other comprehensive income

The following is a reconciliation of the reclassifications out of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2017:

	Three Months Ended September 30, 2017			Nine Months Ended September 30, 2017
($ in millions)	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)			Amount Reclassified from Accumulated Other Comprehensive Income (Loss)				Recognized Location
Gains and losses on cash flow hedges
Commodity contracts	$	—		$	(0.3	)		Cost of sales
		—			(0.3	)		Total before tax
		—			—			Tax expense
	$	—		$	(0.3	)		Net of tax
Amortization of pension and postretirement items
Actuarial losses	$	(1.3	)	$	(3.9	)	(a)
Prior service cost		0.3			1.0
		(1.0	)		(2.9	)		Total before tax
		3.3			4.1			Tax expense
	$	2.3		$	1.2			Net of tax

Total reclassifications for the period	$	2.3		$	0.9			Net of tax

(a)	These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 16, “Employee Benefit Plans,” for further details).

The following is a reconciliation of the reclassifications out of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2016:

	Three Months Ended September 30, 2016			Nine Months Ended September 30, 2016
($ in millions)	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)			Amount Reclassified from Accumulated Other Comprehensive Income (Loss)				Recognized Location
Gains and losses on cash flow hedges
Commodity contracts	$	(0.2	)	$	(1.2	)		Cost of sales
Interest rate swap contracts: Float-to-fixed		—			(4.3	)		Interest Expense
		(0.2	)		(5.5	)		Total before tax
		—			1.1			Tax expense
	$	(0.2	)	$	(4.4	)		Net of tax
Amortization of pension and postretirement items
Actuarial losses	$	(1.1	)	$	(3.5	)	(a)
		(1.1	)		(3.5	)		Total before tax
		—			—			Tax expense
	$	(1.1	)	$	(3.5	)		Net of Tax

Total reclassifications for the period	$	(1.3	)	$	(7.9	)		Net of Tax

(a)	These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 16, “Employee Benefit Plans,” for further details).