Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Changes in shareholders' equity for the first three quarters of calendar 2020 are as follows:


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Permanent Shareholders' Equity		Redeemable Non-controlling Interest
(in millions, except per share data)	Shares	Amount
Balance, December 31, 2019	20.6	$	0.2	$	292.1	$	632.2	$	(36.4)	$	(1.2)	$	886.9	$	28.0
Adoption of new accounting standard	—	—		—		(0.1)		—		—		(0.1)		—
Net income	—	—		—		218.7		—		—		218.7		0.1
Other comprehensive income (loss)	—	—		—		—		(22.5)		—		(22.5)		0.9
Dividends ($0.26 per share)	—	—		—		(5.3)		—		—		(5.3)		—
Share repurchases	(0.1)	—		(5.3)		—		—		—		(5.3)		—
Incentive plan activity	—	—		1.0		—		—		—		1.0		—
Other	—	—		(1.5)		—		—		—		(1.5)		—
Balance, March 31, 2020	20.5	0.2		286.3		845.5		(58.9)		(1.2)		1,071.9		29.0
Net income (loss)	—	—		—		(6.5)		—		—		(6.5)		0.1
Other comprehensive income	—	—		—		—		22.7		—		22.7		0.6
Dividends ($0.26 per share)	—	—		—		(5.4)		—		—		(5.4)		—

Incentive plan activity	—	—		1.5		—		—		—		1.5		—
Balance, June 30, 2020	20.5	0.2		287.8		833.6		(36.2)		(1.2)		1,084.2		29.7
Net income (loss)	—	—		—		(19.7)		—		—		(19.7)		0.3
Other comprehensive income	—	—		—		—		6.1		—		6.1		0.5
Dividends ($0.26 per share)	—	—		—		(5.4)		—		—		(5.4)		—

Incentive plan activity	—	—		0.7		—		—		—		0.7		—
Balance, September 30, 2020	20.5	$	0.2	$	288.5	$	808.5	$	(30.1)	$	(1.2)	$	1,065.9	$	30.5

Changes in shareholders' equity for the first three quarters of calendar 2019 are as follows:


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Shareholders' Equity		Redeemable non-controlling interest
(in millions, except per share data)	Shares	Amount
Balance, December 31, 2018	20.7	$	0.2	$	301.0	$	603.3	$	(45.5)	$	(1.3)	$	857.7	$	—
Adoption of new accounting standard	—	—		—		11.5		(11.5)		—		—		—
Net income	—	—		—		13.1		—		—		13.1		—
Other comprehensive income	—	—		—		—		6.8		—		6.8		—
Dividends ($0.25 per share)	—	—		—		(5.3)		—		—		(5.3)		—
Share repurchases	—	—		(2.4)		—		—		—		(2.4)		—
Incentive plan activity	0.1	—		1.2		—		—		—		1.2		—
Balance, March 31, 2019	20.8	0.2		299.8		622.6		(50.2)		(1.3)		871.1		—
Net income	—	—		—		23.9		—		—		23.9		—
Other comprehensive loss	—	—		—		—		(2.6)		—		(2.6)		—
Dividends ($0.25 per share)	—	—		—		(5.2)		—		—		(5.2)		—
Share repurchases	(0.2)	—		(12.6)		—		—		—		(12.6)		—
Incentive plan activity	—	—		1.6		—		—		—		1.6		—
Balance, June 30, 2019	20.6	0.2		288.8		641.3		(52.8)		(1.3)		876.2		—
LeanTeq acquisition	—	—		—		—		—		—		—		28.0
Net loss	—	—		—		(1.5)		—		—		(1.5)		—
Other comprehensive income	—	—		—		—		5.2		—		5.2		—
Dividends ($0.25 per share)	—	—		—		(5.2)		—		—		(5.2)		—

Incentive plan activity	—	—		1.7		—		—		—		1.7		—
Balance, September 30, 2019	20.6	$	0.2	$	290.5	$	634.6	$	(47.6)	$	(1.3)	$	876.4	$	28.0

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The option awards issued in 2020 had a fair value of $13.64 per share at their grant date. The following assumptions were used to estimate the fair value of the 2020 option awards:


Average expected term	6 years
Expected volatility	31.53	%
Risk-free interest rate	1.17	%
Expected dividend yield	1.93	%