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 had 66.4 million and 66.1 million common shares issued as of December 31, 2018 and 2017, respectively. Of those amounts, 60.2 million and 60.0 million common shares were outstanding as of December 31, 2018 and 2017, 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, 2018.

Dividends

The Company declared and paid dividends totaling $18.7 million, $16.8 million and $16.9 million during 2018, 2017 and 2016, respectively.

On February 19, 2019, the Board declared a quarterly cash dividend of $0.08 per common share payable on March 29, 2019 to holders of record at the close of business on March 18, 2019.

Stock Repurchase Program

In November 2014, the Board authorized a stock repurchase program of up to $75.0 million of the Company’s common stock. The stock repurchase 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.

During the year ended December 31, 2018, the Company repurchased 62,500 shares for a total of $1.2 million under the stock repurchase program. No shares were repurchased during the year ended December 31, 2017. During the year ended December 31, 2016, the Company repurchased 2,961,007 shares for a total of $37.8 million under the stock repurchase program.

Under its stock 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. 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			Prior Service Costs			Foreign Currency Translation			Unrealized Gain on Derivatives			Total
Balance at January 1, 2018	$	(75.4	)	$	—		$	(2.5	)	$	1.0		$	(76.9	)
Other comprehensive (loss) income before reclassifications	(3.9		)	(2.5		)	(6.4		)	0.8			(12.0		)
Amounts reclassified from accumulated other comprehensive loss	2.7			—			—			(0.5		)	2.2
Net current-period other comprehensive (loss) income	(1.2		)	(2.5		)	(6.4		)	0.3			(9.8		)
Impact of adoption of ASU 2018-02 ^(c)	(10.8		)	—			—			0.2			(10.6		)
Balance at December 31, 2018	$	(87.4	)	$	(2.5	)	$	(8.9	)	$	1.5		$	(97.3	)



(in millions)^(a)	Actuarial Losses^(b)			Foreign Currency Translation			Unrealized Gain on Derivatives		Total
Balance at January 1, 2017	$	(79.0	)	$	(13.0	)	$	—	$	(92.0	)
Other comprehensive (loss) income before reclassifications	(2.2		)	10.5			0.8		9.1
Amounts reclassified from accumulated other comprehensive loss	5.8			—			0.2		6.0
Net current-period other comprehensive income	3.6			10.5			1.0		15.1
Balance at December 31, 2017	$	(75.4	)	$	(2.5	)	$	1.0	$	(76.9	)


(a)	Amounts in parentheses indicate losses.


(b)	During the year ended December 31, 2017, the Company reclassified $6.1 million of actuarial losses from Accumulated other comprehensive loss to Pension settlement charges on the Consolidated Statements of Operations.


(c)	Refer to Note 1– Summary of Significant Accounting Policies for further discussion of the adoption of ASU 2018-02.

The following table summarizes the amounts 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 ^(a)
	2018			2017
	(in millions)^(b)
Amortization of actuarial losses of defined benefit pension plans	$	(3.6	)	$	(3.1	)	Other expense (income), net
Recognition of actuarial losses associated with pension settlement	—			(6.1		)	Pension settlement charges
Interest income (expense) on interest rate swap	0.6			(0.3		)	Interest expense
Total before tax	(3.0		)	(9.5		)
Income tax benefit	0.8			3.5			Income tax expense
Total reclassifications for the period, net of tax	$	(2.2	)	$	(6.0	)


(a)	Continuing operations only.


(b)	Amount in parentheses indicate debits to profit/loss.