XML 52 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholders' Equity
 6 Months Ended
Jun. 30, 2014
Equity [Abstract]  
Shareholders' Equity
SHAREHOLDERS' EQUITY
Declaration of Cash Dividend
On April 22, 2014, the Company's board of directors (the “Board”) reinstated the Company's quarterly cash dividend by declaring a dividend of $0.03 per common share. The dividend totaled $1.9 million and was distributed on June 3, 2014 to holders of record at the close of business on May 13, 2014.
On July 22, 2014, the Board declared a dividend of $0.03 per common share payable on September 3, 2014 to holders of record at the close of business on August 12, 2014.
Share Repurchase Program
On April 22, 2014, the Board authorized a share repurchase program of up to $15.0 million of the Company’s common stock. The repurchase program is intended primarily to facilitate a reduction in the investment in Company stock within the Company’s U.S. defined benefit pension plan portfolio and to reduce dilution resulting from issuances of stock under the Company’s employee equity incentive programs.
Under the share repurchase program, the Company is authorized to repurchase, from time to time, shares of its outstanding common stock in the open market or through privately negotiated transactions. Share repurchases by the Company are subject to market conditions and other factors and may be commenced, suspended or discontinued at any time. During the second quarter of 2014, the Company repurchased 232,475 shares for a total of $3.3 million.
Accumulated Other Comprehensive Loss
The following tables summarize 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 April 1, 2014
$
(57.3
)
 
$
16.0

 
$
0.2

 
$
(41.1
)
Other comprehensive income (loss) before reclassifications
(0.2
)
 
0.3

 
(0.2
)
 
(0.1
)
Amounts reclassified from accumulated other comprehensive loss (1)
0.8

 
0.1

 
—

 
0.9

Net current-period other comprehensive income (loss)
0.6

 
0.4

 
(0.2
)
 
0.8

Balance at June 30, 2014
$
(56.7
)
 
$
16.4

 
$
—

 
$
(40.3
)
 
 
 
 
 
 
 
 
Balance at April 1, 2013
$
(87.7
)
 
$
5.1

 
$
(0.5
)
 
$
(83.1
)
Other comprehensive income (loss) before reclassifications
—

 
1.2

 
1.1

 
2.3

Amounts reclassified from accumulated other comprehensive loss (2)
2.1

 
—

 
—

 
2.1

Net current-period other comprehensive income
2.1

 
1.2

 
1.1

 
4.4

Balance at June 30, 2013
$
(85.6
)
 
$
6.3

 
$
0.6

 
$
(78.7
)
(in millions)
Actuarial Losses
 
Foreign
Currency Translation
 
Unrealized
Gain (Loss) on
Derivatives
 
Total
Balance at January 1, 2014
$
(58.1
)
 
$
16.0

 
$
0.2

 
$
(41.9
)
Other comprehensive income (loss) before reclassifications
(0.3
)
 
0.2

 
(0.2
)
 
(0.3
)
Amounts reclassified from accumulated other comprehensive loss (1)
1.7

 
0.2

 
—

 
1.9

Net current-period other comprehensive income (loss)
1.4

 
0.4

 
(0.2
)
 
1.6

Balance at June 30, 2014
$
(56.7
)
 
$
16.4

 
$
—

 
$
(40.3
)
 
 
 
 
 
 
 
 
Balance at January 1, 2013
$
(91.0
)
 
$
10.8

 
$
0.1

 
$
(80.1
)
Other comprehensive income (loss) before reclassifications
1.4

 
(4.2
)
 
0.5

 
(2.3
)
Amounts reclassified from accumulated other comprehensive loss (2)
4.0

 
(0.3
)
 
—

 
3.7

Net current-period other comprehensive income (loss)
5.4

 
(4.5
)
 
0.5

 
1.4

Balance at June 30, 2013
$
(85.6
)
 
$
6.3

 
$
0.6

 
$
(78.7
)

(1)
The change in actuarial losses in the three and six months ended June 30, 2014 includes $1.4 million and $2.7 million of actuarial losses that have been included in the computation of net postretirement pension expense for the period.
(2)
The change in actuarial losses in the three and six months ended June 30, 2013 represents $2.1 million and $4.1 million of actuarial losses that have been included in computation of net postretirement pension expense.