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Stockholders' Equity And Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2016
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 three-year share repurchase program (the “SRP”). Under the SRP, the Company may repurchase its own shares of common stock through a combination of 10b5-1 automatic trading plans, discretionary market purchases or in privately negotiated transactions. As expanded and extended in November 2014, the Company may repurchase a total of up to $1.1 billion of its own stock through the end of 2017 pursuant to the SRP. As of March 31, 2016, the Company had $255.9 million available under the SRP for future repurchases.
The following tables display the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2016 and 2015 (in millions):
 
Foreign Currency Translation Loss (1)
 
Unrecognized
Pension & Other
Postretirement
Costs, Net of Tax
 
Derivative Hedging Gain (Loss), Net of Tax
 
Accumulated Other    
Comprehensive Loss
Balance at December 31, 2015
$
(411.7
)
 
$
(422.3
)
 
$
0.2

 
$
(833.8
)
Other comprehensive income (loss) before reclassifications
10.9

 
4.3

 
(68.7
)
 
(53.5
)
Amounts reclassified to earnings
—

 
2.4

 
10.7

 
13.1

Net current period other comprehensive income (loss)
10.9

 
6.7

 
(58.0
)
 
(40.4
)
Balance at March 31, 2016
$
(400.8
)
 
$
(415.6
)
 
$
(57.8
)
 
$
(874.2
)

(1)
Includes foreign exchange gains of $0.5 million arising during the three months ended March 31, 2016 associated with intercompany loans designated as long-term.
 
Foreign Currency Translation Loss (2)
 
Unrecognized
Pension & Other
Postretirement
Costs, Net of Tax
 
Derivative Hedging Gain (Loss), Net of Tax
 
Accumulated Other    
Comprehensive Loss    
Balance at December 31, 2014
$
(287.8
)
 
$
(511.7
)
 
$
5.1

 
$
(794.4
)
Other comprehensive (loss) income before reclassifications
(105.5
)
 
7.2

 
4.2

 
(94.1
)
Amounts reclassified to earnings
—

 
4.0

 
(3.1
)
 
0.9

Net current period other comprehensive (loss) income
(105.5
)
 
11.2

 
1.1

 
(93.2
)
Balance at March 31, 2015
$
(393.3
)
 
$
(500.5
)
 
$
6.2

 
$
(887.6
)

(2)
Includes foreign exchange losses of $24.2 million arising during the three months ended March 31, 2015 associated with intercompany loans designated as long-term.
The following table depicts reclassifications out of accumulated other comprehensive loss to earnings for the periods indicated (in millions):
 
Amount Reclassified to Earnings as Expense (Benefit) in the Statements of Operations
 
Affected Line Item in the Condensed Consolidated Statements of Operations
 
Three Months Ended March 31,
 
 
2016
 
2015
 
Unrecognized pension and other postretirement costs:
 
 
 
 
 
Prior service benefit
$
(1.2
)
 
$
(1.7
)
 
(1) 
Actuarial loss
4.7

 
7.4

 
(1) 
Total before tax
3.5

 
5.7

 
 
Tax effect
(1.1
)
 
(1.7
)
 
 
Net of tax
$
2.4

 
$
4.0

 
 
Derivatives:
 
 
 
 
 
Foreign exchange contracts on inventory-related purchases
$
(1.7
)
 
$
(4.3
)
 
Cost of products sold
Cross-currency interest rate swaps on intercompany borrowings
11.8

 
—

 
Other expense, net
Forward-starting interest rate swaps
0.2

 
0.2

 
Interest expense, net
Total before tax
10.3

 
(4.1
)
 
 
Tax effect
0.4

 
1.0

 
 
Net of tax
$
10.7

 
$
(3.1
)
 
 

(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 Condensed Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015. See Footnote 9 for further details.