Changes in Shareholders' Equity

6 Months Ended

Jun. 30, 2018

Note 7 - Changes in Shareholders’ Equity

Changes in Shareholders’ Equity for the six months ended June 30, 2018 were:



(Dollars in Millions, Except Per Share Amounts)	Total Shareholders’ Equity
Shareholders’ Equity at Beginning of Year	$	2,115.6
Net Income	91.4
Other Comprehensive Income (Loss)	(143.0		)
Total Comprehensive Income (Loss)	(51.6		)
Cash Dividends and Dividend Equivalents to Shareholders ($0.24 per share)	(24.9		)
Equity-based Compensation Cost	8.1
Equity-based Awards, Net of Shares Exchanged	(1.5		)
Shareholders’ Equity at End of Period	$	2,045.7

Effective January 1, 2018, the Company adopted ASU 2016-01. The Company applied the modified retrospective transition method, except for the provisions regarding equity investments without readily determinable fair values, which were applied on a prospective basis, with no impact on the Company’s Total Shareholders’ Equity. Accordingly, the Company recognized an increase to Retained Earnings and a corresponding reduction to Accumulated Other Comprehensive Income (“AOCI”) as of January 1, 2018 of $17.7 million. See Note 1, Basis of Presentation, to the Condensed Consolidated Financial Statements for additional information.

Effective January 1, 2018, the Company early adopted ASU 2018-02, Reclassification of Certain Income Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-02 provides companies the option to reclassify tax effects stranded in AOCI, as a result of the 2017 Tax Cuts and Jobs Act (the “Tax Act”), to retained earnings. The Company elected to reclassify tax effects stranded in AOCI and recognized a decrease to Retained Earnings and a corresponding increase to AOCI of $35.9 million as of January 1, 2018. The adoption of ASU 2018-02 had no impact on Total Shareholders’ Equity. See Note 1, Basis of Presentation, to the Condensed Consolidated Financial Statements for additional information.