Stockholders' Equity

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following is a roll forward of retained earnings and noncontrolling interest for the six months ended June 30, 2014 and 2013:

(in millions)	Retained Earnings		Noncontrolling Interest
Balance at December 31, 2013	$	353.2	$	6.8
Net earnings	37.8		3.9
Noncontrolling interest deconsolidation as a result of sale	—		(10.7		)
Balance at June 30, 2014	$	391.0	$	—

(in millions)	Retained Earnings		Noncontrolling Interest
Balance at December 31, 2012	$	222.1	$	(19.0	)
Net earnings (loss)	68.0		(5.4		)
Balance at June 30, 2013	$	290.1	$	(24.4	)

Authorized capitalization consists of 300 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock.  None of the preferred shares have been issued.

Currently, the company has authorization to purchase up to 10 million shares of common stock at management’s discretion.  The company previously purchased approximately 7.6 million shares at a cost of $49.8 million pursuant to this authorization; however, the company has not purchased any shares of its common stock under this authorization since 2006.

Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the three and six months ended June 30, 2014 and 2013 are as follows:

(in millions)	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2013	$	1.0		$	(62.7	)	$	54.8		$	(6.9	)
Other comprehensive (loss) income before reclassifications	(0.9		)	—			3.4			2.5
Amounts reclassified from accumulated other comprehensive income	(0.2		)	0.8			—			0.6
Net current period other comprehensive (loss) income	(1.1		)	0.8			3.4			3.1
Balance at March 31, 2014	$	(0.1	)	$	(61.9	)	$	58.2		$	(3.8	)
Other comprehensive (loss) income before reclassifications	(0.8		)	—			(2.0		)	(2.8		)
Amounts reclassified from accumulated other comprehensive income	(0.1		)	0.8			—			0.7
Net current period other comprehensive income (loss)	(0.9		)	0.8			(2.0		)	(2.1		)
Balance at June 30, 2014	$	(1.0	)	$	(61.1	)	$	56.2		$	(5.9	)

(in millions)	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency items			Total
Balance at December 31, 2012	$	0.6		$	(80.3	)	$	50.3		$	(29.4	)
Other comprehensive loss before reclassifications	(2.7		)	—			(14.6		)	(17.3		)
Amounts reclassified from accumulated other comprehensive income	0.1			1.0			—			1.1
Net current period other comprehensive income (loss)	(2.6		)	1.0			(14.6		)	(16.2		)
Balance at March 31, 2013	$	(2.0	)	$	(79.3	)	$	35.7		$	(45.6	)
Other comprehensive income (loss) before reclassifications	0.6			—			(1.5		)	(0.9		)
Amounts reclassified from accumulated other comprehensive income	(0.1		)	1.1			—			1.0
Net current period other comprehensive income (loss)	0.5			1.1			(1.5		)	0.1
Balance at June 30, 2013	$	(1.5	)	$	(78.2	)	$	34.2		$	(45.5	)

The following is a reconciliation of the reclassifications out of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2014:

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
(in millions)	Amount Reclassified from Accumulated Other Comprehensive Income			Amount Reclassified from Accumulated Other Comprehensive Income				Recognized Location
Gains and losses on cash flow hedges
Foreign exchange contracts	$	0.3		$	0.6			Cost of sales
Commodity contracts	(0.1		)	(0.2		)		Cost of sales
	0.2			0.4				Total before tax
	(0.1		)	(0.1		)		Tax expense
	$	0.1		$	0.3			Net of tax
Amortization of pension and postretirement items
Actuarial losses	(1.1		)	(2.1		)	(a)
	(1.1		)	(2.1		)		Total before tax
	0.3			0.5				Tax benefit
	$	(0.8	)	$	(1.6	)		Net of Tax
Total reclassifications for the period	$	(0.7	)	$	(1.3	)		Net of Tax
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16, "Employee Benefit Plans," for further details).

The following is a reconciliation of the reclassifications out of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2013 is as follows:

	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013
(in millions)	Amount Reclassified from Accumulated Other Comprehensive Income			Amount Reclassified from Accumulated Other Comprehensive Income				Recognized Location
Gains and losses on cash flow hedges
Foreign exchange contracts	$	(0.5	)	$	(0.8	)		Cost of sales
Commodity contracts	0.6			1.1				Cost of sales
	0.1			0.3				Total before tax
	—			(0.1		)		Tax expense
	$	0.1		$	0.2			Net of tax
Amortization of pension and postretirement items
Actuarial losses	(1.5		)	(2.8		)	(a)
	(1.5		)	(2.8		)		Total before tax
	0.4			0.7				Tax benefit
	$	(1.1	)	$	(2.1	)		Net of Tax
Total reclassifications for the period	$	(1.0	)	$	(1.9	)		Net of Tax
(a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16, "Employee Benefit Plans," for further details).