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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Share Repurchase Program

Share repurchase activity in 2015 and 2016 follows (in millions, except share and per share amounts).

 

 

Shares

 

 

Weighted

Average Price

Per Share

 

 

Total

 

2015

 

 

2,326,493

 

 

$

66.50

 

 

$

154.7

 

2016

 

 

1,987,187

 

 

 

50.49

 

 

 

100.3

 

 

Components of Changes in Accumulated Other Comprehensive Income (AOCI)

Changes in AOCI, net of taxes, by component follows (dollars in millions). Amounts in parentheses indicate losses.

 

 

 

Foreign

Currency

Translation

Adjustments

 

 

Unrealized

Loss On

Treasury

Locks, Net

 

 

Unrealized

Loss on

Foreign

Exchange

Contracts

 

 

Unfunded

Employee

Benefit

Obligations

 

 

Total

 

Balance at December 31, 2016

 

$

(0.1

)

 

$

(17.7

)

 

$

(0.3

)

 

$

(121.5

)

 

$

(139.6

)

Other comprehensive income before reclassifications

 

 

 

 

 

 

 

 

 

 

 

(28.8

)

 

 

(28.8

)

Amounts reclassified from AOCI

 

 

(0.2

)

 

 

3.5

 

 

 

 

 

 

8.2

 

 

 

11.5

 

Net current-period other comprehensive income

 

 

(0.2

)

 

 

3.5

 

 

 

 

 

 

(20.6

)

 

 

(17.3

)

Balance at December 31, 2017

 

$

(0.3

)

 

$

(14.2

)

 

$

(0.3

)

 

$

(142.1

)

 

$

(156.9

)

 

Reclassifications Out of Accumulated Other Comprehensive Income (AOCI)

The following table presents information about reclassifications out of AOCI (dollars in millions). Amounts in parentheses indicate expenses in the Consolidated Statements of Income.

 

 

 

Amounts Reclassified from AOCI

Year Ended December 31,

 

 

 

Details about AOCI Components

 

2017

 

 

2016

 

 

 

Unrealized loss on treasury locks, net (a)

 

$

(5.7

)

 

$

(5.7

)

 

 

 

 

 

2.2

 

 

 

2.2

 

 

Tax benefit

 

 

$

(3.5

)

 

$

(3.5

)

 

Net of tax

Unfunded employee benefit obligations (b)

 

 

 

 

 

 

 

 

 

 

Amortization of prior service costs

 

$

(5.6

)

 

$

(5.5

)

 

 

Amortization of actuarial gains / (losses)

 

 

(7.5

)

 

 

(5.4

)

 

 

 

 

 

(13.1

)

 

 

(10.9

)

 

Total before tax

 

 

 

4.9

 

 

 

4.2

 

 

Tax benefit

 

 

$

(8.2

)

 

$

(6.7

)

 

Net of tax

(a)

This AOCI component is included in interest expense, net. Amount relates to the amortization of the effective portion of treasury lock derivative instruments recorded in AOCI. The net amount of settlement gains or losses on derivative instruments included in AOCI to be amortized over the next 12 months is a net loss of $5.3 million ($3.3 million after-tax). For a discussion of treasury lock derivative instrument activity, see Note 13, Derivative Instruments and Hedging Activities, for additional information.

(b)

These AOCI components are included in the computation of net pension and postretirement benefit costs. See Note 10, Employee Benefit Plans and Other Postretirement Benefits, for additional information.