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Stockholders' Equity
 12 Months Ended
Dec. 31, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Stockholders’ Equity
In October 2013, the Company entered into agreements with Goldman, Sachs & Co. (“Goldman Sachs”) to effect an accelerated stock buyback (the “ASB Agreement”) of the Company’s common stock. Under the ASB Agreement, the Company paid Goldman Sachs an initial purchase price of $350.0 million, and Goldman Sachs delivered to the Company 9.4 million shares of the Company’s common stock based on an initial per share amount of $29.69, representing a substantial majority of the shares expected to be delivered under the ASB Agreement. The number of shares that the Company ultimately purchased under the ASB Agreement was determined based on the average of the daily volume-weighted average share prices of the Company’s common stock over the course of a calculation period, less a discount, and was subject to certain adjustments under the ASB Agreement. Upon settlement following the end of the calculation period in March 2014, Goldman Sachs delivered 2.0 million additional shares to the Company so that the aggregate value of the shares initially delivered plus such additional shares, based on the final price, was $350.0 million. Such shares were immediately retired.
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 was authorized for a period of three years ending in August 2014. In 2014, the SRP was expanded and extended such that the Company may repurchase over $750.0 million of additional shares from February 2014 through the end of 2017, and the $42.9 million availability remaining at December 31, 2013 under the initial $300.0 million authorization was canceled. During 2014, the Company repurchased 11.4 million shares pursuant to the SRP for $363.2 million, and such shares were immediately retired. From the commencement of the SRP in August 2011 through December 31, 2014, the Company has repurchased and retired a total of 24.4 million shares at an aggregate cost of $620.3 million, and the Company has $436.4 million of authorized repurchases remaining under the SRP as of December 31, 2014. The repurchase of additional shares will depend upon many factors, including the Company’s financial condition, liquidity and legal requirements.
The following tables display the components of accumulated other comprehensive income (loss ) (“AOCI”) as of and for the years ended December 31, 2014 and 2013 (in millions):
 
    Foreign Currency
    Translation
    Loss, net of tax(1)
 
Unrecognized
Pension & Other
Postretirement
Costs, net of tax
 
Derivative Hedging
(Loss) Income, net of tax
 
Accumulated Other    
Comprehensive Loss    
Balance at December 31, 2012
$
(166.5
)
 
$
(621.1
)
 
$
(1.4
)
 
$
(789.0
)
Other comprehensive income before reclassifications
4.3

 
116.3

 
3.2

 
123.8

Amounts reclassified to earnings
0.7

 
21.5

 
(2.2
)
 
20.0

Net current period other comprehensive income
5.0

 
137.8

 
1.0

 
143.8

Balance at December 31, 2013
(161.5
)
 
(483.3
)
 
(0.4
)
 
(645.2
)
Other comprehensive (loss) income before reclassifications
(126.3
)
 
(84.1
)
 
9.5

 
(200.9
)
Amounts reclassified to earnings
—

 
55.7

 
(4.0
)
 
51.7

Net current period other comprehensive income
(126.3
)
 
(28.4
)
 
5.5

 
(149.2
)
Balance at December 31, 2014
$
(287.8
)
 
$
(511.7
)
 
$
5.1

 
$
(794.4
)

(1) Includes foreign exchange (losses) gains of $(29.6) million and $10.0 million during 2014 and 2013, respectively, associated with intercompany loans designated as long-term.
 
The following table depicts the components of other comprehensive income (loss) reclassified to earnings presented on a pretax basis and the associated income tax impact for the year ended December 31, (in millions):
 
 
Amount Reclassified to Earnings as Expense (Benefit) in the Statement of Operations
 
Affected Line Item in the Consolidated Statements of Operations
 
 
2014
 
2013
 
2012
 
Foreign currency translation loss:
 
 
 
 
 
 
 
 
Total before tax
 
$
—

 
$
0.7

 
$
—

 
Discontinued operations
Tax effect
 
—

 
—

 
—

 
 
Net of tax
 
$
—

 
$
0.7

 
$
—

 
 
Unrecognized pension and other postretirement costs:
 
 
 
 
 
 
 
 
Prior service (benefit) cost
 
$
(6.5
)
 
$
(1.6
)
 
$
0.7

 
(1) 
Actuarial loss
 
92.9

 
33.5

 
25.6

 
(1) 
Total before tax
 
86.4

 
31.9

 
26.3

 
 
Tax effect
 
(30.7
)
 
(10.4
)
 
(8.2
)
 
 
Net of tax
 
$
55.7

 
$
21.5

 
$
18.1

 
 
Derivatives:
 
 
 
 
 
 
 
 
Foreign exchange contracts on inventory-related purchases
 
$
(5.9
)
 
$
(3.8
)
 
$
0.1

 
Cost of products sold
Foreign exchange contracts on intercompany borrowings
 
(0.3
)
 
—

 
0.1

 
Interest expense, net
Forward interest rate swaps
 
0.7

 
0.7

 
0.1

 
Interest expense, net
Commodity swaps
 
—

 
—

 
2.9

 
Cost of products sold
Total before tax
 
(5.5
)
 
(3.1
)
 
3.2

 
 
Tax effect
 
1.5

 
0.9

 
(1.3
)
 
 
Net of tax
 
$
(4.0
)
 
$
(2.2
)
 
$
1.9

 
 
(1)
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 Consolidated Statements of Operations for 2014, 2013 and 2012. For 2014, $65.4 million of the amount is reflected as pension settlement charge. See Footnote 13 for further details.