STOCKHOLDERS’ EQUITY

Changes in Accumulated Other Comprehensive Income (Loss)

The table below presents changes in AOCI by component for the three and six months ended June 30, 2018 and 2017. All amounts are net of tax (in millions).



	Three Months Ended June 30, 2018															Three Months Ended June 30, 2017
	CTA			Derivative Hedging Adj.			Debt & Equity Securities Adj.			Pension Liability Adj.			Total			CTA			Derivative Hedging Adj.			Debt & Equity Securities Adj.		Pension Liability Adj.			Total
Beginning balance	$	(113.3	)	$	0.8		$	0.8		$	(101.6	)	$	(213.3	)	$	(244.3	)	$	(1.3	)	$	0.7	$	(106.4	)	$	(351.3	)
Other comprehensive income (loss) before reclassifications	(74.5		)	(3.8		)	(0.1		)	4.2			(74.2		)	49.1			3.4			0.6		(2.7		)	50.4
Amounts reclassified from AOCI	—			(2.2		)	—			1.5			(0.7		)	4.9			1.0			—		1.4			7.3
Net Other Comprehensive Income (Loss)	(74.5		)	(6.0		)	(0.1		)	5.7			(74.9		)	54.0			4.4			0.6		(1.3		)	57.7
Ending balance	$	(187.8	)	$	(5.2	)	$	0.7		$	(95.9	)	$	(288.2	)	$	(190.3	)	$	3.1		$	1.3	$	(107.7	)	$	(293.6	)



	Six Months Ended June 30, 2018															Six Months Ended June 30, 2017
	CTA			Derivative Hedging Adj.			Debt & Equity Securities Adj.			Pension Liability Adj.			Total			CTA (1)			Derivative Hedging Adj.			Debt & Equity Securities Adj.		Pension Liability Adj. (2)			Total
Beginning balance	$	(144.7	)	$	2.1		$	4.3		$	(101.2	)	$	(239.5	)	$	(615.3	)	$	(2.4	)	$	0.6	$	(162.3	)	$	(779.4	)
Other comprehensive income (loss) before reclassifications	(43.1		)	(4.7		)	(3.6		)	2.3			(49.1		)	68.0			2.8			0.6		(3.5		)	67.9
Amounts reclassified from AOCI	—			(2.6		)	—			3.0			0.4			357.0			2.7			0.1		58.1			417.9
Net Other Comprehensive Income (Loss)	(43.1		)	(7.3		)	(3.6		)	5.3			(48.7		)	425.0			5.5			0.7		54.6			485.8
Ending balance	$	(187.8	)	$	(5.2	)	$	0.7		$	(95.9	)	$	(288.2	)	$	(190.3	)	$	3.1		$	1.3	$	(107.7	)	$	(293.6	)

(1) Reclassification of $352.1 million of losses (net of $1.5 million of tax benefits) from AOCI to Gain (loss) on disposition of discontinued operations - net of tax in connection with the sale of the MHPS business during the six months ended June 30, 2017.

(2) Reclassification of AOCI during the six months ended June 30, 2017 primarily relates to $55.4 million of losses (net of $23.9 million of tax benefits) reclassified from AOCI to Gain (loss) on disposition of discontinued operations - net of tax in connection with the sale of the MHPS business.

Stock-Based Compensation

During the six months ended June 30, 2018, the Company awarded 1.0 million shares of restricted stock to its employees with a weighted average grant date fair value of $40.15 per share. Approximately 60% of these awards are time-based and vest ratably on each of the first three anniversary dates. Approximately 26% cliff vest at the end of a three year period and are subject to performance targets that may or may not be met and for which the performance period has not yet been completed. Approximately 14% cliff vest and are based on performance targets containing a market condition determined over a three year period. The Company used the Monte Carlo method to determine grant date fair value of $41.57 per share for the awards with a market condition granted on March 8, 2018. The Monte Carlo method is a statistical simulation technique used to provide the grant date fair value of an award. The following table presents the weighted-average assumptions used in the valuation:



	Grant date
	March 8, 2018
Dividend yields	1.00	%
Expected volatility	40.41	%
Risk free interest rate	2.38	%
Expected life (in years)	3

Share Repurchases and Dividends

In February 2015, the Company announced authorization by its Board of Directors for the repurchase of up to $200 million of the Company’s outstanding shares of common stock of which approximately $131 million of this authorization was utilized prior to January 1, 2017. In February 2017, the Company announced authorization by its Board of Directors for the repurchase of up to an additional $350 million of the Company’s outstanding shares of common stock. In May 2017, the Company announced the completion of the February 2015 and February 2017 authorizations and the Company’s Board of Directors had authorized the repurchase of up to an additional $280 million of the Company’s outstanding shares of common stock. In September 2017, the Company announced the completion of the May 2017 authorization and the Company’s Board of Directors authorized a repurchase of up to an additional $225 million of the Company’s outstanding shares of common stock. In February 2018, the Company announced authorization by its Board of Directors for the repurchase of up to an additional $325 million of the Company’s outstanding shares of common stock. During the six months ended June 30, 2018, the Company repurchased 8.0 million shares for $325 million under this program. A portion of the share repurchases was executed prior to June 30, 2018 but cash settled in July. In July 2018, the Company announced the completion of the February 2018 authorization and the Company’s Board of Directors authorized the repurchase of up to an additional $300 million of the Company’s outstanding shares of common stock. In the first and second quarter of 2018, the Company’s Board of Directors declared a dividend of $0.10 per share, which was paid to its shareholders. In July 2018, the Company’s Board of Directors declared a dividend of $0.10 per share which will be paid on September 19, 2018.