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Stockholders' Equity
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Shareholders' Equity
STOCKHOLDERS’ EQUITY
Dividends
On February 20, 2015, the Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.06 per common share. The dividend totaled $3.8 million and was distributed on March 27, 2015 to holders of record at the close of business on March 9, 2015.
On April 28, 2015, the Board declared a quarterly cash dividend of $0.06 per common share. The dividend totaled $3.7 million and was distributed on June 9, 2015 to holders of record at the close of business on May 19, 2015.
On July 16, 2015, the Board declared a quarterly cash dividend of $0.06 per common share. The dividend totaled $3.8 million and was distributed on August 27, 2015 to holders of record at the close of business on August 6, 2015.
On October 27, 2015, the Board declared a quarterly cash dividend of $0.07 per common share payable on December 8, 2015 to holders of record at the close of business on November 17, 2015.
Stock Repurchase Program
In April 2014, the Board authorized a stock repurchase program (the “April 2014 program”) of up to $15.0 million of the Company’s common stock. The April 2014 program was intended primarily to facilitate a reduction in the investment in Company stock within the Company’s U.S. defined benefit pension plan portfolio and to reduce dilution resulting from issuances of stock under the Company’s employee equity incentive programs.
In November 2014, the Board authorized an additional stock repurchase program (the “November 2014 program”) of up to $75.0 million of the Company’s common stock. The November 2014 program is intended primarily to facilitate opportunistic purchases of Company stock as a means to provide cash returns to stockholders, enhance stockholder returns and manage the Company’s capital structure.
During the three and nine months ended September 30, 2015, the Company repurchased 394,430 and 724,792 shares for a total of $5.6 million and $10.6 million, respectively, under the authorized stock repurchase programs. During the second quarter of 2015, cumulative stock repurchases under the April 2014 program reached the maximum authorized level of $15.0 million. No additional stock repurchases will be made under that program.
Under its stock repurchase programs, the Company is authorized to repurchase, from time to time, shares of its outstanding common stock in the open market or through privately negotiated transactions. Stock repurchases by the Company are subject to market conditions and other factors and may be commenced, suspended or discontinued at any time.
Accumulated Other Comprehensive Loss
The following tables summarize the changes in each component of Accumulated other comprehensive loss, net of tax:
(in millions) (a)
Actuarial Losses (b)
 
Foreign
Currency Translation
 
Unrealized
Gain on
Derivatives
 
Total
Balance at July 1, 2015
$
(77.6
)
 
$
(7.1
)
 
$
0.1

 
$
(84.6
)
Other comprehensive income (loss) before reclassifications
0.6

 
(2.0
)
 
—

 
(1.4
)
Amounts reclassified from accumulated other comprehensive loss
1.2

 
—

 
—

 
1.2

Net current-period other comprehensive income (loss)
1.8

 
(2.0
)
 
—

 
(0.2
)
Balance at September 30, 2015
$
(75.8
)
 
$
(9.1
)
 
$
0.1

 
$
(84.8
)
Balance at July 1, 2014
$
(56.7
)
 
$
16.4

 
$
—

 
$
(40.3
)
Other comprehensive income (loss) before reclassifications
0.6

 
(9.6
)
 
0.2

 
(8.8
)
Amounts reclassified from accumulated other comprehensive loss
0.8

 
(0.1
)
 
—

 
0.7

Net current-period other comprehensive income (loss)
1.4

 
(9.7
)
 
0.2

 
(8.1
)
Balance at September 30, 2014
$
(55.3
)
 
$
6.7

 
$
0.2

 
$
(48.4
)
(in millions) (a)
Actuarial Losses (b)
 
Foreign
Currency Translation
 
Unrealized
Gain on
Derivatives
 
Total
Balance at January 1, 2015
$
(79.8
)
 
$
0.2

 
$
0.1

 
$
(79.5
)
Other comprehensive income (loss) before reclassifications
0.4

 
(9.3
)
 
—

 
(8.9
)
Amounts reclassified from accumulated other comprehensive loss
3.6

 
—

 
—

 
3.6

Net current-period other comprehensive income (loss)
4.0

 
(9.3
)
 
—

 
(5.3
)
Balance at September 30, 2015
$
(75.8
)
 
$
(9.1
)
 
$
0.1

 
$
(84.8
)
Balance at January 1, 2014
$
(58.1
)
 
$
16.0

 
$
0.2

 
$
(41.9
)
Other comprehensive income (loss) before reclassifications
0.3

 
(9.4
)
 
—

 
(9.1
)
Amounts reclassified from accumulated other comprehensive loss
2.5

 
0.1

 
—

 
2.6

Net current-period other comprehensive income (loss)
2.8

 
(9.3
)
 
—

 
(6.5
)
Balance at September 30, 2014
$
(55.3
)
 
$
6.7

 
$
0.2

 
$
(48.4
)
(a)
Amounts in parenthesis indicate debits.
(b)
Actuarial losses increased significantly during the fourth quarter of 2014 based on an updated actuarial valuation of the Company’s defined-benefit pension obligations. Largely as a result of a lower discount rate and improved mortality assumptions, the Company’s long-term pension liabilities increased, which contributed to a corresponding increase in actuarial losses.
The following table summarizes the amount of actuarial losses reclassified from Accumulated other comprehensive loss, net of tax, in the three months ended September 30, 2015 and 2014 and the affected line item in the Condensed Consolidated Statements of Operations:
Details about Accumulated Other Comprehensive Loss Components
 
Amount Reclassified from Accumulated Other Comprehensive Loss
 
Affected Line Item in Condensed Consolidated Statements of Operations
 
2015
 
2014
 
 
 
(in millions) (a)
 
 
Amortization of actuarial losses of defined benefit pension plans
 
$
(1.9
)
 
$
(1.4
)
 
(b)
Total before tax
 
(1.9
)
 
(1.4
)
 
 
Income tax benefit
 
0.7

 
0.6

 
Income tax expense
Total reclassifications for the period, net of tax
 
$
(1.2
)
 
$
(0.8
)
 
 
The following table summarizes the amount of actuarial losses reclassified from Accumulated other comprehensive loss, net of tax, in the nine months ended September 30, 2015 and 2014 and the affected line item in the Condensed Consolidated Statements of Operations:
Details about Accumulated Other Comprehensive Loss Components
 
Amount Reclassified from Accumulated Other Comprehensive Loss
 
Affected Line Item in Condensed Consolidated Statements of Operations
 
2015
 
2014
 
 
 
(in millions) (a)
 
 
Amortization of actuarial losses of defined benefit pension plans
 
$
(5.7
)
 
$
(4.1
)
 
(b)
Total before tax
 
(5.7
)
 
(4.1
)
 
 
Income tax benefit
 
2.1

 
1.6

 
Income tax expense
Total reclassifications for the period, net of tax
 
$
(3.6
)
 
$
(2.5
)
 
 
(a)
Amount in parenthesis indicate debits to profit/loss.
(b)
The actuarial loss components of Accumulated other comprehensive loss are included in the computation of net periodic pension cost for the three and nine months ended September 30, 2015 and 2014, as disclosed in Note 5 – Pensions.