Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

15. Equity

Authorized capital 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 June 30, 2022, the Company has authorization from the Board of Directors to purchase up to $30.0 million of the Company’s common stock at management’s discretion. During the three and six months ended June 30, 2022, the Company repurchased 150,000 shares of the Company's common stock for $1.9 million under this authorization. As of June 30, 2022, the Company had $8.7 million remaining under this authorization.

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the three months ended June 30, 2022 and 2021 are summarized as follows:

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of March 31, 2021	$	—		$	(48.5	)	$	(59.6	)	$	(108.1	)
Other comprehensive loss before    reclassifications		(0.1	)		(1.6	)		—			(1.7	)
Amounts reclassified from accumulated other    comprehensive loss		(0.1	)		0.4			—			0.3
Net other comprehensive loss		(0.2	)		(1.2	)		—			(1.4	)
Balance as of June 30, 2021	$	(0.2	)	$	(49.7	)	$	(59.6	)	$	(109.5	)
Balance as of March 31, 2022	$	(0.2	)	$	(32.9	)	$	(75.6	)	$	(108.7	)
Other comprehensive loss before    reclassifications		(3.6	)		(0.1	)		(20.5	)		(24.2	)
Amounts reclassified from accumulated other    comprehensive loss		1.5			0.3			—			1.8
Net other comprehensive income (loss)		(2.1	)		0.2			(20.5	)		(22.4	)
Balance as of June 30, 2022	$	(2.3	)	$	(32.7	)	$	(96.1	)	$	(131.1	)

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the six months ended June 30, 2022 and 2021 are summarized as follows:

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2020	$	—		$	(47.9	)	$	(49.6	)	$	(97.5	)
Other comprehensive loss before    reclassifications		(0.1	)		(2.8	)		(10.0	)		(12.9	)
Amounts reclassified from accumulated    other comprehensive loss		(0.1	)		1.0			—			0.9
Net other comprehensive loss		(0.2	)		(1.8	)		(10.0	)		(12.0	)
Balance as of June 30, 2021	$	(0.2	)	$	(49.7	)	$	(59.6	)	$	(109.5	)
Balance as of December 31, 2021	$	—		$	(32.3	)	$	(70.1	)	$	(102.4	)
Other comprehensive loss before    reclassifications		(3.9	)		(1.2	)		(26.0	)		(31.1	)
Amounts reclassified from accumulated other    comprehensive loss		1.6			0.8			—			2.4
Net other comprehensive loss		(2.3	)		(0.4	)		(26.0	)		(28.7	)
Balance as of June 30, 2022	$	(2.3	)	$	(32.7	)	$	(96.1	)	$	(131.1	)

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and six months ended June 30, 2022 and 2021 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021				Recognized Location
Gains (losses) on cash flow hedges
FX Forward Contracts	$	(1.5	)	$	0.1		$	(1.6	)	$	0.1			Cost of sales
Total before income taxes		(1.5	)		0.1			(1.6	)		0.1
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	(1.5	)	$	0.1		$	(1.6	)	$	0.1
Amortization of pension and    postretirement items
Actuarial losses	$	(0.7	)	$	(1.1	)	$	(1.5	)	$	(2.4	)	(a)	Other income (expense) - net
Amortization of prior service cost		0.4			0.7			0.7			1.4		(a)	Other income (expense) - net
Total before income taxes		(0.3	)		(0.4	)		(0.8	)		(1.0	)
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	(0.3	)	$	(0.4	)	$	(0.8	)	$	(1.0	)
Total reclassifications for the period,    net of income taxes	$	(1.8	)	$	(0.3	)	$	(2.4	)	$	(0.9	)

(a)These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 20, “Employee Benefit Plans,” for additional information).