Shareholders' Equity

12 Months Ended

Dec. 31, 2017

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 was authorized to 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. This program 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 9,312,522 shares were repurchased at an aggregate cost of $225.0 million as of December 31, 2016 under that completed repurchase program.

        In May 2017, the Company's Board of Directors approved an additional share repurchase program (the "Repurchase Program") under which repurchases of common stock up to $225.0 million were authorized to occur from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. A total of 5,318,063 shares were repurchased at an aggregate cost of $152.2 million in the year ended December 31, 2017 under the Repurchase Program. Any future repurchases will be funded from cash on hand, future cash flows from operations and available borrowings under the revolving credit facility.

        The repurchased shares are reflected within Treasury stock in the accompanying consolidated balance sheet at December 31, 2017 and 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. The following is a summary of the dividends paid in the years ended December 31, 2017 and 2016 (in millions):

	2017
Dividends Paid on	March 24	June 23	September 22	December 22
Shareholders of Record as of	March 8	June 5	September 5	December 4
Aggregate Cost	$6.4	$6.4	$6.3	$6.3

	2016
Dividends Paid on	March 24	June 24	September 23	December 23
Shareholders of Record as of	March 4	June 6	September 6	December 5
Aggregate Cost	$6.5	$6.5	$6.4	$6.4

        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, 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	)
Other comprehensive income		96.3			1.8			98.1
Realized loss on reclassification		—			4.8			4.8
Balance at December 31, 2017	$	72.2		$	(45.2	)	$	27.0