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Stockholders' Equity And Accumulated Other Comprehensive Income (Loss) | 12 Months Ended
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Dec. 31, 2016
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Stockholders’ Equity In October 2013, the Company entered into agreements with Goldman, Sachs & Co. (“Goldman Sachs”) to effect an accelerated stock buyback (the “ASB Agreement”) of the Company’s common stock. Under the ASB Agreement, the Company paid Goldman Sachs an initial purchase price of $350.0 million, and Goldman Sachs delivered to the Company 9.4 million shares of the Company’s common stock based on an initial per share amount of $29.69, representing a substantial majority of the shares expected to be delivered under the ASB Agreement. The number of shares that the Company ultimately purchased under the ASB Agreement was determined based on the average of the daily volume-weighted average share prices of the Company’s common stock over the course of a calculation period, less a discount, and was subject to certain adjustments under the ASB Agreement. Upon settlement following the end of the calculation period in March 2014, Goldman Sachs delivered 2.0 million additional shares to the Company so that the aggregate value of the shares initially delivered plus such additional shares, based on the final price, was $350.0 million. Such shares were immediately retired. In August 2011, the Company announced a $300.0 million three-year share repurchase program (the “SRP”). Under the SRP, the Company may repurchase its own shares of common stock through a combination of 10b5-1 automatic trading plans, discretionary market purchases or in privately negotiated transactions. The SRP was originally authorized for a period of three years ending in August 2014. In 2014, the SRP was expanded and extended such that the Company may repurchase over $750.0 million of additional shares from February 2014 through the end of 2017, and the $42.9 million availability remaining at December 31, 2013 under the initial $300.0 million authorization was canceled. During 2016, the Company did not repurchase any shares pursuant to the SRP. From the commencement of the SRP in August 2011 through December 31, 2016, the Company has repurchased and retired a total of 28.9 million shares at an aggregate cost of $800.7 million, and the Company has $255.9 million of authorized repurchases remaining under the SRP as of December 31, 2016. The repurchase of additional shares will depend upon many factors, including the Company’s financial condition, liquidity and legal requirements. The following tables display the components of accumulated other comprehensive income (loss ) (“AOCI”) as of and for the years ended December 31, 2016, 2015 and 2014 (in millions):
| Foreign Currency Translation Loss, net of tax(1) |  | Unrecognized Pension & Postretirement Costs, net of tax |  | Derivative Hedging (Loss) Income, net of tax |  | Accumulated Other Comprehensive Loss
Balance at December 31, 2013 | $ | (161.5 | ) |  | $ | (483.3 | ) |  | $ | (0.4 | ) |  | $ | (645.2 | )
Other comprehensive (loss) income before reclassifications | (126.3 | ) |  | (84.1 | ) |  | 9.5 |  |  | (200.9 | )
Amounts reclassified to earnings | — |  |  | 55.7 |  |  | (4.0 | ) |  | 51.7 |
Net current period other comprehensive (loss) income | (126.3 | ) |  | (28.4 | ) |  | 5.5 |  |  | (149.2 | )
Balance at December 31, 2014 | (287.8 | ) |  | (511.7 | ) |  | 5.1 |  |  | (794.4 | )
Other comprehensive (loss) income before reclassifications | (153.3 | ) |  | 42.1 |  |  | 5.3 |  |  | (105.9 | )
Amounts reclassified to earnings | 29.4 |  |  | 47.3 |  |  | (10.2 | ) |  | 66.5 |
Net current period other comprehensive (loss) income | (123.9 | ) |  | 89.4 |  |  | (4.9 | ) |  | (39.4 | )
Balance at December 31, 2015 | (411.7 | ) |  | (422.3 | ) |  | 0.2 |  |  | (833.8 | )
Other comprehensive (loss) income before reclassifications | (198.0 | ) |  | 10.0 |  |  | (48.0 | ) |  | (236.0 | )
Amounts reclassified to earnings | 1.8 |  |  | 12.3 |  |  | 10.9 |  |  | 25.0 |
Net current period other comprehensive (loss) income | (196.2 | ) |  | 22.3 |  |  | (37.1 | ) |  | (211.0 | )
Balance at December 31, 2016 | $ | (607.9 | ) |  | $ | (400.0 | ) |  | $ | (36.9 | ) |  | $ | (1,044.8 | )
(1) | Includes foreign exchange (losses) gains of $(23.3) million, $(22.9) million and $(29.6) million during 2016, 2015 and 2014, respectively, associated with intercompany loans designated as long-term.
For 2016, 2015 and 2014 reclassifications from AOCI to the results of operations for the Company’s pension and postretirement benefit plans were a pre-tax expense of $16.5 million, $74.1 million and $86.4 million, respectively, and primarily represent the amortization of net actuarial losses and plan settlements (see Footnote 13). These costs are recorded in selling, general and administrative expenses and cost of sales. For 2016, 2015 and 2014, reclassifications from AOCI to the results of operations for the Company’s derivative financial instruments for effective cash flow hedges were pre-tax (loss) income of $(12.0) million, $14.3 million and $5.5 million, respectively (see Footnote 11). For 2015, $39.7 million pre-tax foreign currency translation charge was reclassified from AOCI to the results of operations related to the Venezuela deconsolidation. The income tax (provision) benefit allocated to the components of OCI are as follows (in millions):
|  | 2016 |  | 2015 |  | 2014
Foreign currency translation adjustments |  | $ | — |  |  | $ | (10.3 | ) |  | $ | — |
Unrecognized pension and postretirement costs |  | (19.6 | ) |  | (41.1 | ) |  | 6.0 |
Derivative hedging (loss) gain |  | 20.7 |  |  | (0.6 | ) |  | (3.9 | )
Income tax (provision) benefit related to OCI |  | $ | 1.1 |  |  | $ | (52.0 | ) |  | $ | 2.1 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 + Details
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