SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

On April 24, 2014, our board of directors authorized a new share repurchase program for up to 8 million shares of common stock that will terminate in three years for any of the remaining shares not yet repurchased. This authorization replaced the July 2011 share repurchase program, which had 2.5 million shares remaining to be purchased as of March 31, 2014. For the three months ended March 31, 2014 and 2013, 0.6 million and 0.2 million shares were purchased and retired under the July 2011 program at a cost of $14.7 million and $4.6 million, respectively.  As of March 31, 2014, we had purchased a total of 2.5 million shares under the July 2011 program.

We issued 0.2 million and 0.3 million shares representing stock options exercised for the three months ended March 31, 2014 and 2013, respectively, with a total value of $5.3 million and $4.7 million, respectively.

The following table represents the activity included in accumulated other comprehensive loss:

	Foreign Currency Translation Adjustment			Unrealized Gains (Losses) on Derivative Contracts (net of taxes)			Pension and Postretirement Benefits (net of taxes)			Accumulated Other Comprehensive Loss
	($ in millions)
Balance at January 1, 2013	$	2.1		$	4.7		$	(378.1	)	$	(371.3	)
Unrealized gains (losses)	0.1			(4.1		)	—			(4.0		)
Reclassification adjustments into income	—			(1.0		)	5.2			4.2
Balance at March 31, 2013	$	2.2		$	(0.4	)	$	(372.9	)	$	(371.1	)
Balance at January 1, 2014	$	(0.5	)	$	0.9		$	(365.5	)	$	(365.1	)
Unrealized gains (losses)	0.7			(3.5		)	—			(2.8		)
Reclassification adjustments into income	—			0.4			4.0			4.4
Balance at March 31, 2014	$	0.2		$	(2.2	)	$	(361.5	)	$	(363.5	)

Net income and cost of goods sold included reclassification adjustments for realized gains and losses on derivative contracts from accumulated other comprehensive loss. Unrealized gains and losses on derivative contract (net of taxes) activity in accumulated other comprehensive loss included deferred tax benefits of $2.0 million and $3.4 million for the three months ended March 31, 2014 and 2013, respectively.  

Net income, cost of goods sold and selling and and administrative expenses included the amortization of prior service costs and actuarial losses from accumulated other comprehensive loss. This amortization is recognized equally in cost of goods sold and selling and administrative expenses. Pension and postretirement benefits (net of taxes) activity in accumulated other comprehensive loss included deferred tax provisions of $2.5 million and $3.3 million for the three months ended March 31, 2014 and 2013, respectively.