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Stockholders' Equity
 9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Stockholders' Equity
STOCKHOLDERS’ EQUITY
Dividends
On February 17, 2017, the Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.07 per common share. The dividend totaled $4.2 million and was distributed on March 31, 2017 to holders of record at the close of business on March 10, 2017.
On April 21, 2017, the Board declared a quarterly cash dividend of $0.07 per common share. The dividend totaled $4.2 million and was distributed on June 2, 2017 to holders of record at the close of business on May 12, 2017.
On July 25, 2017, the Board declared a quarterly cash dividend of $0.07 per common share. The dividend totaled $4.2 million and was distributed on September 6, 2017 to holders of record at the close of business on August 15, 2017.
On October 24, 2017, the Board declared a quarterly cash dividend of $0.07 per common share payable on December 5, 2017 to holders of record at the close of business on November 14, 2017.
During the three and nine months ended September 30, 2016, dividends of $4.2 million and $12.8 million, respectively, were paid to stockholders.
Stock Repurchase Program
In November 2014, the Board authorized a 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, 2016, the Company repurchased 50,882 and 2,631,607 shares for a total of $0.7 million and $33.8 million, respectively, under the November 2014 program. No shares were repurchased in the three and nine months ended September 30, 2017.
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
 
Foreign
Currency Translation
 
Unrealized
Gain on
Derivatives
 
Total
Balance at July 1, 2017
$
(78.9
)
 
$
(6.8
)
 
$
0.2

 
$
(85.5
)
Other comprehensive (loss) income before reclassifications
(0.7
)
 
3.3

 
0.2

 
2.8

Amounts reclassified from accumulated other comprehensive loss
0.6

 
—

 
—

 
0.6

Net current-period other comprehensive (loss) income
(0.1
)
 
3.3

 
0.2

 
3.4

Balance at September 30, 2017
$
(79.0
)
 
$
(3.5
)
 
$
0.4

 
$
(82.1
)
(in millions) (a)
Actuarial Losses
 
Foreign
Currency Translation
 
Unrealized
Gain on
Derivatives
 
Total
Balance at July 1, 2016
$
(71.8
)
 
$
(7.3
)
 
$
—

 
$
(79.1
)
Other comprehensive income (loss) before reclassifications
0.3

 
(0.9
)
 
—

 
(0.6
)
Amounts reclassified from accumulated other comprehensive loss
1.0

 
—

 
—

 
1.0

Net current-period other comprehensive income (loss)
1.3

 
(0.9
)
 
—

 
0.4

Balance at September 30, 2016
$
(70.5
)
 
$
(8.2
)
 
$
—

 
$
(78.7
)
(in millions) (a)
Actuarial Losses
 
Foreign
Currency Translation
 
Unrealized
Gain on
Derivatives
 
Total
Balance at January 1, 2017
$
(79.0
)
 
$
(13.0
)
 
$
—

 
$
(92.0
)
Other comprehensive (loss) income before reclassifications
(1.6
)
 
9.5

 
0.4

 
8.3

Amounts reclassified from accumulated other comprehensive loss
1.6

 
—

 
—

 
1.6

Net current-period other comprehensive income
—

 
9.5

 
0.4

 
9.9

Balance at September 30, 2017
$
(79.0
)
 
$
(3.5
)
 
$
0.4

 
$
(82.1
)
(in millions) (a)
Actuarial Losses (b)
 
Foreign
Currency Translation (c)
 
Unrealized
Gain on
Derivatives
 
Total
Balance at January 1, 2016
$
(75.6
)
 
$
(13.3
)
 
$
0.1

 
$
(88.8
)
Other comprehensive income (loss) before reclassifications
1.7

 
(2.3
)
 
—

 
(0.6
)
Amounts reclassified from accumulated other comprehensive loss
3.4

 
7.4

 
(0.1
)
 
10.7

Net current-period other comprehensive income (loss)
5.1

 
5.1

 
(0.1
)
 
10.1

Balance at September 30, 2016
$
(70.5
)
 
$
(8.2
)
 
$
—

 
$
(78.7
)
(a)
Amounts in parentheses indicate debits.
(b)
In connection with the sale of Bronto, the Company recognized an actuarial loss of $0.4 million attributable to Bronto’s defined benefit plan and included it in the calculation of the associated gain on disposal in the nine months ended September 30, 2016.
(c)
The Company recognized a foreign currency translation loss of $7.1 million in the nine months ended September 30, 2016 in connection with the sale of Bronto. The recognition of the translation loss, which represented the cumulative translation effects attributable to the Fire Rescue Group, was included in Gain (loss) from discontinued operations and disposal for the applicable period.
The following table summarizes the amounts reclassified from Accumulated other comprehensive loss, net of tax, in the three months ended September 30, 2017 and 2016 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 (a)
 
2017
 
2016
 
 
 
(in millions) (b)
 
 
Amortization of actuarial losses of defined benefit pension plans
 
$
(0.9
)
 
$
(1.6
)
 
  (c)
Total before tax
 
(0.9
)
 
(1.6
)
 
 
Income tax benefit
 
0.3

 
0.6

 
Income tax expense
Total reclassifications for the period, net of tax
 
$
(0.6
)
 
$
(1.0
)
 
 

(a)
Continuing operations only.
(b)
Amounts in parentheses indicate debits to profit/loss.
(c)
The actuarial loss components of Accumulated other comprehensive loss are included in the computation of net periodic pension cost for the three months ended September 30, 2017 and 2016, as disclosed in Note 7 – Pensions.
The following table summarizes the amounts reclassified from Accumulated other comprehensive loss, net of tax, in the nine months ended September 30, 2017 and 2016 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 (a)
 
2017
 
2016
 
 
 
(in millions) (b)
 
 
Amortization of actuarial losses of defined benefit pension plans
 
$
(2.4
)
 
$
(4.7
)
 
  (c)
Recognition of deferred gain on interest rate swap
 
—

 
0.1

 
Other income, net
Total before tax
 
(2.4
)
 
(4.6
)
 
 
Income tax benefit
 
0.8

 
1.6

 
Income tax expense
Total reclassifications for the period, net of tax
 
$
(1.6
)
 
$
(3.0
)
 
 
(a)
Continuing operations only.
(b)
Amounts in parentheses indicate debits to profit/loss.
(c)
The actuarial loss components of Accumulated other comprehensive loss are included in the computation of net periodic pension cost for the nine months ended September 30, 2017 and 2016, as disclosed in Note 7 – Pensions.