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STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2016
Stockholders' Equity and Equity Instruments [Abstract]  
Weighted average assumptions and fair value for options granted
The weighted average assumptions and fair values for options granted for each of the years ended December 31 is included in the following table.
 
 
2016
 
2015
 
2014
Fair value of options granted
 
$
10.17

 
$
14.78

 
$
15.25

Expected term (years)
 
4.5

 
4.8

 
4.8

Expected volatility
 
24.4
%
 
24.9
%
 
27.8
%
Dividend yield
 
3.3
%
 
3.1
%
 
3.4
%
Risk-free interest rates
 
1.2
%
 
1.6
%
 
1.5
%
Stock-based compensation activity
The following is a summary of the Company’s stock option, RSU and PSU activity and related information for the following periods:
 
 
Stock Options
 
RSUs
 
PSUs
 
 
Number
 
Weighted-average
exercise price
 
Number
 
Weighted-average
fair value
 
Number
 
Weighted-average
fair value
Outstanding at
December 31, 2013
 
328,364

 
$
72.88

 
95,718

 
$
76.09

 
55,149

 
$
80.89

Granted
 
95,610

 
87.18

 
20,268

 
86.74

 
27,574

 
105.77

Exercised(a)
 
(112,005
)
 
67.35

 

 

 

 

Released from restriction(a)
 

 

 
(15,636
)
 
86.48

 
(3,998
)
 
93.82

Cancelled/Expired
 
(33,540
)
 
79.81

 
(11,818
)
 
76.95

 
(19,098
)
 
89.77

Outstanding at
December 31, 2014
 
278,429

 
$
79.23

 
88,532

 
$
76.58

 
59,627

 
$
88.69

Granted
 
120,956

 
91.76

 
21,317

 
90.94

 
35,584

 
100.49

Exercised(a)
 
(33,906
)
 
72.53

 

 

 

 

Released from restriction(a)
 

 

 
(15,952
)
 
71.69

 
(10,454
)
 
74.49

Cancelled/Expired(b)
 
(12,392
)
 
84.71

 
(2,889
)
 
81.43

 
(7,392
)
 
82.46

Outstanding at December 31, 2015
 
353,087

 
$
83.94

 
91,008

 
$
80.65

 
77,365

 
$
96.63

Granted
 
157,887

 
70.48

 
34,975

 
72.06

 
43,902

 
73.86

Exercised(a)
 
(11,377
)
 
62.50

 

 

 

 

Released from restriction(a)
 

 

 
(53,983
)
 
75.18

 
(10,258
)
 
78.49

Cancelled/Expired(b)
 
(56,842
)
 
80.95

 
(8,220
)
 
83.16

 
(21,998
)
 
88.79

Outstanding at December 31, 2016
 
442,755

 
$
80.07

 
63,780

 
$
80.25

 
89,011

 
$
89.43


(a)
Common stock issued for exercised options, vested RSUs and vested and earned PSUs were issued from treasury shares.
(b)
The performance period for the 2014 PSU grant was completed in 2016. The Company expects to issue 12,964 shares in March 2017 when the 2014 PSU grant vests.
Summary of information about options outstanding and exercisable
The following table summarizes information about options outstanding and exercisable at December 31, 2016.
 
 
Options Outstanding
 
Options Exercisable
Range of
exercise prices
 
Options
outstanding
 
Weighted-average
remaining
 contractual life
 (years)
 
Weighted-average
 exercise price
 of options
 outstanding
 
Options
 exercisable
 
Weighted-average
 remaining
 contractual life
(years)
 
Weighted-average
 exercise
price of exercisable
options
$70.48 - $71.09
 
136,464

 
6.2
 
$
70.48

 

 

 
$

$71.10 - $77.75
 
97,493

 
3.0
 
75.53

 
77,299

 
2.9

 
75.20

$77.76 - $86.83
 
38,209

 
0.7
 
82.49

 
38,209

 
0.7

 
82.49

$86.84 - $89.47
 
73,044

 
4.2
 
87.18

 
35,896

 
4.2

 
87.18

$89.48 - $93.26
 
97,545

 
5.2
 
91.77

 
27,347

 
5.2

 
91.77

Totals
 
442,755

 
4.5
 
$
80.07

 
178,751

 
3.0

 
$
81.70

Components of and changes in accumulated other comprehensive income (loss)
The components of and changes in accumulated other comprehensive income (loss) (“AOCI”) for the twelve months ended December 31, 2016 and 2015 are as follows (in millions):
Twelve Months Ended December 31, 2016(a)
 
Gains and
 (Losses) on
Cash Flow
Hedges
 
Defined
Benefit
 Pension
 
Foreign
Currency
 
Total
Beginning balance
 
$
(1.6
)
 
$
(3.8
)
 
$
(102.9
)
 
$
(108.3
)
Other comprehensive income (loss) before reclassifications
 
0.5

 
(0.1
)
 
1.1

 
1.5

Amounts reclassified from accumulated other comprehensive loss
 
1.7

 
0.2

 

 
1.9

Net current period other comprehensive income (loss)
 
2.2

 
0.1

 
1.1

 
3.4

Ending balance
 
$
0.6

 
$
(3.7
)
 
$
(101.8
)
 
$
(104.9
)

(a)
With the exception of the cumulative foreign currency translation adjustment, for which no tax effect is recorded, the changes in the components of accumulated other comprehensive gain (loss) presented in the table are reflected net of applicable income taxes.

Twelve Months Ended December 31, 2015(a)
 
Gains and
(Losses) on
 Cash Flow
Hedges
 
Defined
Benefit
Pension
 
Foreign
Currency
 
Total
Beginning balance
 
$
(2.0
)
 
$
(9.0
)
 
$
(4.5
)
 
$
(15.5
)
Other comprehensive income (loss) before reclassifications
 
(1.5
)
 
4.1

 
(98.4
)
 
(95.8
)
Amounts reclassified from accumulated other comprehensive loss
 
1.9

 
1.1

 

 
3.0

Net current period other comprehensive income (loss)
 
0.4

 
5.2

 
(98.4
)
 
(92.8
)
Ending balance
 
$
(1.6
)
 
$
(3.8
)
 
$
(102.9
)
 
$
(108.3
)

(a)
With the exception of the cumulative foreign currency translation adjustment, for which no tax effect is recorded, the changes in the components of accumulated other comprehensive gain (loss) presented in the table are reflected net of applicable income taxes.
Changes in the components of accumulated other comprehensive gain (loss)
 
 
Amount
Reclassified from AOCI
 
  
 
 
Twelve Months Ended
December 31, 2016
 
Line Item Impacted in the
Consolidated Statement of Operations
Gains and (losses) on cash flow hedges:
 
 
 
   
Natural gas instruments
 
$
(2.7
)
 
Product cost
 
 
1.0

 
Income tax expense (benefit)
 
 
(1.7
)
 
  
Amortization of defined benefit pension:
 
 

 
   
Amortization of loss
 
$
0.3

 
Product cost
 
 
(0.1
)
 
Income tax expense (benefit)
 
 
0.2

 
  
Total reclassifications, net of income taxes
 
$
(1.5
)
 
  
 
 
Amount
Reclassified from AOCI
 
  
 
 
Twelve Months Ended
December 31, 2015
 
Line Item Impacted in the
Consolidated Statement of Operations
Gains and (losses) on cash flow hedges:
 
 

 
   
Natural gas instruments
 
$
3.1

 
Product cost
 
 
(1.2
)
 
Income tax expense (benefit)
 
 
1.9

 
  
Amortization of defined benefit pension:
 
 

 
   
Amortization of loss
 
$
1.4

 
Product cost
 
 
(0.3
)
 
Income tax expense (benefit)
 
 
1.1

 
  
Total reclassifications, net of income taxes
 
$
3.0