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Stockholders' Equity
 12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Stockholders' Equity
STOCKHOLDERS’ EQUITY
The Company’s Board of Directors (the “Board”) 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 64.2 million and 63.8 million common shares issued as of December 31, 2014 and 2013, respectively. Of those amounts, 62.5 million and 62.8 million common shares were outstanding as of December 31, 2014 and 2013, respectively.
The Board 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 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, 2014.
Dividends
In the second quarter of 2014, the Board reinstated the Company’s quarterly cash dividend by declaring a dividend of $0.03 per common share. Similar dividends were also declared and paid in the third and fourth quarters of 2014. In the aggregate, the Company declared and paid dividends totaling $5.6 million during 2014.
On February 20, 2015, the Board declared a quarterly cash dividend of $0.06 per common share payable on March 27, 2015 to holders of record at the close of business on March 9, 2015.
Stock Repurchase Program
In April 2014, the Board authorized a stock 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 year ended December 31, 2014, the Company repurchased 696,263 shares for a total of $10.3 million under the April 2014 program.
In November 2014, the Board authorized an additional stock 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 stockholders, enhance stockholder returns and manage the Company’s capital structure. There were no stock repurchases under the November 2014 program during the year ended December 31, 2014.
Under the stock 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. Stock 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) (a)
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 loss before reclassifications
(24.6
)
 
(15.8
)
 
(0.1
)
 
(40.5
)
Amounts reclassified from accumulated other comprehensive loss
2.9

 
—

 
—

 
2.9

Net current-period other comprehensive loss
(21.7
)
 
(15.8
)
 
(0.1
)
 
(37.6
)
Balance at December 31, 2014
$
(79.8
)
 
$
0.2

 
$
0.1

 
$
(79.5
)
(in millions) (a)
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
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
)
(a)
Amounts in parenthesis indicate debits.
The following table summarizes the amount of actuarial losses reclassified from Accumulated other comprehensive loss, net of tax, and the affected line item in the Consolidated Statements of Operations:
Details about Accumulated Other Comprehensive Loss Components
 
Amount Reclassified from Accumulated Other Comprehensive Loss
 
Affected Line Item in Consolidated Statements of Operations
 
2014
 
2013
 
 
 
(in millions) (a)
 
 
Amortization of actuarial losses of defined benefit pension plans
 
$
(5.5
)
 
$
(8.4
)
 
(b)
Amortization of actuarial gains of retiree medical plans
 
0.2

 
—

 
SEG&A expenses
Total before tax
 
(5.3
)
 
(8.4
)
 
 
Income tax (expense) benefit
 
2.4

 
(0.6
)
 
Income tax (expense) benefit
Total reclassifications for the period, net of tax
 
$
(2.9
)
 
$
(9.0
)
 
 
(a)
Amount in parenthesis indicate debits to profit/loss.
(b)
The actuarial loss components of Accumulated other comprehensive loss are included in the computation of net periodic pension cost for the period, as disclosed in Note 7 – Pensions.