XML 42 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stockholders' Equity And Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2013
Stockholders' Equity Note [Abstract]  
Stockholders' Equity And Accumulated Other Comprehensive Income (Loss)
Stockholders’ Equity and Accumulated Other Comprehensive Loss
In August 2011, the Company announced a $300.0 million three-year share repurchase program (the “SRP”). Under the SRP, the Company may repurchase its own shares of common stock through a combination of a 10b5-1 automatic trading plan, discretionary market purchases or in privately negotiated transactions. The SRP is authorized to run for a period of three years ending in August 2014. During the nine months ended September 30, 2013, the Company repurchased 4.7 million shares pursuant to the SRP for $119.2 million, and such shares were immediately retired. Since the commencement of the SRP through September 30, 2013, the Company has repurchased and retired 12.9 million shares at an aggregate cost of $256.8 million.

The following table displays the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2013 (in millions):
 
Foreign Currency Translation Loss (1)
 
Unrecognized
Pension & Other
Postretirement
Costs, Net of Tax
 
Derivative Hedging (Loss) Gain, Net of Tax
 
Accumulated Other    
Comprehensive Loss    
Balance at December 31, 2012
$
(166.5
)
 
$
(621.1
)
 
$
(1.4
)
 
$
(789.0
)
Other comprehensive (loss) income before reclassifications
(5.9
)
 
(0.4
)
 
2.0

 
(4.3
)
Amounts reclassified to earnings
0.7

 
16.7

 
(1.6
)
 
15.8

Net current period other comprehensive (loss) income
(5.2
)
 
16.3

 
0.4

 
11.5

Balance at September 30, 2013
$
(171.7
)
 
$
(604.8
)
 
$
(1.0
)
 
$
(777.5
)

(1) Includes foreign exchange gains of $4.8 million arising during the nine months ended September 30, 2013, associated with intercompany loans designated as long-term.

The following table depicts reclassifications out of accumulated other comprehensive loss to earnings for the three and nine months ended September 30, 2013 (in millions):
 
 
Amount Reclassified to Earnings as Expense (Benefit) in the Statement of Operations
 
Affected Line Item in the Condensed Consolidated Statements of Operations
 
 
Three Months Ended September 30, 2013
 
Nine Months Ended September 30, 2013
 
Foreign currency translation loss:
 
 
 
 
 
 
Total before tax
 
$
0.7

 
$
0.7

 
Discontinued operations
Tax effect
 
—

 
—

 
 
Net of tax
 
$
0.7

 
$
0.7

 
 
Unrecognized pension and other postretirement costs:
 
 
 
 
 
 
Prior service benefit
 
$
(0.2
)
 
$
(0.6
)
 
(2) 
Actuarial loss
 
8.5

 
25.4

 
(2) 
Total before tax
 
8.3

 
24.8

 
 
Tax effect
 
(2.7
)
 
(8.1
)
 
 
Net of tax
 
$
5.6

 
$
16.7

 
 
Derivatives:
 
 
 
 
 
 
Foreign exchange contracts on inventory-related purchases
 
$
(0.7
)
 
$
(2.9
)
 
Cost of products sold
Forward interest rate swaps
 
0.2

 
0.6

 
Interest expense, net
Total before tax
 
(0.5
)
 
(2.3
)
 
 
Tax effect
 
0.2

 
0.7

 
 
Net of tax
 
$
(0.3
)
 
$
(1.6
)
 
 

(2) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement benefit costs, which are recorded in the cost of products sold and selling, general and administrative expenses line-items in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2013. See Footnote 8 for further details.