14. Equity

Authorized capitalization consists of 75 million shares of $0.01 par value common stock and 3,500,000 shares of $0.01 par value preferred stock. None of the preferred shares have been issued.

The amount and timing of any dividends are determined by the Board of Directors at its regular meetings each year, subject to limitations within the indenture governing the Company’s 2021 Notes and the Company’s ABL Revolving Credit Facility. No cash dividends were declared or paid in the years ended December 31, 2017 and 2016. In the year ended December 31, 2015, the Company paid an annual dividend of $0.08 per share in the fourth quarter.

Currently, the Company has authorization to purchase up to .6 million shares of common stock at management’s discretion; however, the Company has certain restrictions from repurchasing shares of its capital stock or other equity interests under various covenants of its debt agreement. Further, the Company has not purchased any shares of its common stock under this authorization since 2006.

The components of accumulated other comprehensive income (loss) as of December 31, 2017 and 2016 are as follows:

(in millions)	2017			2016
Foreign currency translation	$	(52.4	)	$	(110.8	)
Derivative instrument fair market value, net of income taxes of $(0.3) and $(0.3)		0.1			(0.3	)
Employee pension and postretirement benefit adjustments, net of income taxes of $(14.9) and $(19.0)		(45.1	)		(51.8	)
	$	(97.4	)	$	(162.9	)

A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the year ended December 31, 2016 and December 31, 2017 is as follows:

(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 loss before reclassifications		(2.9	)		(8.6	)		(20.4	)		(31.9	)
Amounts reclassified from accumulated other comprehensive loss		4.3			4.5			—			8.8
Net current period other comprehensive income (loss)		1.4			(4.1	)		(20.4	)		(23.1	)
Distribution of MFS		2.1			34.9			31.0			68.0
Balance at December 31, 2016		(0.3	)		(51.8	)		(110.8	)		(162.9	)
Other comprehensive income (loss) before reclassifications		(0.3	)		7.0			58.4			65.1
Amounts reclassified from accumulated other comprehensive income (loss)		0.7			(0.3	)		—			0.4
Net current period other comprehensive income		0.4			6.7			58.4			65.5
Balance at December 31, 2017	$	0.1		$	(45.1	)	$	(52.4	)	$	(97.4	)

A reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax, for the year ended December 31, 2017 is as follows:

(in millions)	Amount Reclassified from Accumulated Other Comprehensive Income				Recognized Location
Gains and losses on cash flow hedges
Foreign exchange contracts	$	(0.7	)		Cost of sales
		(0.7	)		Total before tax
		—			Tax expense
	$	(0.7	)		Net of tax
Amortization of pension and postretirement items
Actuarial losses	$	(5.2	)	(a)
Amortization of prior service cost		1.3		(a)
		(3.9	)		Total before tax
		4.2			Tax expense
	$	0.3			Net of Tax

Total reclassifications for the period	$	(0.4	)		Net of Tax

(a)	These other comprehensive income components are included in the computation of net periodic pension cost (see Note 20, “Employee Benefit Plans,” for further details).

A reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax, for the year ended December 31, 2016 is as follows:

(in millions)	Amount Reclassified from Accumulated Other Comprehensive Income				Recognized Location
Gains and losses on cash flow hedges
Foreign exchange contracts	$	(0.9	)		Cost of sales
Commodity contracts		(0.2	)		Cost of sales
Interest rate swap contracts: Float-to-fixed		(4.3	)		Interest expense
		(5.4	)		Total before tax
		1.1			Tax benefit
	$	(4.3	)		Net of tax
Amortization of pension and postretirement items
Actuarial losses	$	(4.6	)	(a)
Amortization of prior service cost		(0.1	)	(a)
		(4.7	)		Total before tax
		0.2			Tax benefit
	$	(4.5	)		Net of Tax

Total reclassifications for the period	$	(8.8	)		Net of Tax

(a)	These other comprehensive income components are included in the computation of net periodic pension cost (see Note 20, “Employee Benefit Plans,” for further details).

A reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax, for the year ended December 31, 2015 is as follows:

(in millions)	Amount Reclassified from Accumulated Other Comprehensive Income				Recognized Location
Gains and losses on cash flow hedges
Foreign exchange contracts	$	(11.7	)		Cost of sales
Commodity contracts		(4.0	)		Cost of sales
Interest rate swap contracts: Float-to-fixed		(2.6	)		Interest expense
		(18.3	)		Total before tax
		6.8			Tax expense
	$	(11.5	)		Net of tax
Amortization of pension and postretirement items
Actuarial losses	$	(7.5	)	(a)
Amortization of prior service cost		(0.1	)	(a)
		(7.6	)		Total before tax
		2.1			Tax benefit
	$	(5.5	)		Net of Tax

Total reclassifications for the period	$	(17.0	)		Net of Tax

(a)	These other comprehensive income components are included in the computation of net periodic pension cost (see Note 20, “Employee Benefit Plans,” for further details).