Equity

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.

On March 21, 2007, the Board of Directors of the Company approved the Rights Agreement between the Company and Computershare Trust Company, N.A., as Rights Agent and declared a dividend distribution of one right (a Right) for each outstanding share of Common Stock, par value $0.01 per share, of the Company, to shareholders of record at the close of business on March 30, 2007. In addition to the Rights issued as a dividend on the record date, the Board of Directors also determined that one Right would be issued together with each share of common stock issued by the Company after March 30, 2007. Generally, each Right, if it became exercisable, entitled the registered holder to purchase from the Company one share of common stock at a purchase price, in cash, of $110.00 per share, subject to adjustment as set forth in the Rights Agreement, under certain circumstances related to certain acquisitions of Company common stock. On December 27, 2016, the Rights Agreement was amended such that the Rights expired as of December 31, 2016, and therefore are no longer outstanding.

The amount and timing of any dividends are determined by the Board of Directors at its regular meetings each year, subject to limitations within the Company’s Senior Notes Indenture and the ABL Revolving Credit Facility. No cash dividends were declared or paid in the year ended December 31, 2016. In each of the years ended December 31, 2015 and December 31, 2014, the Company paid an annual dividend of $0.08 per share in the fourth quarter.

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 share of its common stock pursuant to this authorization since 2006.

The components of accumulated other comprehensive income (loss) as of December 31, 2016 and 2015 are as follows:



(in millions)	2016			2015
Foreign currency translation	$	(110.8	)	$	(121.4	)
Derivative instrument fair market value, net of income taxes of $(0.3) and $(2.2)	(0.3		)	(3.8		)
Employee pension and postretirement benefit adjustments, net of income taxes of $(19.0) and $(35.2)	(51.8		)	(82.6		)
	$	(162.9	)	$	(207.8	)

A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the year ended December 31, 2015 and December 31, 2016 is as follows:



(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	14.0			17.9			(92.2		)	(60.3		)
Amounts reclassified from accumulated other comprehensive income	(11.5		)	(5.5		)	—			(17.0		)
Net current period other comprehensive income	2.5			12.4			(92.2		)	(77.3		)
Balance at December 31, 2015	(3.8		)	(82.6		)	(121.4		)	(207.8		)
Other comprehensive loss before reclassifications	(2.9		)	(8.6		)	(20.4		)	(31.9		)
Amounts reclassified from accumulated other comprehensive income	4.3			4.5			—			8.8
Net current period other comprehensive loss	1.4			(4.1		)	(20.4		)	(23.1		)
Distribution of MFS	2.1			34.9			31.0			68.0
Balance at December 31, 2016	$	(0.3	)	$	(51.8	)	$	(110.8	)	$	(162.9	)

A reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax, for the year ended December 31, 2016 is as follows:



(in millions)	Amount Reclassified from Accumulated Other Comprehensive Income				Recognized Location
Gains and losses on cash flow hedges
Foreign exchange contracts	$	(0.9	)		Cost of sales
Commodity contracts	(0.2		)		Cost of sales
Interest rate swap contracts: Float-to-fixed	(4.3		)		Interest expense
	(5.4		)		Total before tax
	1.1				Tax benefit
	$	(4.3	)		Net of tax
Amortization of pension and postretirement items
Actuarial losses	$	(4.6	)	(a)
Amortization of prior service cost	(0.1		)	(a)
	(4.7		)		Total before tax
	0.2				Tax benefit
	$	(4.5	)		Net of Tax

Total reclassifications for the period	$	(8.8	)		Net of Tax

(a) These other comprehensive income components are included in the computation of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details).

A reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax, for the year ended December 31, 2015 is as follows:



(in millions)	Amount Reclassified from Accumulated Other Comprehensive Income				Recognized Location
Gains and losses on cash flow hedges
Foreign exchange contracts	$	(11.7	)		Cost of sales
Commodity contracts	(4.0		)		Cost of sales
Interest rate swap contracts: Float-to-fixed	(2.6		)		Interest expense
	(18.3		)		Total before tax
	6.8				Tax expense
	$	(11.5	)		Net of tax
Amortization of pension and postretirement items
Actuarial losses	$	(7.5	)	(a)
Amortization of prior service cost	(0.1		)	(a)
	(7.6		)		Total before tax
	2.1				Tax benefit
	$	(5.5	)		Net of Tax

Total reclassifications for the period	$	(17.0	)		Net of Tax

(a) These other comprehensive income components are included in the computation of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details).

A reconciliation for the reclassifications out of accumulated other comprehensive income, net of tax, for the year ended December 31, 2014 is as follows:



(in millions)	Amount Reclassified from Accumulated Other Comprehensive Income				Recognized Location
Gains and losses on cash flow hedges
Foreign exchange contracts	$	(2.2	)		Cost of sales
Commodity contracts	(0.1		)		Cost of sales
Interest rate swap contracts: Float-to-fixed	(1.8		)		Interest expense
	(4.1		)		Total before tax
	1.5				Tax expense
	$	(2.6	)		Net of tax
Amortization of pension and postretirement items
Actuarial losses	$	(4.3	)	(a)
Amortization of prior service cost	0.2			(a)
	(4.1		)		Total before tax
	1.0				Tax benefit
	$	(3.1	)		Net of Tax

Total reclassifications for the period	$	(5.7	)		Net of Tax

(a) These other comprehensive income components are included in the computation of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details).