Changes in Equity and Comprehensive Income

3 Months Ended

Mar. 31, 2014

Changes in Equity and Comprehensive Income

Changes in Equity and Comprehensive (Loss) Income

A summary of the changes in equity for the three months ended March 31, 2015 and 2014 is provided below:

	Three Months Ended March 31,
	2015									2014
(in millions)	Total Shareholders’ Equity			Noncontrolling Interests			Total Equity			Total Shareholders’ Equity			Noncontrolling Interests		Total Equity
Balance, beginning of period	$	1,059.8		$	10.8		$	1,070.6		$	1,204.3		$	10.4	$	1,214.7
Dividends	(19.1		)	—			(19.1		)	(17.6		)	—		(17.6		)
Reacquisition on open market	(25.0		)	—			(25.0		)	—			—		—
Exercise of stock options, net of shares reacquired	6.7			—			6.7			3.8			—		3.8
Stock compensation expense	5.8			—			5.8			5.6			—		5.6
Excess tax benefit from stock based compensation	0.9			—			0.9			5.1			—		5.1
Net income	51.1			0.3			51.3			48.7			0.2		48.9
Other comprehensive loss	(68.7		)	(0.2		)	(68.9		)	(1.0		)	—		(1.0		)
Comprehensive (loss) income	(17.7		)	0.1			(17.6		)	47.7			0.2		47.8
Balance, end of period	$	1,011.4		$	10.9		$	1,022.3		$	1,248.9		$	10.5	$	1,259.4

The table below provides the accumulated balances for each classification of accumulated other comprehensive (loss) income, as reflected on the Condensed Consolidated Balance Sheets.

	(in millions)	Defined Benefit Pension and Other Postretirement Items*			Currency Translation Adjustment			Total
Balance as of December 31, 2014		$	(257.8	)	$	(40.9	)	$	(298.8	)
	Other comprehensive income (loss) before reclassifications	—			(70.7		)	(70.7		)
	Amounts reclassified from accumulated other comprehensive income	2.0			—			2.0
Net current-period other comprehensive income (loss)		2.0			(70.7		)	(68.7		)
Balance as of March 31, 2015		$	(255.8	)	$	(111.6	)	$	(367.5	)

* Net of tax benefit of $113.5 million and $114.4 million for March 31, 2015 and December 31, 2014, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the period ended March 31, 2015.

Details of Accumulated Other Comprehensive Income Components (in millions)	Amounts Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement of Operations
Amortization of defined benefit pension items:
Prior-service costs	$	0.03		$.04 and ($.01) has been recorded within Cost of Sales and Selling, General & Administrative, respectively
Net loss (gain)	3.1			$4.2 and ($1.1) has been recorded within Cost of Sales and Selling, General & Administrative, respectively
Amortization of other postretirement items:
Prior-service costs	(0.1		)	Recorded within Selling, General & Administrative
Net loss (gain)	(0.1		)	Recorded within Selling, General & Administrative
	$	2.9		Total before tax
	1.0			Tax benefit
Total reclassifications for the period	$	2.0		Net of tax

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the period ended March 31, 2014.

Details of Accumulated Other Comprehensive Income Components (in millions)	Amounts Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement of Operations
Amortization of defined benefit pension items:				Amortization of defined benefit pension items:
Prior-service costs	$	0.03		$.04 and ($.01) has been recorded within Cost of Sales and Selling, General & Administrative, respectively
Net loss (gain)	1.3			$1.7 and ($0.4) has been recorded within Cost of Sales and Selling, General & Administrative, respectively
Amortization of other postretirement items:
Prior-service costs	(0.1		)	Recorded within Selling, General & Administrative
Net loss (gain)	—			Recorded within Selling, General & Administrative
	$	1.2		Total before tax
	0.4			Tax benefit
Total reclassifications for the period	$	0.8		Net of tax