Equity

3 Months Ended

Mar. 31, 2022

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.

The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. As of March 31, 2022, no treasury shares have been reissued or retired. The number of treasury stock shares as of March 31, 2022 includes a minor adjustment related to the October 19, 2021 court ruling described in Note 20, Commitments, Contingencies and Guarantees for certain shares that were previously awarded to the Company’s former Chief Executive Officer that were not settled in stock per the terms of the ruling.

The total authorization amount remaining under the current share repurchase program is approximately $925.0. During the period ended March 31, 2022, the Company did not repurchase any shares of its Common Stock under this share repurchase program. Share repurchases are currently on hold. 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
	March 31, 2022					April 1, 2021
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic EPS
Loss available to common stockholders	$	(52.8)	104.4	$	(0.51)	$	(171.6)	104.1	$	(1.65)
Income allocated to participating securities	—		—			—		—
Net loss	$	(52.8)				$	(171.6)
Diluted potential common shares			—					—
Diluted EPS
Net loss	$	(52.8)	104.4	$	(0.51)	$	(171.6)	104.1	$	(1.65)

Included in the outstanding Common Stock were 0.5 million and 1.3 million of issued but unvested shares at March 31, 2022 and April 1, 2021, respectively, which are excluded from the basic Earnings Per Share ("EPS") calculation.

Common shares of 1.1 million and 1.3 million, respectively, were excluded from diluted EPS as a result of incurring a net loss for the three months ended March 31, 2022 and April 1, 2021, as the effect would have been antidilutive. Additionally, diluted EPS for the three months ended March 31, 2022 and April 1, 2021 excludes 0.2 million and 0.2 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
	March 31, 2022		December 31, 2021
Pension	$	26.5	$	26.6
SERP/Retiree medical	11.7		12.1
Derivatives - foreign currency hedge	(4.4)		(2.0)
Foreign currency impact on long term intercompany loan	(13.4)		(12.2)
Currency translation adjustment	(61.7)		(48.2)
Total accumulated other comprehensive loss	$	(41.3)	$	(23.7)

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 $0.6 and $0.6 for the three months ended March 31, 2022 and April 1, 2021, respectively.