Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

16. Equity

Authorized capitalization consists of 75.0 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.

As of December 31, 2021, the Company had authorization from the Board of Directors to purchase up to $30.0 million of the Company’s common stock at management’s discretion. As of December 31, 2021, the Company has $10.6 million remaining under this authorization.

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 2026 Notes and the Company’s ABL Revolving Credit Facility. No cash dividends were declared or paid in the years ended December 31, 2021, 2020, and 2019.

The components of accumulated other comprehensive loss as of December 31, 2021 and 2020 are as follows:

	2021			2020
Foreign currency translation, net of income tax (provision)    benefit of $0.6 and $(4.6)	$	(70.1	)	$	(49.6	)
Employee pension and postretirement benefit adjustments,    net of income benefit of $13.9 and $14.4		(32.3	)		(47.9	)
Total accumulated other comprehensive loss	$	(102.4	)	$	(97.5	)

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component as of December 31, 2020 and 2021 are as follows:

	Gains (Losses) on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2019	$	—		$	(39.9	)	$	(81.1	)	$	(121.0	)
Other comprehensive income (loss) before    reclassifications		(0.3	)		(9.9	)		31.5			21.3
Amounts reclassified from accumulated other    comprehensive income		0.3			1.9			—			2.2
Net other comprehensive income (loss)		—			(8.0	)		31.5			23.5
Balance as of December 31, 2020		—			(47.9	)		(49.6	)		(97.5	)
Other comprehensive income (loss) before    reclassifications		(1.1	)		14.5			(20.5	)		(7.1	)
Amounts reclassified from accumulated other    comprehensive income		1.1			1.1			—			2.2
Net other comprehensive income (loss)		—			15.6			(20.5	)		(4.9	)
Balance as of December 31, 2021	$	—		$	(32.3	)	$	(70.1	)	$	(102.4	)

A reconciliation of the reclassifications out of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2021, 2020 and 2019 are as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	2021				2020			2019			Recognized Location
Losses on cash flow hedges
FX Forward Contracts	$	(1.1	)	$	(0.3	)	$	(3.1	)		Cost of sales
Total before income taxes		(1.1	)		(0.3	)		(3.1	)
Provision for income taxes		—			—			—
Total, net of income taxes	$	(1.1	)	$	(0.3	)	$	(3.1	)
Amortization of pension and    postretirement items
Actuarial losses	$	(4.7	)	$	(4.5	)	$	(4.6	)	(a)	Other expense - net
Amortization of prior service cost		2.6			2.6			2.8		(a)	Other expense - net
Pension settlement charge		0.9			—			—		(a)	Other expense - net
Total before income taxes		(1.2	)		(1.9	)		(1.8	)
Benefit for income taxes		0.1			—			—
Total, net of income taxes	$	(1.1	)	$	(1.9	)	$	(1.8	)
Total reclassifications for the period, net    of income taxes	$	(2.2	)	$	(2.2	)	$	(4.9	)

(a) These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 22, “Employee Benefit Plans,” for further details).