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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2016
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity The following is a roll forward of retained earnings for the three months ended March 31, 2016 and 2015:
(in millions) |  | Retained Earnings
Balance at December 31, 2015 |  | $ | 539.5 |
Net loss |  | (204.0 | )
Distribution of MFS |  | 50.8 |
Balance at March 31, 2016 |  | $ | 386.3 |
(in millions) |  | Retained Earnings
Balance at December 31, 2014 |  | $ | 486.9 |
Net loss |  | (8.4 | )
Balance at March 31, 2015 |  | $ | 478.5 |
Authorized capitalization consists of 300 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock. None of the preferred shares have been issued. Currently, the Company has authorization to purchase up to 10 million shares of common stock at management’s discretion. The Company previously purchased approximately 7.6 million shares at a cost of $49.8 million pursuant to this authorization; however, the Company has not purchased any shares of its common stock under this authorization since 2006.
(in millions) |  | Gains and Losses on Cash Flow Hedges |  | Pension & Postretirement |  | Foreign Currency Translation |  | Total
Balance at December 31, 2015 |  | $ | (3.8 | ) |  | $ | (82.6 | ) |  | $ | (121.4 | ) |  | $ | (207.8 | )
Other comprehensive income (loss) before reclassifications |  | (1.7 | ) |  | — |  |  | 49.2 |  |  | 47.5 |
Amounts reclassified from accumulated other comprehensive income (loss) |  | 0.8 |  |  | 1.2 |  |  | — |  |  | 2.0 |
Net current period other comprehensive income (loss) |  | (0.9 | ) |  | 1.2 |  |  | 49.2 |  |  | 49.5 |
Distribution of MFS |  | 2.1 |  |  | 44.5 |  |  | 2.1 |  |  | 48.7 |
Balance at March 31, 2016 |  | $ | (2.6 | ) |  | $ | (36.9 | ) |  | $ | (70.1 | ) |  | $ | (109.6 | )
(in millions) |  | Gains and Losses on Cash Flow Hedges |  | Pension & Postretirement |  | Foreign Currency Translation |  | Total
Balance at December 31, 2014 |  | $ | (6.3 | ) |  | $ | (95.0 | ) |  | $ | (29.2 | ) |  | $ | (130.5 | )
Other comprehensive loss before reclassifications |  | (6.9 | ) |  | — |  |  | (62.8 | ) |  | (69.7 | )
Amounts reclassified from accumulated other comprehensive income (loss) |  | 2.8 |  |  | 1.4 |  |  | — |  |  | 4.2 |
Net current period other comprehensive (loss) income |  | (4.1 | ) |  | 1.4 |  |  | (62.8 | ) |  | (65.5 | )
Balance at March 31, 2015 |  | $ | (10.4 | ) |  | $ | (93.6 | ) |  | $ | (92.0 | ) |  | $ | (196.0 | )
The following is a reconciliation of the reclassifications out of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2016:
|  | Three Months Ended March 31, 2016 |  |
(in millions) |  | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) |  | Recognized Location
Gains and losses on cash flow hedges |  |  |  |
Commodity contracts |  | $ | (1.1 | ) |  | Cost of sales
|  | (1.1 | ) |  | Total before tax
|  | 0.3 |  |  | Tax benefit
|  | $ | (0.8 | ) |  | Net of tax
Amortization of pension and postretirement items |  |  |  |
Actuarial losses |  | $ | (1.2 | ) | (a) |
|  | (1.2 | ) |  | Total before tax
|  | — |  |  | Tax benefit
|  | $ | (1.2 | ) |  | Net of Tax
Total reclassifications for the period |  | $ | (2.0 | ) |  | Net of Tax
(a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 17, “Employee Benefit Plans,” for further details).
|  | Three Months Ended March 31, 2015 |  |
(in millions) |  | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) |  | Recognized Location
Gains and losses on cash flow hedges |  |  |  |
Foreign exchange contracts |  | $ | (3.2 | ) |  | Cost of sales
Commodity contracts |  | (0.7 | ) |  | Cost of sales
Interest rate swap contracts: Float-to-fixed |  | (0.6 | ) |  | Interest Expense
|  | (4.5 | ) |  | Total before tax
|  | 1.7 |  |  | Tax benefit
|  | $ | (2.8 | ) |  | Net of tax
Amortization of pension and postretirement items |  |  |  |
Actuarial losses |  | $ | (1.9 | ) | (a) |
|  | (1.9 | ) |  | Total before tax
|  | 0.5 |  |  | Tax benefit
|  | $ | (1.4 | ) |  | Net of Tax
Total reclassifications for the period |  | $ | (4.2 | ) |  | Net of Tax
(a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 17, “Employee Benefit Plans,” for further details).

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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 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 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 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 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 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
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