11. Stockholders’ Equity

The following is a roll forward of retained earnings for the six months ended June 30, 2018:

($ in millions)	Retained Earnings
Balance at December 31, 2017	$	256.7
Net loss		(0.3	)
Balance at June 30, 2018	$	256.4

Authorized capital consists of 75 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock. None of the preferred shares have been issued.

Currently, the Company has authorization to purchase up to 0.6 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 agreements. Further, the Company has not purchased any shares of its common stock under this authorization since 2006.

A reconciliation for the changes in accumulated other comprehensive loss, net of tax, by component for the six months ended June 30, 2018 and 2017 is as follows:

($ in millions)	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2017	$	0.1		$	(45.1	)	$	(52.4	)	$	(97.4	)
Other comprehensive income before reclassifications		—			0.1			11.4			11.5
Amounts reclassified from accumulated other comprehensive loss		—			0.6			—			0.6
Net other comprehensive income		—			0.7			11.4			12.1
Balance at March 31, 2018		0.1			(44.4	)		(41.0	)		(85.3	)
Other comprehensive loss before reclassifications		(3.6	)		(0.1	)		(26.8	)		(30.5	)
Amounts reclassified from accumulated other comprehensive loss		0.3			0.8			—			1.1
Net other comprehensive income (loss)		(3.3	)		0.7			(26.8	)		(29.4	)
Balance at June 30, 2018		(3.2	)		(43.7	)		(67.8	)		(114.7	)

($ 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	)

The following is a reconciliation of the reclassifications out of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2018:

	Three Months Ended June 30, 2018			Six Months Ended June 30, 2018
($ 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	)	$	(0.3	)		Cost of sales
		(0.3	)		(0.3	)		Total before tax
		—			—			Tax expense
	$	(0.3	)	$	(0.3	)		Net of tax
Amortization of pension and postretirement items
Actuarial losses	$	(1.4	)	$	(2.8	)	(a)	Other income (expense) - net
Prior service cost		0.7			1.4		(a)	Other income (expense) - net
		(0.7	)		(1.4	)		Total before tax
		(0.1	)		—			Tax benefit
	$	(0.8	)	$	(1.4	)		Net of tax

Total reclassifications for the period	$	(1.1	)	$	(1.7	)		Net of tax

(a)	These accumulated other comprehensive income (loss) components are components of net periodic pension cost (see Note 17, “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 six months ended June 30, 2017:

	Three Months Ended June 30, 2017			Six Months Ended June 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
Foreign exchange contracts	$	(0.1	)	$	(0.3	)		Cost of sales
		(0.1	)		(0.3	)		Total before tax
		—			—			Tax expense
	$	(0.1	)	$	(0.3	)		Net of tax
Amortization of pension and postretirement items
Actuarial losses	$	(1.3	)	$	(2.6	)	(a)	Other income (expense) - net
Prior service cost	$	0.4		$	0.7		(a)	Other income (expense) - net
		(0.9	)		(1.9	)		Total before tax
		0.4			0.8			Tax expense
	$	(0.5	)	$	(1.1	)		Net of Tax

Total reclassifications for the period	$	(0.6	)	$	(1.4	)		Net of Tax

(a)	These accumulated other comprehensive income (loss) components are components of net periodic pension cost (see Note 17, “Employee Benefit Plans,” for further details).