Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

The following is a summary of our capital stock activity (in shares) for the year ended on December 31, 2015:

	Common stock outstanding		Common stock held in treasury
December 31, 2014	29,091,502		46,660
Stock awards issued	273,656		(95,777	)
Treasury stock purchases	(217,778	)	217,778
December 31, 2015	29,147,380		168,661

On December 2, 2015, the Board authorized a share repurchase program for up to $30 million of our common stock beginning January 1, 2016 and continuing through December 31, 2018. Shares may be purchased from time to time in open market transactions, subject to market conditions. Repurchased shares become treasury shares, which are accounted for using the cost method and are used for future awards under the Incentive Compensation Plan.

On October 27, 2011, the Board authorized a share repurchase program for up to $30 million of our common stock through December 31, 2014. In December 2014, the Board of Directors extended the term of the repurchase authorization which expired on December 31, 2015. We repurchased $7.7 million of common stock in 2015.

On July 31, 2008, our Board declared a dividend distribution to each record holder of common stock of one Preferred Share Purchase Right for each share of common stock outstanding on that date. Each right entitles the holder to purchase, under certain circumstances related to a change in control of the Company, one one-hundredth of a share of Series A Junior Participating Preferred Stock, par value $0.01, at a price of $72 per share (subject to adjustment), subject to the terms and conditions of a Rights Agreement dated July 31, 2008. The rights expire on July 31, 2018, unless redeemed by us at an earlier date. The redemption price of $0.01 per right is subject to adjustment to reflect stock splits, stock dividends or similar transactions. We have reserved 1,500,000 shares of Series A Junior Participating Preferred Stock for possible issuance under the agreement.

Accumulated other comprehensive loss as of December 31, consisted of the following:

(In millions)	2015			2014
Cumulative foreign currency translation adjustments	$	(42.6	)	$	(20.7	)
Cumulative deferral of hedging net losses, net of tax of $0.6 in 2015	(0.8		)	—
Cumulative deferral of pension net losses, net of tax of $65.1 in 2015 and $59.6 in 2014	(103.8		)	(96.4		)
Accumulated other comprehensive loss	$	(147.2	)	$	(117.1	)