Shareholders' Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

Treasury Stock

On May 2, 2012, our Board of Directors authorized a share repurchase program that allowed for the repurchase of 5.0 million shares of common stock, replacing our previous authorization. We did not repurchase any shares during the three months ended March 31, 2016. Since the authorization of this program, we have repurchased 3.0 million shares of common stock for $13.3 million and, as of March 31, 2016, we had remaining authorization to repurchase up to 2.0 million additional shares. The treasury stock held as of March 31, 2016 was acquired at an average price of $3.84 per share.

Following is a summary of treasury share activity:

	Treasury Shares
Balance as of December 31, 2015	7,159,474
Purchases	—
Exercise of stock options	—
Restricted stock grants	101,155
Forfeitures and other	—
Balance as of March 31, 2016	7,260,629

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss and related activity consisted of the following:

(In millions)	Gains (Losses) on Derivative Financial Instruments		Defined Benefit Plans			Foreign Currency Translation			Total
Balance as of December 31, 2015	$	—	$	(20.1	)	$	(76.0	)	$	(96.1	)
Other comprehensive income (loss) before reclassifications, net of tax	—		0.1			(0.8		)	(0.7		)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		1.3			75.7			77.0
Net current period other comprehensive (loss) income	—		1.4			74.9			76.3
Balance as of March 31, 2016	$	—	$	(18.7	)	$	(1.1	)	$	(19.8	)

As of March 31, 2016, the remaining $1.1 million of cumulative foreign currency translation amounts recorded in Accumulated Other Comprehensive Income pertain to our on-going Nexsan operations. See Note 4 - Discontinued Operations for disclosure pertaining to the $75.7 million of accumulated foreign currency translation losses reclassified into discontinued operations during the quarter ended March 31, 2016.

Details of amounts reclassified from accumulated other comprehensive loss and the line item in the Condensed Consolidated Statement of Operations are as follows:

	Amounts Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item in the Consolidated Statement of Operations Where (Gain) Loss is Presented
	Three Months Ended March 31,
(In millions)	2016		2015
Gains on cash flow hedges	—		(3.2	)	Cost of goods sold
Income tax expense	—		1.1		Income tax provision
Subtotal	—		(2.1	)
Amortization of net actuarial loss	—		0.3		Selling, general and administrative
Pension curtailment / settlement loss	1.8		—		Restructuring and other
Income tax expense	(0.5	)	(0.1	)	Income tax provision
Subtotal	1.3		0.2
Cumulative translation adjustments	75.7		—		Discontinued operations
Income tax benefit	—		—		Income tax provision
Subtotal	75.7		—
Total reclassifications for the period	77.0		(1.9	)