Shareholders' Equity

12 Months Ended

Dec. 31, 2016

Shareholders' Equity

Shareholders' Equity

Note 15—Shareholders' Equity

Share Repurchase Program

        In May 2015, the Company's Board of Directors approved a share repurchase program (the "Anti-Dilutive Repurchase Program") under which the Company may repurchase the Company's common stock in amounts intended to approximately offset, on an annual basis, the dilutive effect of shares that have been, or may be, issued pursuant to option or restricted stock awards under the Company's incentive compensation plans. In 2015, a total of 1,245,000 shares were repurchased at an aggregate cost of $24.9 million under the Anti-Dilutive Repurchase Program.

        In November 2015, the Company's Board of Directors suspended the Anti-Dilutive Repurchase Program until January 1, 2017 and approved an additional share repurchase program (the "Repurchase Program") which authorized repurchases of common stock up to $225 million from time to time, in amounts, at prices, and at such times as the Company deemed appropriate, subject to market conditions, legal requirements and other considerations. A total of 6,475,480 shares were repurchased at an aggregate cost of $160.0 million during the year ended December 31, 2016. A total of 9,312,522 shares were repurchased at an aggregate cost of $225.0 million as of December 31, 2016 under the completed Repurchase Program.

        The repurchased shares are reflected within Treasury stock in the accompanying consolidated balance sheet at December 31, 2016.

Cash Dividends on Common Stock

        On February 22, 2016, the Company announced the establishment of a dividend policy and the declaration by its Board of Directors of an initial quarterly cash dividend in the amount of $0.04 per share of the Company's issued and outstanding common stock. Under the dividend policy, the Company will target a cash dividend to the Company's shareholders in the amount of $0.16 per share per annum, payable in equal quarterly installments. Dividends were paid on March 24, 2016 to shareholders of record as of March 4, 2016 for an aggregate cost of $6.5 million, on June 24, 2016 to shareholders of record as of June 6, 2016 for an aggregate cost of $6.5 million, on September 23, 2016 to shareholders of record as of September 6, 2016 for an aggregate cost of $6.4 million and on December 23, 2016 to shareholders of record as of December 5, 2016 for an aggregate cost of $6.4 million. Subsequent dividend declarations and the establishment of record and payment dates for such future dividend payments, if any, are subject to the Board of Directors' continuing determination that the dividend policy is in the best interests of the Company's shareholders. The dividend policy may be suspended or cancelled at the discretion of the Board of Directors at any time.

Accumulated Other Comprehensive Income (Loss)

        The following is a summary of the components of accumulated other comprehensive income (loss), net of tax, at December 31, (in millions):

	Foreign Currency Translation			Pension Liability Adjustment			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2013	$	197.6		$	(15.2	)	$	182.4
Other comprehensive income (loss)		(131.6	)		(22.7	)		(154.3	)
Realized loss on reclassification		—			0.1			0.1
Balance at December 31, 2014		66.0			(37.8	)		28.2
Other comprehensive income (loss)		(62.8	)		(23.6	)		(86.4	)
Realized loss on reclassification		—			14.0			14.0
Balance at December 31, 2015		3.2			(47.4	)		(44.2	)
Other comprehensive income (loss)		(27.3	)		(8.4	)		(35.7	)
Realized loss on reclassification		—			4.0			4.0
Balance at December 31, 2016	$	(24.1	)	$	(51.8	)	$	(75.9	)