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Shareholders' Equity
 12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
Shareholders' Equity
SHAREHOLDERS’ EQUITY
The Company’s Board of Directors has the authority to issue 90.0 million shares of common stock at a par value of $1 per share. The holders of common stock (i) may receive dividends subject to all of the rights of the holders of preference stock; (ii) shall be entitled to share ratably upon any liquidation of the Company in the assets of the Company, if any, remaining after payment in full to the holders of preference stock; and (iii) receive one vote for each common share held and shall vote together share for share with the holders of voting shares of preference stock as one class for the election of directors and for all other purposes. The Company has 63.8 million and 63.4 million common shares issued as of December 31, 2013 and 2012, respectively. Of those amounts, 62.8 million and 62.4 million common shares were outstanding as of December 31, 2013 and 2012, respectively.
The Company’s Board of Directors is also authorized to provide for the issuance of 0.8 million shares of preference stock at a par value of $1 per share. The authority of the Board of Directors includes, but is not limited to, the determination of the dividend rate, voting rights, conversion and redemption features, and liquidation preferences. The Company has not designated or issued any preference stock as of December 31, 2013.
The following table summarizes the changes in each component of accumulated other comprehensive loss, net of tax:
(in millions)
Actuarial Losses
 
Foreign
Currency Translation
 
Unrealized
Gain (Loss) on
Derivatives
 
Total
Balance at January 1, 2013
$
(91.0
)
 
$
10.8

 
$
0.1

 
$
(80.1
)
Other comprehensive income before reclassifications
23.9

 
4.5

 
0.2

 
28.6

Amounts reclassified from accumulated other comprehensive loss (1)
9.0

 
0.7

 
(0.1
)
 
9.6

Net current-period other comprehensive income
32.9

 
5.2

 
0.1

 
38.2

Balance at December 31, 2013
$
(58.1
)
 
$
16.0

 
$
0.2

 
$
(41.9
)
 
(1)
The amounts reclassified from the actuarial losses component of accumulated other comprehensive loss in the year ended December 31, 2013 represents $8.4 million of actuarial losses that have been included in the computation of net post-retirement pension expense for the period, as disclosed in Note 7 - Pensions, and $0.6 million of income tax expense that has been recognized as a component of income tax benefit (expense), primarily due to a change in the United Kingdom tax rate that was enacted during the year ended December 31, 2013, as disclosed in Note 6 - Income Taxes.