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STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2019
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
 

Changes in Accumulated Other Comprehensive Income (Loss)

The table below presents changes in AOCI by component for the three and nine months ended September 30, 2019 and 2018. All amounts are net of tax (in millions).
 
Three Months Ended
September 30, 2019
 
Three Months Ended
September 30, 2018
 
CTA (1)
Derivative Hedging Adj.
Debt & Equity Securities Adj.
Pension Liability Adj.
Total
 
CTA
Derivative Hedging Adj.
Debt & Equity Securities Adj.
Pension Liability Adj.
Total
Beginning balance
$
(231.7
)
$
(3.5
)
$
2.1

$
(54.2
)
$
(287.3
)
 
$
(187.8
)
$
(5.2
)
$
0.7

$
(95.9
)
$
(288.2
)
Other comprehensive income (loss) before reclassifications
(51.9
)
(3.5
)
0.4

14.4

(40.6
)
 
(18.1
)
(1.0
)
0.4

0.7

(18.0
)
Amounts reclassified from AOCI
26.1

2.0

—

(0.5
)
27.6

 
(0.7
)
1.1

—

1.5

1.9

Net Other Comprehensive Income (Loss)
(25.8
)
(1.5
)
0.4

13.9

(13.0
)
 
(18.8
)
0.1

0.4

2.2

(16.1
)
Ending balance
$
(257.5
)
$
(5.0
)
$
2.5

$
(40.3
)
$
(300.3
)
 
$
(206.6
)
$
(5.1
)
$
1.1

$
(93.7
)
$
(304.3
)


(1) Reclassifications relate to 26.1 million of losses (net of 2.8 million of tax benefits) reclassified from AOCI to Gain (loss) on disposition of discontinued operations - net of tax in connection with the sale of Demag.

 
Nine Months Ended
September 30, 2019
 
Nine Months Ended
September 30, 2018
 
CTA (1)
Derivative Hedging Adj.
Debt & Equity Securities Adj.
Pension Liability Adj.
Total
 
CTA
Derivative Hedging Adj.
Debt & Equity Securities Adj.
Pension Liability Adj.
Total
Beginning balance
$
(225.6
)
$
(4.4
)
$
0.8

$
(55.6
)
$
(284.8
)
 
$
(144.7
)
$
2.1

$
4.3

$
(101.2
)
$
(239.5
)
Other comprehensive income (loss) before reclassifications
(58.0
)
(5.7
)
1.7

14.6

(47.4
)
 
(61.2
)
(5.7
)
(0.6
)
3.0

(64.5
)
Amounts reclassified from AOCI
26.1

5.1

—

0.7

31.9

 
(0.7
)
(1.5
)
—

4.5

2.3

Net Other Comprehensive Income (Loss)
(31.9
)
(0.6
)
1.7

15.3

(15.5
)
 
(61.9
)
(7.2
)
(0.6
)
7.5

(62.2
)
Other (2)
—

—

—

—

—

 
—

—

(2.6
)
—

(2.6
)
Ending balance
$
(257.5
)
$
(5.0
)
$
2.5

$
(40.3
)
$
(300.3
)
 
$
(206.6
)
$
(5.1
)
$
1.1

$
(93.7
)
$
(304.3
)


(1) Reclassifications relate to 26.1 million of losses (net of 2.8 million of tax benefits) reclassified from AOCI to Gain (loss) on disposition of discontinued operations - net of tax in connection with the sale of Demag.
(2) Other relates to amounts reclassified from AOCI to Retained Earnings in connection with the adoption of ASU 2016-01 and 2016-16.

Stock-Based Compensation

During the nine months ended September 30, 2019, the Company awarded 1.1 million shares of restricted stock to its employees with a weighted average grant date fair value of $34.22 per share.  Approximately 57% of these awards are time-based and vest ratably on each of the first three anniversary dates. Approximately 28% cliff vest at the end of a three-year period and are subject to performance targets that may or may not be met and for which the performance period has not yet been completed. Approximately 15% cliff vest and are based on performance targets containing a market condition determined over a three-year period.

The Company used the Monte Carlo method to determine grant date fair value of $38.77 per share for the awards with a market condition granted on March 12, 2019.  The Monte Carlo method is a statistical simulation technique used to provide the grant date fair value of an award.  

The following table presents the weighted-average assumptions used in the valuation:
 
Grant date
 
March 12, 2019
Dividend yields
1.31
%
Expected volatility
36.64
%
Risk free interest rate
2.40
%
Expected life (in years)
3



Share Repurchases and Dividends

In February 2018, Terex’s Board of Directors authorized the repurchase of up to an additional $325 million of the Company’s outstanding shares of common stock. During the nine months ended September 30, 2018, the Company repurchased 8.0 million shares for $325 million under this authorization. In July 2018, Terex’s Board of Directors’ authorized the Company to repurchase up to an additional $300 million of the Company’s outstanding shares of common stock, of which the Company repurchased 3.4 million shares for $100 million during the fourth quarter of 2018. During the nine months ended September 30, 2019, the Company did not repurchase shares under the July 2018 authorization, leaving $200 million available for repurchase under this program.

In the first, second and third quarter of 2019, Terex’s Board of Directors declared a dividend of $0.11 per share, which was paid to the Company’s shareholders. In October 2019, Terex’s Board of Directors declared a dividend of $0.11 per share which will be paid on December 19, 2019.