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Stockholders' Equity
 6 Months Ended
Jun. 30, 2016
Equity [Abstract]  
Stockholders' Equity
Stockholders’ Equity
The following is a roll forward of retained earnings for the six months ended June 30, 2016 and 2015:
(in millions)
 
Retained Earnings
Balance at December 31, 2015
 
$
539.5

Net loss
 
(212.4
)
Distribution of MFS
 
51.2

Balance at June 30, 2016
 
$
378.3

(in millions)
 
Retained Earnings
Balance at December 31, 2014
 
$
486.9

Net income
 
14.9

Balance at June 30, 2015
 
$
501.8


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 2.4 million shares of common stock at management’s discretion; 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 (loss) income before reclassifications
 
(2.7
)
 
—

 
49.2

 
46.5

Amounts reclassified from accumulated other comprehensive income
 
4.3

 
1.2

 
—

 
5.5

Net current period other comprehensive income
 
1.6

 
1.2

 
49.2

 
52.0

Distribution of MFS
 
2.1

 
44.5

 
2.1

 
48.7

Balance at March 31, 2016
 
(0.1
)
 
(36.9
)
 
(70.1
)
 
(107.1
)
Other comprehensive loss before reclassifications
 
—

 
—

 
(17.4
)
 
(17.4
)
Amounts reclassified from accumulated other comprehensive (loss) income
 
(0.1
)
 
1.2

 
—

 
1.1

Net current period other comprehensive (loss) income
 
(0.1
)
 
1.2

 
(17.4
)
 
(16.3
)
Balance at June 30, 2016
 
$
(0.2
)
 
$
(35.7
)
 
$
(87.5
)
 
$
(123.4
)
(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
 
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
)
Other comprehensive income before reclassifications
 
1.0

 
—

 
8.6

 
9.6

Amounts reclassified from accumulated other comprehensive income
 
3.3

 
1.4

 
—

 
4.7

Net current period other comprehensive income
 
4.3

 
1.4

 
8.6

 
14.3

Balance at June 30, 2015
 
$
(6.1
)
 
$
(92.2
)
 
$
(83.4
)
 
$
(181.7
)

The following is a reconciliation of the reclassifications out of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2016:
 
 
Three Months Ended
June 30, 2016
 
Six Months Ended
June 30, 2016
 
 
(in millions)
 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
 
Recognized Location
Gains and losses on cash flow hedges
 
 
 
 
 
 
  Commodity contracts
 
$
0.1

 
$
(1.0
)
 
Cost of sales
  Interest rate swap contracts: Float-to-fixed
 
—

 
(4.3
)
 
Interest expense
 
 
0.1

 
(5.3
)
 
Total before tax
 
 
—

 
1.1

 
Tax benefit
 
 
$
0.1

 
$
(4.2
)
 
Net of tax
Amortization of pension and postretirement items
 
 
 
 
 
 
  Actuarial losses
 
$
(1.2
)
 
$
(2.4
)
(a)
 
 
 
(1.2
)
 
(2.4
)
 
Total before tax
 
 
—

 
—

 
Tax benefit
 
 
$
(1.2
)
 
$
(2.4
)
 
Net of tax
 
 
 
 
 
 
 
Total reclassifications for the period
 
$
(1.1
)
 
$
(6.6
)
 
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
June 30, 2015
 
Six Months Ended
June 30, 2015
 
 
(in millions)
 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
 
Recognized Location
Gains and losses on cash flow hedges
 
 
 
 
 
 
  Foreign exchange contracts
 
$
(4.0
)
 
$
(7.2
)
 
Cost of sales
  Commodity contracts
 
(0.7
)
 
(1.4
)
 
Cost of sales
  Interest rate swap contracts: Float-to-fixed
 
(0.6
)
 
(1.2
)
 
Interest Expense
 
 
(5.3
)
 
(9.8
)
 
Total before tax
 
 
2.0

 
3.7

 
Tax benefit
 
 
$
(3.3
)
 
$
(6.1
)
 
Net of tax
Amortization of pension and postretirement items
 
 
 
 
 
 
  Actuarial losses
 
$
(1.9
)
 
$
(3.8
)
(a)
 
 
 
(1.9
)
 
(3.8
)
 
Total before tax
 
 
0.5

 
1.0

 
Tax benefit
 
 
$
(1.4
)
 
$
(2.8
)
 
Net of Tax
 
 
 
 
 
 
 
Total reclassifications for the period
 
$
(4.7
)
 
$
(8.9
)
 
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).