Equity

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Equity

Equity

Earnings per Share Calculation

Basic net income per share is computed using the weighted-average number of outstanding shares of Common Stock during the measurement period. Diluted net income per share is computed using the weighted-average number of outstanding shares of Common Stock and, when dilutive, potential outstanding shares of Common Stock during the measurement period. Diluted earnings per share includes any dilutive impact of RSUs, DRSUs, RSAs, and PBRSUs.

The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. As of September 30, 2021, no treasury shares have been reissued or retired.

The total authorization amount remaining under the current share repurchase program is approximately $925.0. During the nine month period ended September 30, 2021, the Company did not repurchase any shares of its Common Stock under this share repurchase program. Share repurchases are currently on hold pending the outcome of the COVID-19 pandemic. Additionally, the Credit Agreement imposes restrictions on the Company’s ability to repurchase shares.

The following table sets forth the computation of basic and diluted earnings per share:

	For the Three Months Ended
	September 30, 2021					October 1, 2020
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic EPS
Loss available to common stockholders	$	(113.6)	104.3	$	(1.09)	$	(155.5)	103.9	$	(1.50)
Income allocated to participating securities	—		—			—		—
Net loss	$	(113.6)				$	(155.5)
Diluted potential common shares			—					—
Diluted EPS
Net loss	$	(113.6)	104.3	$	(1.09)	$	(155.5)	103.9	$	(1.50)
	For the Nine Months Ended
	September 30, 2021					October 1, 2020
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic EPS
Loss available to common stockholders	$	(420.5)	104.2	$	(4.04)	$	(574.4)	103.8	$	(5.53)
Income allocated to participating securities	—		—			—		—
Net loss	$	(420.5)				$	(574.4)
Diluted potential common shares			—					—
Diluted EPS
Net loss	$	(420.5)	104.2	$	(4.04)	$	(574.4)	103.8	$	(5.53)

Included in the outstanding Common Stock were 0.7 million and 1.6 million of issued but unvested shares at September 30, 2021 and October 1, 2020, respectively, which are excluded from the basic Earnings Per Share ("EPS") calculation.

Common shares of 0.4 million and 0.5 million, respectively, were excluded from diluted EPS as a result of incurring a net loss for the three and nine months ended September 30, 2021, as the effect would have been antidilutive. Additionally, diluted EPS for the three and nine months ended September 30, 2021 excludes 0.3 million and 0.3 million shares, respectively, that may be dilutive common shares in the future, but were not included in the computation of diluted EPS because the effect was either antidilutive or the performance condition was not met.

Common shares of 0.9 million and 0.7 million, respectively, were excluded from diluted EPS as a result of incurring a net loss for the three and nine months ended October 1, 2020, as the effect would have been antidilutive. Additionally, diluted EPS for the three and nine months ended October 1, 2020 excludes 0.3 million and 0.3 million shares, respectively, that may be dilutive common shares in the future, but were not included in the computation of diluted EPS because the effect was either antidilutive or the performance condition was not met.

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss is summarized by component as follows:

	As of		As of
	September 30, 2021		December 31, 2020
Pension	$	(107.0)	$	(112.0)
Interest swaps	—		(0.9)
SERP/Retiree medical	13.2		14.5
Derivatives - foreign currency hedge	(5.6)		—
Foreign currency impact on long-term intercompany loan	(12.4)		(11.8)
Currency translation adjustment	(51.5)		(43.9)
Total accumulated other comprehensive loss	$	(163.3)	$	(154.1)

Amortization or curtailment cost recognition of the pension plans’ net gain/(loss) reclassified from accumulated other comprehensive loss and realized into costs of sales and selling, general and administrative on the Condensed Consolidated Statements of Operations was $0.4 and $0.7 for the three months ended September 30, 2021 and October 1, 2020, respectively, and $1.6 and $2.0 for the nine months ended September 30, 2021 and October 1, 2020, respectively.

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