EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

Description of Capital Stock

The Company is authorized to issue 1,000,000,000 shares of common stock, par value $0.01 per share, and 100,000,000 shares of preferred stock, par value $0.01 per share. In accordance with the Company's amended and restated certificate of incorporation, each share of common stock has one vote, and the common stock votes together as a single class.

On October 29, 2015, the Company’s Board of Directors authorized a share repurchase program to use up to $100.0 million to repurchase shares of its outstanding common stock. Under the program, the Company is authorized to repurchase shares through open market purchases, privately negotiated transactions or otherwise as permitted by applicable federal securities laws. There has been no purchase pursuant to this program as of December 31, 2016.

Accumulated other comprehensive income/(loss)

The components of the changes in the cumulative translation adjustment and minimum pension liability for the three and six months ended December 31, 2016 and December 31, 2015 are presented below.



	Three Months Ended December 31,						Six Months Ended December 31,
(Dollars in millions)	2016			2015			2016			2015
Foreign currency translation adjustments:
Net investment hedge	$	13.6		$	2.5		$	10.0		$	2.5
Long-term intercompany loans	(13.3		)	(5.6		)	(20.9		)	(19.8		)
Translation adjustments	(59.8		)	(20.0		)	(49.2		)	(48.2		)
Total foreign currency translation adjustment, pretax	(59.5		)	(23.1		)	(60.1		)	(65.5		)
Tax expense/(benefit)	4.9			0.9			3.7			0.9
Total foreign currency translation adjustment, net of tax	$	(64.4	)	$	(24.0	)	$	(63.8	)	$	(66.4	)

Net change in minimum pension liability
Net gain/(loss) recognized during the period	1.0			0.7			2.1			1.4
Total pension, pretax	1.0			0.7			2.1			1.4
Tax expense/(benefit)	0.3			0.2			0.6			0.4
Net change in minimum pension liability, net of tax	$	0.7		$	0.5		$	1.5		$	1.0

Net change in available for sale investment:
Net gain/(loss) recognized during the period	24.5			—			24.5			—
Total available for sale investment, pretax	24.5			—			24.5			—
Tax expense/(benefit)	9.2			—			9.2			—
Net change in available for sale investment, net of tax	$	15.3		$	—		$	15.3		$	—

For the three months ended December 31, 2016, the changes in accumulated other comprehensive income, net of tax by component are as follows:



(Dollars in millions)	Foreign Exchange Translation Adjustments			Pension and Other Post-Retirement Adjustments			Available for Sale investment Adjustments		Total
Balance at September 30, 2016	$	(248.2	)	$	(56.1	)	$	—	$	(304.3	)
Other comprehensive income/(loss) before reclassifications	(64.4		)	—			15.3		(49.1		)
Amounts reclassified from accumulated other comprehensive income	—			0.7			—		0.7
Net current period other comprehensive income (loss)	(64.4		)	0.7			15.3		(48.4		)
Balance at December 31, 2016	$	(312.6	)	$	(55.4	)	$	15.3	$	(352.7	)

For the six months ended December 31, 2016, the changes in accumulated other comprehensive income, net of tax by component are as follows:



(Dollars in millions)	Foreign Exchange Translation Adjustments			Pension and Other Post-Retirement Adjustments			Available for Sale investment Adjustments		Total
Balance at June 30, 2016	$	(248.8	)	$	(56.9	)	$	—	$	(305.7	)
Other comprehensive income/(loss) before reclassifications	(63.8		)	—			15.3		(48.5		)
Amounts reclassified from accumulated other comprehensive income	—			1.5			—		1.5
Net current period other comprehensive income (loss)	(63.8		)	1.5			15.3		(47.0		)
Balance at December 31, 2016	$	(312.6	)	$	(55.4	)	$	15.3	$	(352.7	)

The Company held an investment in a specialty pharmaceutical company whose securities were not publicly traded, which was previously accounted for as cost method investment. In the second quarter of fiscal 2017, the specialty pharmaceutical company became publicly traded after an initial public offering and as a result the Company recognized an unrealized gain on the investment of $15.3 million, net of tax. This amount is reflected in other comprehensive income.