NOTE 24. SHAREHOLDERS' EQUITY

Common Stock Repurchase Plan

On July 29, 2016, the Company announced that its Board of Directors had approved a share repurchase program pursuant to which the Company is authorized to repurchase up to $150.0 million of its outstanding shares of common stock through July 31, 2018 (the “Program”). On October 30, 2017, we announced that our Board of Directors had approved an additional $250.0 million authorization to repurchase shares of our outstanding common stock under the Program. The Program was also extended through October 31, 2020.

Repurchases under the Program may be made through open market, block and privately-negotiated transactions, including Rule 10b5-1 plans, at times and in such amounts as management deems appropriate, subject to market and business conditions, regulatory requirements and other factors. The Program does not obligate the Company to repurchase any particular amount of common stock and may be suspended or discontinued at any time without notice. During 2017, 1.8 million shares were repurchased under the Program for a total cost of $80.4 million, or an average price of $43.58 per share. During 2016, 1.1 million shares were repurchased under the Program for a total cost of $43.8 million, or an average price of $39.45 per share. Since inception of the Program, we have repurchased 2.95 million shares under the Program for a total cost of $124.2 million, or an average price of $42.03 per share.

Accumulated Other Comprehensive (Loss)

The balance of each component of accumulated other comprehensive (loss), net of tax as of December 31, 2017 and 2016 is presented in the table below.

	December 31, 2017			December 31, 2016
Foreign currency translation adjustments	$	(47.1	)	$	(71.6	)
Derivative gain, net		3.5			3.8
Pension and postretirement adjustments		(302.3	)		(336.0	)
Accumulated other comprehensive (loss)	$	(345.9	)	$	(403.8	)

The amounts and related tax effects allocated to each component of other comprehensive income for 2017, 2016, and 2015 are presented in the table below.

	Pre-tax Amount			Tax Benefit			After- tax Amount
2017
Foreign currency translation adjustments	$	24.5		$	-		$	24.5
Derivative (loss), net		(0.8	)		0.5			(0.3	)
Pension and postretirement adjustments		50.4			(16.7	)		33.7
Total other comprehensive income	$	74.1		$	(16.2	)	$	57.9

	Pre-tax Amount			Tax Expense			After-tax Amount
2016
Foreign currency translation adjustments	$	(33.2	)	$	-		$	(33.2	)
Derivative gain, net		11.9			(4.4	)		7.5
Pension and postretirement adjustments		75.7			(26.4	)		49.3
Total other comprehensive income	$	54.4		$	(30.8	)	$	23.6

	Pre-tax Amount			Tax Benefit			After-tax Amount
2015
Foreign currency translation adjustments	$	(25.5	)	$	-		$	(25.5	)
Derivative gain, net		1.1			(0.4	)		0.7
Pension and postretirement adjustments		50.7			(17.8	)		32.9
Total other comprehensive (loss) income	$	26.3		$	(18.2	)	$	8.1

The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2017 and 2016:

	Foreign Currency Translation Adjustments ⁽¹⁾			Derivative (Loss) Gain ⁽¹⁾			Pension and Postretirement Adjustments ⁽¹⁾			Total Accumulated Other Comprehensive (Loss) ⁽¹⁾
Balance, December 31, 2015	$	(33.8	)	$	(3.3	)	$	(450.3	)	$	(487.4	)
Separation of AFI, net of tax (benefit) of $-, $-, ($39.2), and ($39.2)		(4.6	)		(0.4	)		65.0			60.0
Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) of $ -, ($1.8), ($10.9), and ($12.8)		(33.2	)		3.0			20.2			(10.0	)
Amounts reclassified from accumulated other comprehensive income		-			4.5			29.1			33.6
Net current period other comprehensive (loss) income		(33.2	)		7.5			49.3			23.6
Balance, December 31, 2016		(71.6	)		3.8			(336.0	)		(403.8	)
Other comprehensive income (loss) income before reclassifications, net of tax expense (benefit) of $ -, $0.8, ($3.6), and ($2.8)		24.5			(0.7	)		9.3			33.1
Amounts reclassified from accumulated other comprehensive income		-			0.4			24.4			24.8
Net current period other comprehensive income (loss)		24.5			(0.3	)		33.7			57.9
Balance, December 31, 2017	$	(47.1	)	$	3.5		$	(302.3	)	$	(345.9	)

⁽¹⁾	Amounts are net of tax

The amounts reclassified from AOCI and the affected line item of the Consolidated Statement of Earnings and Comprehensive Income are presented in the table below.

	Amounts Reclassified from AOCI						Affected Line Item in the Consolidated Statement of Earnings and Comprehensive Income
	2017			2016
Derivative Adjustments:
Natural gas commodity contracts	$	(0.3	)	$	1.2		Cost of goods sold
Foreign exchange contracts - purchases		0.1			(0.2	)	Cost of goods sold
Foreign exchange contracts - sales		(0.1	)		(1.4	)	Net sales
Interest rate swap contracts		0.9			8.3		Interest expense
Total income from continuing operations, before tax		0.6			7.9
Tax impact		(0.2	)		(2.8	)	Income tax expense
Total income from continuing operations, net of tax		0.4			5.1
Total (loss) from discontinued operations, net of tax benefit of $- and ($0.3)		-			(0.6	)
Total income, net of tax		0.4			4.5

Pension and Postretirement Adjustments:
Prior service cost amortization		0.9			0.6		Cost of goods sold
Prior service cost amortization		0.6			0.6		SG&A expense
Amortization of net actuarial loss		7.4			20.7		Cost of goods sold
Amortization of net actuarial loss		7.8			18.4		SG&A expense
Partial settlement		12.5			-		Cost of goods sold
Partial settlement		8.3			-		SG&A expense
Total expense from continuing operations, before tax		37.5			40.3
Tax impact		(13.1	)		(14.1	)	Income tax expense
Total expense from continuing operations, net of tax		24.4			26.2
Total expense from discontinued operations net of tax expense of $- and $1.5		-			2.9
Total expense, net of tax		24.4			29.1
Total reclassifications for the period	$	24.8		$	33.6