Equity

12 Months Ended

Dec. 31, 2018

15. Equity

Authorized capitalization consists of 75 million shares of $0.01 par value common stock and 3,500,000 shares of $0.01 par value preferred stock. None of the preferred shares have been issued.

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 indenture governing the Company’s 2021 Notes and the Company’s ABL Revolving Credit Facility. No cash dividends were declared or paid in the years ended December 31, 2018, 2017, and 2016.

The components of accumulated other comprehensive income (loss) as of December 31, 2018 and 2017 are as follows:

	2018			2017
Foreign currency translation	$	(80.1	)	$	(52.4	)
Derivative instrument fair market value, net of income taxes of $0.0 and $(0.3)		(0.3	)		0.1
Employee pension and postretirement benefit adjustments, net of income taxes of $(13.5) and $(14.9)		(36.2	)		(45.1	)
Total accumulated other comprehensive loss	$	(116.6	)	$	(97.4	)

A reconciliation of the changes in accumulated other comprehensive loss, net of tax, by component for the years ended December 31, 2017 and 2018 is as follows:

	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 (loss) before reclassifications		(0.3	)		7.0			58.4			65.1
Amounts reclassified from accumulated other comprehensive income (loss)		0.7			(0.3	)		—			0.4
Net current period other comprehensive income		0.4			6.7			58.4			65.5
Balance at December 31, 2017		0.1			(45.1	)		(52.4	)		(97.4	)
Other comprehensive income (loss) before reclassifications		(5.4	)		3.5			(27.7	)		(29.6	)
Amounts reclassified from accumulated other comprehensive income		5.0			5.4			—			10.4
Net current period other comprehensive income (loss)		(0.4	)		8.9			(27.7	)		(19.2	)
Balance at December 31, 2018	$	(0.3	)	$	(36.2	)	$	(80.1	)	$	(116.6	)

A reconciliation for the reclassifications out of accumulated other comprehensive loss, net of tax, for the years ended December 31, 2018, 2017 and 2016 are as follows:

	Amount Reclassified from Accumulated Other Comprehensive Income
	2018			2017			2016				Recognized Location
Gains and losses on cash flow hedges
Foreign exchange contracts	$	(5.0	)	$	(0.7	)	$	(0.9	)		Cost of sales
Commodity contracts		—			—			(0.2	)		Cost of sales
Interest rate swap contracts: Float-to-fixed		—			—			(4.3	)		Interest expense
Total before income taxes		(5.0	)		(0.7	)		(5.4	)
Income tax benefit		—			—			1.1
Total, net of income taxes	$	(5.0	)	$	(0.7	)	$	(4.3	)
Amortization of pension and postretirement items
Actuarial losses	$	(5.0	)	$	(5.2	)	$	(4.6	)	(a)	Other expense - net
Amortization of prior service cost		2.7			1.3			(0.1	)	(a)	Other expense - net
Pension settlement charge		(4.5	)		—			—		(a)	Other expense - net
Total before income taxes		(6.8	)		(3.9	)		(4.7	)
Income tax benefit		1.4			4.2			0.2
Total, net of income taxes	$	(5.4	)	$	0.3		$	(4.5	)

Total reclassifications for the period, net of income taxes	$	(10.4	)	$	(0.4	)	$	(8.8	)

(a)	These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details).