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Shareholders' Equity
 9 Months Ended
Sep. 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. The dividend totaled $1.9 million and was distributed on September 3, 2014 to holders of record at the close of business on August 12, 2014.
On October 21, 2014, the Board declared a dividend of $0.03 per common share payable on December 2, 2014 to holders of record at the close of business on November 12, 2014.
Share Repurchase Program
On April 22, 2014, the Board authorized a share repurchase program (the “April 2014 program”) of up to $15.0 million of the Company’s common stock. The April 2014 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. During the second quarter of 2014, the Company repurchased 232,475 shares for a total of $3.3 million. During the third quarter of 2014, the Company repurchased an additional 230,150 shares for a total of $3.4 million.
On November 4, 2014, the Board authorized an additional share repurchase program (the “November 2014 program”) of up to $75.0 million of the Company’s common stock. The November 2014 program supplements the prior $15.0 million authorization under the April 2014 program, which remains in effect. The November 2014 program is intended primarily to facilitate opportunistic purchases of Company stock as a means to provide cash returns to shareholders, enhance shareholder returns, and manage the Company’s capital structure.
Under the share repurchase programs, 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.
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 July 1, 2014
$
(56.7
)
 
$
16.4

 
$
—

 
$
(40.3
)
Other comprehensive income (loss) before reclassifications
0.6

 
(9.6
)
 
0.2

 
(8.8
)
Amounts reclassified from accumulated other comprehensive loss (1)
0.8

 
(0.1
)
 
—

 
0.7

Net current-period other comprehensive income (loss)
1.4

 
(9.7
)
 
0.2

 
(8.1
)
Balance at September 30, 2014
$
(55.3
)
 
$
6.7

 
$
0.2

 
$
(48.4
)
 
 
 
 
 
 
 
 
Balance at July 1, 2013
$
(85.6
)
 
$
6.3

 
$
0.6

 
$
(78.7
)
Other comprehensive income (loss) before reclassifications
(4.1
)
 
6.3

 
(0.4
)
 
1.8

Amounts reclassified from accumulated other comprehensive loss (2)
2.9

 
0.2

 
—

 
3.1

Net current-period other comprehensive income (loss)
(1.2
)
 
6.5

 
(0.4
)
 
4.9

Balance at September 30, 2013
$
(86.8
)
 
$
12.8

 
$
0.2

 
$
(73.8
)
(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

 
(9.4
)
 
—

 
(9.1
)
Amounts reclassified from accumulated other comprehensive loss (1)
2.5

 
0.1

 
—

 
2.6

Net current-period other comprehensive income (loss)
2.8

 
(9.3
)
 
—

 
(6.5
)
Balance at September 30, 2014
$
(55.3
)
 
$
6.7

 
$
0.2

 
$
(48.4
)
 
 
 
 
 
 
 
 
Balance at January 1, 2013
$
(91.0
)
 
$
10.8

 
$
0.1

 
$
(80.1
)
Other comprehensive income (loss) before reclassifications
(2.7
)
 
2.1

 
0.1

 
(0.5
)
Amounts reclassified from accumulated other comprehensive loss (2)
6.9

 
(0.1
)
 
—

 
6.8

Net current-period other comprehensive income
4.2

 
2.0

 
0.1

 
6.3

Balance at September 30, 2013
$
(86.8
)
 
$
12.8

 
$
0.2

 
$
(73.8
)

(1)
The change in actuarial losses in the three and nine months ended September 30, 2014 includes $1.4 million and $4.1 million, respectively, 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 nine months ended September 30, 2013 represents $2.2 million and $6.3 million, respectively, of actuarial losses that have been included in the computation of net postretirement pension expense and $0.7 million and $0.6 million, respectively, of income tax expense largely due to a change in the United Kingdom tax rate that was enacted during the prior year third quarter.