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Stockholders' Equity
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Stockholders' Equity
Stockholders’ Equity
The following is a roll forward of retained earnings for the three months ended March 31, 2017 and 2016:
(in millions)
 
Retained Earnings
Balance at December 31, 2016
 
$
247.3

Net loss
 
(36.0
)
Balance at March 31, 2017
 
$
211.3

(in millions)
 
Retained Earnings
Balance at December 31, 2015
 
$
562.3

Net income
 
(195.9
)
Distribution of MFS
 
51.8

Balance at March 31, 2016
 
$
418.2


Authorized capital 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 is restricted from repurchasing shares of its capital stock or other equity interests under various covenants of its debt agreements. Further, the Company has not purchased any shares of its common stock under this authorization since 2006.
A reconciliation for the changes in accumulated other comprehensive loss, net of tax, by component for the three months ended March 31, 2017 and March 31, 2016 is as follows:
(in millions)
 
Gains and Losses on Cash Flow Hedges
 
Pension & Postretirement
 
Foreign Currency Translation
 
Total
Balance at December 31, 2016
 
$
(0.3
)
 
$
(51.8
)
 
$
(110.8
)
 
$
(162.9
)
Other comprehensive income before reclassifications
 
0.3

 
—

 
10.1

 
10.4

Amounts reclassified from accumulated other comprehensive loss
 
0.2

 
0.6

 
—

 
0.8

Net current period other comprehensive income
 
0.5

 
0.6

 
10.1

 
11.2

Balance at March 31, 2017
 
$
0.2

 
$
(51.2
)
 
$
(100.7
)
 
$
(151.7
)
(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
)
 
—

 
20.3

 
17.6

Amounts reclassified from accumulated other comprehensive loss
 
4.3

 
1.2

 
—

 
5.5

Net current period other comprehensive income
 
1.6

 
1.2

 
20.3

 
23.1

Distribution of MFS
 
2.1

 
44.5

 
31.0

 
77.6

Balance at March 31, 2016
 
$
(0.1
)
 
$
(36.9
)
 
$
(70.1
)
 
$
(107.1
)

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, 2017:
 
 
Three Months Ended
March 31, 2017
 
 
(in millions)
 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
 
Recognized Location
Gains and losses on cash flow hedges
 
 
 
 
  Foreign exchange contracts
 
$
(0.2
)
 
Cost of sales
 
 
(0.2
)
 
Total before tax
 
 
—

 
Tax expense
 
 
$
(0.2
)
 
Net of tax
Amortization of pension and postretirement items
 
 
 
 
  Actuarial losses
 
$
(1.3
)
(a)
 
  Prior service cost
 
0.3

 
 
 
 
(1.0
)
 
Total before tax
 
 
0.4

 
Tax expense
 
 
$
(0.6
)
 
Net of tax
 
 
 
 
 
Total reclassifications for the period
 
$
(0.8
)
 
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).

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
  Interest rate swap contracts: Float-to-fixed
 
(4.3
)
 
Interest Expense
 
 
(5.4
)
 
Total before tax
 
 
1.1

 
Tax expense
 
 
$
(4.3
)
 
Net of tax
Amortization of pension and postretirement items
 
 
 
 
  Actuarial losses
 
$
(1.2
)
(a)
 
 
 
(1.2
)
 
Total before tax
 
 
—

 
Tax expense
 
 
$
(1.2
)
 
Net of Tax
 
 
 
 
 
Total reclassifications for the period
 
$
(5.5
)
 
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).