Equity

3 Months Ended

Mar. 31, 2023

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 March 31, 2023, the Company has $4.1 million remaining under an 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 months ended March 31, 2023, the Company repurchased 191,846 shares of the Company's common stock for $3.5 million under this authorization.

A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the three months ended March 31, 2023 and 2022 are summarized as follows:

	Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2021	$	—		$	(32.3	)	$	(70.1	)	$	(102.4	)
Other comprehensive loss before    reclassifications		(0.3	)		(1.1	)		(5.5	)		(6.9	)
Amounts reclassified from accumulated other    comprehensive loss		0.1			0.5			—			0.6
Net other comprehensive loss		(0.2	)		(0.6	)		(5.5	)		(6.3	)
Balance as of March 31, 2022	$	(0.2	)	$	(32.9	)	$	(75.6	)	$	(108.7	)
Balance as of December 31, 2022	$	5.4		$	(15.3	)	$	(98.0	)	$	(107.9	)
Other comprehensive income (loss) before    reclassifications		0.1			(1.7	)		4.2			2.6
Amounts reclassified from accumulated other    comprehensive loss		(3.4	)		0.7			—			(2.7	)
Net other comprehensive income (loss)		(3.3	)		(1.0	)		4.2			(0.1	)
Balance as of March 31, 2023	$	2.1		$	(16.3	)	$	(93.8	)	$	(108.0	)

A reconciliation of the reclassifications from accumulated other comprehensive income (loss), net of income tax, for the three months ended March 31, 2023 and 2022 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended March 31, 2023			Three Months Ended March 31, 2022				Recognized Location
Gains (losses) on cash flow hedges
FX Forward Contracts	$	3.4		$	(0.1	)		Cost of sales
Total before income taxes		3.4			(0.1	)
Provision for income taxes		—			—
Total, net of income taxes	$	3.4		$	(0.1	)
Amortization of pension and    postretirement items
Actuarial losses	$	(1.0	)	$	(0.8	)	(a)	Other expense - net
Amortization of prior service cost		0.3			0.3		(a)	Other expense - net
Total before income taxes		(0.7	)		(0.5	)
Provision for income taxes		—			—
Total, net of income taxes	$	(0.7	)	$	(0.5	)
Total reclassifications for the period,    net of income taxes	$	2.7		$	(0.6	)

(a) These accumulated other comprehensive income (loss) components are components of net periodic pension cost (refer to Note 20, “Employee Benefit Plans,” for further details)