STOCKHOLDERS’ EQUITY

Changes in Accumulated Other Comprehensive Income (Loss)

The table below presents changes in AOCI by component for the three months ended March 31, 2019 and 2018. All amounts are net of tax (in millions).



	Three Months Ended March 31, 2019														Three Months Ended March 31, 2018
	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	$	(225.6	)	$	(4.4	)	$	0.8	$	(55.6	)	$	(284.8	)	$	(144.7	)	$	2.1		$	4.3		$	(101.2	)	$	(239.5	)
Other comprehensive income (loss) before reclassifications	(2.1		)	(2.8		)	0.8		(0.5		)	(4.6		)	31.4			(0.9		)	(0.9		)	(1.9		)	27.7
Amounts reclassified from AOCI	—			1.7			—		0.6			2.3			—			(0.4		)	—			1.5			1.1
Net Other Comprehensive Income (Loss)	(2.1		)	(1.1		)	0.8		0.1			(2.3		)	31.4			(1.3		)	(0.9		)	(0.4		)	28.8
Other (1)	—			—			—		—			—			—			—			(2.6		)	—			(2.6		)
Ending balance	$	(227.7	)	$	(5.5	)	$	1.6	$	(55.5	)	$	(287.1	)	$	(113.3	)	$	0.8		$	0.8		$	(101.6	)	$	(213.3	)

(1) Other relates to amounts reclassified from AOCI to Retained Earnings in connection with the adoption of ASU 2016-01 and 2016-16.

Stock-Based Compensation

During the three months ended March 31, 2019, the Company awarded 1.1 million shares of restricted stock to its employees with a weighted average grant date fair value of $34.41 per share. Approximately 57% of these awards are time-based and vest ratably on each of the first three anniversary dates. Approximately 28% 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 15% 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 $38.77 per share for the awards with a market condition granted on March 12, 2019. 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 12, 2019
Dividend yields	1.31	%
Expected volatility	36.64	%
Risk free interest rate	2.40	%
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 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 the completion of the September 2017 authorization and the Company’s Board of Directors authorized the repurchase of up to an additional $325 million of the Company’s outstanding shares of common stock. 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. During the three months ended March 31, 2019, the Company did not repurchase shares under this program. During the three months ended March 31, 2018, the Company repurchased 5.1 million shares for $209.2 million. In the first quarter of 2019, the Company’s Board of Directors declared a dividend of $0.11 per share, which was paid to its shareholders.