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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Income Statement [Abstract]      
Net sales $ 1,494.7 $ 1,396.4 $ 1,347.5
Cost of sales 545.1 493.8 481.2
Gross profit 949.6 902.6 866.3
Selling, general and administrative expenses 731.7 682.6 660.2
Acquisition and integration costs   0 0
Restructuring charges and other, net 3.5 20.5 0
Operating income 189.0 199.5 206.1
Other expenses, net:      
Interest expense 73.8 79.1 84.9
Interest expense – preferred stock dividends 5.0 6.5 6.4
Amortization of debt issuance costs 5.2 5.3 5.3
Loss on early extinguishment of debt 29.7 0 11.2
Foreign currency losses, net 3.7 2.8 4.7
Miscellaneous, net 1.0 0.9 1.6
Other expenses, net 118.4 94.6 114.1
Income from continuing operations before income taxes 70.6 104.9 92.0
Provision for income taxes 46.0 43.7 36.8
Income from continuing operations, net of taxes 24.6 61.2 55.2
Loss from discontinued operations, net of taxes (30.4) (10.1) (1.8)
Net (loss) income (5.8) 51.1 53.4
Other comprehensive income (loss):      
Currency translation adjustment, net of tax (4.1) [1] (1.5) [1] (8.3) [1]
Amortization of pension related costs, net of tax 7.7 [2],[3],[4] 9.4 [2],[3],[4],[5] 3.6 [2],[3],[4]
Pension re-measurement, net of tax 53.3 [6] (15.4) [6] (45.9) [6]
Pension curtailment gain 0 0.2 [7] 0
Revaluation of derivative financial instruments, net of tax(d) 1.5 [8],[9] 0 [8] 0 [8]
Other comprehensive income (loss) 58.4 [10] (7.3) [10] (50.6) [10]
Total comprehensive income $ 52.6 $ 43.8 $ 2.8
Basic (loss) earnings per common share:      
Continuing operations (usd per share) $ 0.47 $ 1.17 $ 1.06
Discontinued operations (usd per share) $ (0.58) $ (0.19) $ (0.04)
Basic earnings per share (usd per share) $ (0.11) $ 0.98 $ 1.02
Diluted (loss) earnings per common share:      
Continuing operations (usd per share) $ 0.47 $ 1.17 $ 1.06
Discontinued operations (usd per share) $ (0.58) $ (0.19) $ (0.04)
Diluted earnings per share (usd per share) $ (0.11) $ 0.98 $ 1.02
Weighted average number of common shares outstanding:      
Basic (shares) 52,356,798 52,348,636 52,173,906
Diluted (shares) 52,357,729 52,356,882 52,331,807
[1] Net of tax expense of $3.3 million, $1.0 million and $1.8 million for each year ended December 31, 2013, 2012 and 2011, respectively.
[2] Amounts represent the change in Accumulated Other Comprehensive Loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 16, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.
[3] This other comprehensive income component is included in the computation of net periodic benefit (income) costs. See Note 16, “Savings Plan, Pension and Post-Retirement Benefits,” for additional information regarding net periodic benefit (income) costs.
[4] Net of tax benefit of $(1.2) million, $(1.0) million and $(2.0) million for each year ended December 31, 2013. 2012 and 2011, respectively.
[5] Included in this amount is a $2.0 million reclassification adjustment recorded in the first quarter of 2012 related to deferred taxes on the amortization of actuarial losses.
[6] Net of tax (benefit) expense of $(33.5) million, $7.2 million and $30.1 million for each year ended December 31, 2013, 2012 and 2011, respectively.
[7] As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for the year ended December 31, 2012. See Note 16, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.
[8] Net of tax benefit of $(1.0) million for the year ended December 31, 2013.
[9] For the period ended December 31, 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap.
[10] See Note 19, “Accumulated Other Comprehensive Loss,” regarding the changes in the accumulated balances for each component of other comprehensive income during the years ended December 31, 2013, 2012 and 2011.