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 |
| | |
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