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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

The following table shows our total cash dividends paid in the three years ended December 31:

			Total Cash Dividends
(In millions, except per share amounts)	Total Cash Dividends Paid		Paid Per Common Share
2013	$	102.0	$	0.52
2014		110.9		0.52
2015		106.8		0.52
Total	$	319.7

Summary of Changes in Common Stock and Common Stock in Treasury

The following is a summary of changes during the three years ended December 31, 2015 in shares of our common stock and common stock in treasury:

	2015			2014			2013
Changes in common stock:
Number of shares, beginning of year		224,683,653			205,707,580			204,660,621
Shares issued for Grace Settlement		—			18,000,000			—
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan		419,844			572,089			398,230
Restricted stock shares, forfeited		(185,056	)		—			—
Shares issued for vested restricted stock units		172,071			136,197			98,550
Shares issued for 2012 Three-Year PSU Awards		442,985			—			—
Shares issued for 2011 Three-Year PSU Awards		—			145,597			—
Shares issued for 2010 Three-year PSU Awards		—			—			472,865
Shares issued for SLO awards		71,893			101,062			51,321
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors		20,246			21,128			25,993
Number of shares issued, end of year		225,625,636			224,683,653			205,707,580
Changes in common stock in treasury:
Number of shares held, beginning of year		14,151,759			9,508,908			10,102,952
Repurchase of common stock		16,123,111			5,427,432			—
Profit sharing contribution paid in stock		(787,463	)		(965,238	)		(857,754	)
Restricted stock share forfeitures transferred to Omnibus Incentive Plan Reserve		(75,638	)		—			—
Restricted stock shares, forfeited		—			106,220			40,100
Shares withheld for taxes		200,568			74,437			223,610
Number of shares held, end of year		29,612,337			14,151,759			9,508,908
Number of common stock outstanding, end of year		196,013,299			210,531,894			196,198,672

Summary of Changes in Common Shares Available for Awards under Omnibus Plan and Predecessor Plans

A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows:

	2015			2014			2013
Number of shares available, beginning of year		8,775,994			5,676,699			6,588,352
Newly registered shares under Omnibus Incentive Plan		—			4,250,000			—
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan		(419,844	)		(572,089	)		(398,230	)
Restricted stock shares forfeited		185,056			106,220			40,100
Restricted stock units awarded		(300,085	)		(431,987	)		(187,595	)
Restricted stock units forfeited		38,100			9,800			3,500
Shares issued for 2012 Three-year PSU Awards		(442,985	)		—			—
Shares issued for 2011 Three-year PSU Awards		—			(145,597	)		—
Shares issued for 2010 Three-year PSU Awards		—			—			(472,865	)
Restricted stock shares issued for SLO awards		—			(96,773	)		(21,505	)
Restricted stock units awarded for SLO awards		(134,078	)		(48,528	)		(51,033	)
SLO units forfeited		13,752			—			—
Director shares granted and issued		(20,246	)		(21,128	)		(25,993	)
Director units granted and deferred		(925	)		(20,444	)		(21,642	)
Shares withheld for taxes⁽¹⁾		—			69,821			223,610
Number of shares available, end of year ⁽²⁾		7,694,739			8,775,994			5,676,699

⁽¹⁾	The Omnibus Incentive Plan and 2005 Contingent Stock Plan permit “minimum” withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards.

⁽²⁾	The above table excludes approximately 4.1 million of contingently issuable shares under the PSU awards and SLO awards, which represents the maximum number of shares that could be issued under those plans as of December 31, 2015.

Summarizes the Company's Pre-tax Share-based Incentive Compensation Expense and Income Tax Benefit

The following table summarizes the Company’s pre-tax share-based incentive compensation expense and related income tax benefit for the years ended December 31, 2015, 2014 and 2013 related to the Company’s PSU awards, SLO awards and restricted stock awards.

(in millions)	2015		2014		2013
2015 Three-year PSU Awards	$	4.7	$	—	$	—
2014 Special PSU Awards		15.7		11.8		—
2014 Three-year PSU Awards		7.0		6.8		—
2013 Three-year PSU Awards		4.7		8.2		4.4
2012 Three-year PSU Awards		—		1.8		2.4
2011 Three-year PSU Awards		—		—		(1.2	)
2010 Three-year PSU Awards		—		—		0.1
2013 WVH Incentive Compensation⁽¹⁾		—		1.3		2.5
2012 President & COO Four-year Incentive Compensation⁽²⁾		0.3		0.4		0.6
SLO awards		3.7		4.6		2.8
Other long-term share-based incentive compensation programs⁽³⁾		25.1		19.2		12.5
Total share-based incentive compensation expense⁽⁴⁾	$	61.2	$	54.1	$	24.1
Associated tax benefits recognized	$	18.6	$	15.7	$	7.8

⁽¹⁾

On February 28, 2013, the Organization and Compensation Committee of our Board of Directors (“O&C Committee”) approved a change in the vesting policy regarding the existing 2011 Three-year PSU Awards, and the newly granted 2013 three-year PSU Awards, for William V. Hickey, our former Chairman and Chief Executive Officer. The approved change will result in the full vesting of the awards, rather than a pro-rata portion vesting as of the date of his retirement (May 16, 2013). Mr. Hickey’s awards will still be subject to the performance metrics stipulated in the plan documents, and will be paid-out in accordance with the original planned timing. As a result of these approved changes, the expense related to these awards was accelerated and recognized over the applicable service period up until the date of his retirement.

⁽²⁾	The amount includes only the two initial equity awards. See below for further detail.

⁽³⁾	The amount includes the expenses associated with the restricted stock awards consisting of restricted stock shares, restricted stock units and cash-settled restricted stock unit awards.

⁽⁴⁾	The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock as these contributions are not considered share-based incentive compensation.

Restricted Stock [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Unvested Restricted Stock and Restricted Stock Unit

The following table summarizes activity for unvested restricted stock and restricted stock unit for 2015:

	Restricted stock shares							Restricted stock unit
	Shares			Weighted-Average per Share Fair Value on Grant Date		Aggregate Intrinsic Value (in millions)		Shares			Weighted-Average per Share Fair Value on Grant Date		Aggregate Intrinsic Value (in millions)
Non-vested at December 31, 2014		1,561,969		$	25.09				791,335		$	27.66
Granted		419,844		$	45.35				301,285		$	45.18
Vested		(593,970	)	$	17.21	$	28.8		(172,071	)	$	17.62	$	8.5
Forfeited or expired		(118,068	)	$	29.57				(38,100	)	$	20.16
Non-vested at December 31, 2015		1,269,775		$	35.09				882,449		$	35.93

Schedule of Vested Restricted Stock

A summary of the Company’s fair values of its vested restricted stock shares and restricted stock units are shown in the following table:

(In millions)	2015		2014		2013
Fair value of restricted stock shares vested	$	10.2	$	7.6	$	7.4
Fair value of restricted stock units vested	$	3.0	$	3.2	$	2.1

Schedule of Unrecognized Compensation Cost

A summary of the Company’s unrecognized compensation cost and weighted average periods over which the compensation cost is expected to be recognized for its non-vested restricted stock shares and restricted stock units are shown in the following table:

(In millions)

Unrecognized Compensation Costs

Weighted Average

to be recognized

(in years)

Restricted Stock shares

20.7

1.4

Restricted Stock units

14.1

1.4

PSU Awards [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Number of PSUs Granted Based on Adjusted EBITDA and Grant Date Fair Value

The number of PSUs granted based on Adjusted EBITDA and the grant date fair value are shown in the following table:

2015

2014

2013

Number of units granted

158,964

239,851

451,264

Weighted average fair value on grant

date

46.05

32.72

20.23

Summary of Assumptions Used to Calculate the Grant Date Fair Value Based on Total Shareholder Return

The number of PSUs granted based on total shareholder return and the assumptions used to calculate the grant date fair value of the PSUs based on total shareholder return are shown in the following table:

	2015			2014			2013
Number of units granted		65,796			129,150			242,988
Weighted average fair value on grant date	$	59.91		$	43.13		$	28.64
Expected price volatility⁽¹⁾		29.90	%		32.90	%		31.40	%
Risk-free interest rate⁽¹⁾		1.05	%		0.63	%		0.42	%

⁽¹⁾	Expected price volatility and risk-free interest rate for shares granted separately to William V. Hickey and Jerome A. Peribere were 31.5% and 0.36%, respectively.

Summary of Estimated Earned Payout

The following table includes additional information related to estimated earned payout based on the probable outcome of the performance condition and market condition as of December 31, 2015:

	Estimated Payout %
	Adjusted EBITDA			TSR			Combined
2015 Three-year PSU Awards		100	%		100	%		100	%
2014 Three-year PSU Awards		200	%		200	%		200	%
2013 Three-year PSU Awards		200	%		200	%		200	%

Summary of Activity for Outstanding PSUs Awards

The following table summarizes activity for outstanding PSUs awards for 2015:

	Shares			Aggregate Intrinsic Value (in millions) ⁽²⁾
Outstanding at December 31, 2014		1,346,375
Granted(1)		224,760
Converted		(432,574	)	$	19.6
Forfeited or expired		(57,116	)
Outstanding at December 31, 2015		1,081,445
Fully vested at December 31, 2015		531,440		$	47.4

⁽¹⁾	This represents the target number of performance units granted. Actual number of PSUs earned, if any, is dependent upon performance and may range from 0% to 200% percent of the target.

⁽²⁾	These amounts represent actual number of PSUs earned and vested at December 31, 2014 which were issued in February 2015.

Summary of Activity for Non-Vested PSUs Awards

The following table summarizes activity for non-vested PSUs awards for 2015:

	Shares			Weighted-Average per Share Fair Value on Grant Date
Non-vested at December 31, 2014		913,801		$	28.38
Granted		224,760		$	50.11
Vested		(531,440	)	$	24.32
Forfeited or expired		(57,116	)	$	25.55
Non-vested at December 31, 2015		550,005		$	41.99

Three-year PSU Awards [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Unrecognized Compensation Cost

A summary of the Company’s unrecognized compensation cost for three-year PSU awards at the current estimated earned payout based on the probable outcome of the performance condition and weighted average periods over which the compensation cost is expected to be recognized as shown in the following table:

(In millions)

Unrecognized

Compensation Costs

Weighted Average

to be recognized

(in years)

2015 Three-year PSU Awards

6.5

2.0

2014 Three-year PSU Awards

4.9

1.0

Schedule of Fair Value of Vested for Three-year PSU Awards

A summary of the Company’s fair value for its vested three-year PSU awards is shown in the following table:

(In millions)

2015

2014

2013

Fair value of three-year PSU awards

vested

20.1

5.9

3.5