Shareholders' Equity

12 Months Ended

Dec. 31, 2011

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders' Equity

Shareholder Rights Plan

In 2006, we adopted a shareholder rights plan under which we have issued one preferred share purchase right (Right) for each share of our common stock. If it becomes exercisable, each Right will entitle its holder to purchase one one-hundredth of a share of Series A Junior Participating Preferred Stock at an exercise price of $160, subject to adjustment. The Rights are exercisable only if a person or group acquires beneficial ownership of 15 percent or more of our outstanding common stock, or after the first public announcement relating to a tender offer or exchange offer that would result in a person or group beneficially owning 15 percent or more of our outstanding shares of common stock subject to certain exceptions. The Rights expire on July 1, 2016 and may be redeemed earlier by the Board of Directors for $0.01 per Right.

The shareholder rights plan was amended effective July 30, 2007 to change the definition of acquiring person to exclude TDK Corporation and its affiliates at any time during the period (TDK Standstill Period) beginning at the time, if any, that TDK and its affiliates own 15 percent or more of the outstanding shares of common stock and ending at the time, if any, that TDK and its affiliates cease to own at least 75 percent of the shares issued related to the acquisition of the TDK Recording Media business or cease to be holders of record of at least 10 percent of the common stock as a result of Imation issuing additional shares.

TDK cannot become the beneficial owner of more than 21 percent of the common stock outstanding at any time during the TDK Standstill Period other than as a result of a reduction in the number of shares outstanding due to Imation repurchasing shares of common stock and is limited to 22 percent in this event. TDK shall dispose of a sufficient number of shares of common stock within 10 days after becoming aware that the percentage has been surpassed such that TDK shall be the beneficial owner of no more than 21 percent of the common stock then outstanding.

Treasury Stock

Our Board of Directors has authorized the repurchase of a total of 3.0 million shares. Since the inception of this authorization we have repurchased 1.8 million shares of common stock and as of December 31, 2011 we have remaining authorization to repurchase up to 1.2 million shares. We repurchased 1.1 million shares for $9.7 million during 2011. We did not repurchase any shares during 2010 or 2009. The treasury stock held as of December 31, 2011 was acquired at an average price of $23.97 per share.

Following is a summary of treasury share activity:

	Treasury
	Shares
Balance as of December 31, 2008	5,227,777
Purchases	—
Exercise of stock options	—
Restricted stock grants and other	(264,301	)
401(k) matching contribution	(136,771	)
Balance as of December 31, 2009	4,826,705
Purchases	—
Exercise of stock options	(1,000	)
Restricted stock grants and other	(439,175	)
401(k) matching contribution	(174,245	)
Balance as of December 31, 2010	4,212,285
Purchases	1,099,219
Exercise of stock options	(45,429	)
Restricted stock grants and other	(365,712	)
401(k) matching contribution	(236,440	)
Balance as of December 31, 2011	4,663,923

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consisted of the following:

	December 31, 2011			December 31, 2010
	(In millions)
Cumulative currency translation adjustment	$	(47.4	)	$	(47.4	)
Pension adjustments, net of income tax	(26.8		)	(14.2		)
Cash flow hedging and other, net of income tax	1.6			0.9
Total accumulated other comprehensive loss	$	(72.6	)	$	(60.7	)

Comprehensive loss consisted of the following:

	Years Ended December 31,
	2011			2010			2009
	(In millions)
Net loss	$	(46.7	)	$	(158.5	)	$	(42.2	)
Cumulative currency translation adjustment	—			3.0			4.5
Pension adjustments, net of income taxes	(12.6		)	4.6			9.8
Cash flow hedging and other, net of income tax	0.7			0.6			1.8
Total comprehensive loss	$	(58.6	)	$	(150.3	)	$	(26.1	)