Shareholders' Equity

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Common Stock

In connection with the Capacity and Services Transaction with Clinton, we issued to Clinton’s affiliate Madison Avenue Capital Holdings, Inc. 1,250,000 shares of our common stock as consideration for the capacity and services provided by Clinton. We recorded the 1,250,000 shares of common stock issued as an intangible asset and calculated a fair value of $10.1 million using our closing stock price on February 2, 2017. We recorded par value as common stock and amount in excess of the par value as additional paid-in capital. See Note 16 - Related Party Transactions for additional information.

Treasury Stock

On May 2, 2012, the Company's Board of Directors (the “Board”) authorized a share repurchase program that allowed for the repurchase of 500,000 shares of common stock. On November 14, 2016, our Board authorized a new share repurchase program under which we may repurchase up to 500,000 shares of common stock. This authorization replaces the Board’s previous share repurchase authorization from May 2, 2012. Under the share repurchase program, we may repurchase shares from time to time using a variety of methods, which may include open market transactions and privately negotiated transactions.

We did not repurchase any shares during the three months ended March 31, 2017. Since the inception of the November 14, 2016 authorization, we have repurchased 24,086 shares of common stock for $0.2 million and, as of March 31, 2017, we had remaining authorization to repurchase 475,914 additional shares. The treasury stock held as of March 31, 2017 was acquired at an average price of $39.71 per share.

Following is a summary of treasury share activity:

	Treasury Shares
Balance as of December 31, 2016	744,091
Restricted stock grants	(48,000	)
Forfeitures and other	561
Balance as of March 31, 2017	696,652

Accumulated Other Comprehensive Loss

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

(In millions)	Defined Benefit Plans			Foreign Currency Translation			Total
Balance as of December 31, 2016	$	(19.6	)	$	(1.0	)	$	(20.6	)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	0.1			—			0.1
Net current period other comprehensive (loss) income	0.1			—			0.1
Balance as of March 31, 2017	$	(19.5	)	$	(1.0	)	$	(20.5	)

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

	Amounts Reclassified from Accumulated Other Comprehensive Loss					Affected Line Item in the Condensed Consolidated Statements of Operations Where (Gain) Loss is Presented
	Three Months Ended March 31,
(In millions)	2017		2016
Amortization of net actuarial loss	$	0.1	$	—		Selling, general and administrative
Pension curtailment / settlement loss	—		1.8			Restructuring and other
Income tax expense	—		(0.5		)	Income tax provision (benefit)
Subtotal	0.1		1.3
Cumulative translation adjustment	—		75.7			Discontinued operations
Total reclassifications for the period	$	0.1	$	77.0

Income taxes are not provided for cumulative translation adjustment relating to permanent investments in international subsidiaries. Reclassification adjustments are made to avoid double counting in comprehensive loss items that are also recorded as part of net loss and are presented net of taxes in the Consolidated Statements of Comprehensive Loss.