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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

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

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

			Total Cash Dividends
(In millions, except per share amounts)	Total Cash Dividends Paid		Paid Per Common Share
2014	$	110.9	$	0.52
2015		106.8		0.52
2016		121.6		0.61
Total	$	339.3

Summary of Changes in Common Stock and Common Stock in Treasury

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

	2016			2015			2014
Changes in common stock:
Number of shares, beginning of year		225,625,636			224,683,653			205,707,580
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		481,834			419,844			572,089
Restricted stock shares, forfeited		(89,699	)		(185,056	)		—
Shares issued for vested restricted stock units		179,826			172,071			136,197
Shares issued for 2012 President and Chief Operating Officer (COO) Four-Year Award		325,000			—			—
Shares issued for 2013 Three-Year PSU Awards		1,074,017			—			—
Shares issued for 2012 Three-Year PSU Awards		—			442,985			—
Shares issued for 2011 Three-Year PSU Awards		—			—			145,597
Shares issued for SLO Awards		20,587			71,893			101,062
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors		21,537			20,246			21,128
Number of shares issued, end of year		227,638,738			225,625,636			224,683,653
Changes in common stock in treasury:
Number of shares held, beginning of year		29,612,337			14,151,759			9,508,908
Repurchase of common stock		4,680,313			16,123,111			5,427,432
Profit sharing contribution paid in stock		(830,613	)		(787,463	)		(965,238	)
Restricted stock shares forfeitures transferred to Omnibus Incentive Plan Reserve		—			(75,638	)		—
Restricted stock shares, forfeited		(1,813	)		—			106,220
Shares withheld for taxes		696,131			200,568			74,437
Number of shares held, end of year		34,156,355			29,612,337			14,151,759
Number of common stock outstanding, end of year		193,482,383			196,013,299			210,531,894

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, 2016, 2015 and 2014 related to the Company’s PSU awards, SLO awards and restricted stock awards.

(in millions)	2016		2015		2014
2016 Three-year PSU Awards	$	6.3	$	—	$	—
2016 President & CEO Inducement Award		0.5		—		—
2015 Three-year PSU Awards		3.5		4.7		—
2014 Special PSU Awards⁽¹⁾		8.8		15.7		11.8
2014 Three-year PSU Awards		4.9		7.0		6.8
2013 Three-year PSU Awards		—		4.7		8.2
2012 Three-year PSU Awards		—		—		1.8
2013 WVH Incentive Compensation⁽²⁾		—		—		1.3
2012 President & COO Four-year Incentive Compensation⁽³⁾		0.2		0.3		0.4
SLO Awards		2.5		3.7		4.6
Other long-term share-based incentive compensation programs⁽⁴⁾		36.2		25.1		19.2
Total share-based incentive compensation expense⁽⁵⁾	$	62.9	$	61.2	$	54.1
Associated tax benefits recognized	$	19.7	$	18.6	$	15.7

⁽¹⁾	The amount does not include expense related to the 2014 Special PSU awards that will be settled in cash of $1.6 million in the year ended December 31, 2016.

⁽²⁾

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.

⁽³⁾	The amount includes only the two initial performance-based equity awards. See below for further detail.

⁽⁴⁾	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.

⁽⁵⁾	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.

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)	2016		2015		2014
Fair value of restricted stock shares vested	$	10.0	$	10.2	$	7.6
Fair value of restricted stock units vested	$	5.2	$	3.0	$	3.2

Summary of Assumptions Used to Calculate the Grant Date Fair Value

The assumptions used to calculate the grant date fair value of the performance-vesting Inducement Award are shown in the following table:

	2016 Performance-vesting Inducement Award
Fair value on grant date	$	12.55
Expected price volatility		24.60	%
Risk-free interest rate		0.92	%

Restricted Stock and Restricted Stock Units [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 units for 2016:

	Restricted stock shares							Restricted stock units
	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, 2015		1,269,775		$	35.09				882,449		$	35.93
Granted		481,834		$	44.16				428,595		$	43.37
Vested		(351,235	)	$	28.38	$	16.3		(179,826	)	$	28.97	$	8.3
Forfeited or expired		(87,886	)	$	36.43				(29,774	)	$	30.56
Non-vested at December 31, 2016		1,312,488		$	40.13				1,101,444		$	40.11

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	$	22.9		1.2
Restricted Stock units	$	18.8		1.1

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:

2016

2015

2014

Number of units granted

165,391

158,964

239,851

Weighted average fair value on grant

date

43.10

46.05

32.72

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:

	2016			2015			2014
Number of units granted		124,755			65,796			129,150
Weighted average fair value on grant date	$	57.14		$	59.91		$	43.13
Expected Price volatility		26.50	%		29.90	%		32.90	%
Risk-free interest rate		0.98	%		1.05	%		0.63	%

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, 2016:

	Estimated Payout %
	Adjusted EBITDA			TSR			Combined
2016 Three-year PSU Awards		100	%		100	%		100	%
2015 Three-year PSU Awards		100	%		168	%		124	%
2014 Three-year PSU Awards		200	%		188	%		196	%

Summary of Activity for Outstanding Three-year PSU Awards

The following table summarizes activity for outstanding Three-year PSU awards (excluding 2014 Special PSU Award) for 2016:

	Shares			Aggregate Intrinsic Value (in millions) ⁽²⁾
Outstanding at December 31, 2015		1,081,445
Granted(1)		290,146
Converted		(537,009	)	$	46.6
Forfeited or expired		(6,870	)
Outstanding at December 31, 2016		827,712
Fully vested at December 31, 2016		374,267		$	17.0

⁽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⁾	The aggregate intrinsic value is based on the actual number of PSUs earned and vested at December 31, 2015 which were issued in February 2016.

Summary of Activity for Non-Vested PSUs Awards

The following table summarizes activity for non-vested Three-year PSU awards (excluding 2014 Special PSU Award) for 2016:

	Shares			Weighted-Average per Share Fair Value on Grant Date
Non-vested at December 31, 2015		550,005		$	41.99
Granted		290,146		$	49.14
Vested		(374,267	)	$	38.13
Forfeited or expired		(6,870	)	$	49.14
Non-vested at December 31, 2016		459,014		$	49.55

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)
2016 Three-year PSU Awards	$	7.7		2.0
2015 Three-year PSU Awards	$	3.0		1.0
2014 Three-year PSU Awards	$	—		—

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)

2016

2015

2014

Fair value of three-year PSU awards

vested

14.3

20.1

5.9

Omnibus Incentive Plan and Predecessor Plans [Member]

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

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:


	2016			2015			2014
Number of shares available, beginning of year		7,694,739			8,775,994			5,676,699
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		(481,834	)		(419,844	)		(572,089	)
Restricted stock shares forfeited		87,886			185,056			106,220
Restricted stock units awarded		(428,595	)		(300,085	)		(431,987	)
Restricted stock units forfeited		29,774			38,100			9,800
Shares issued for 2012 President and COO Four-Year Award		(325,000	)		—			—
Shares issued for 2013 Three-Year PSU Awards		(1,074,017	)		—			—
Shares issued for 2012 Three-year PSU Awards		—			(442,985	)		—
Shares issued for 2011 Three-year PSU Awards		—			—			(145,597	)
Restricted stock shares issued for SLO Awards		—			—			(96,773	)
Restricted stock units awarded for SLO Awards		(81,614	)		(134,078	)		(48,528	)
SLO units forfeited		—			13,752			—
Director shares granted and issued		(18,022	)		(20,246	)		(21,128	)
Director units granted and deferred⁽¹⁾		(17,447	)		(925	)		(20,444	)
Shares withheld for taxes⁽²⁾		696,131			—			69,821
Number of shares available, end of year ⁽³⁾		6,082,001			7,694,739			8,775,994

⁽¹⁾	Director units granted and deferred include the impact of share-settled dividends earned and deferred on deferred shares.

⁽²⁾	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.

⁽³⁾	The above table excludes approximately 3.3 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, 2016.