Equity

12 Months Ended

Dec. 31, 2023

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.

During 2023, the Board of Directors approved a new authorization to purchase up to $35.0 million of the Company's common stock at management's discretion, replacing the previously authorized but unused amount from the prior share repurchase authorization. The Company's share repurchases program purchases shares in the open market to offset stock-based awards issued in conjunction with the Company's 2013 Omnibus Incentive Plan. The total remaining under the new authorization is $35.0 million.

Under the prior share repurchase authorization, the Company repurchased 320,984 shares of the Company's common stock for $5.5 million during 2023.

As of December 31, 2023, the Company’s operations in Russia have been substantially curtailed. As a result, the Company released $9.3 million of non-cash foreign currency translation adjustments recorded in accumulated other comprehensive loss on the Consolidated Balance Sheets to other income (expense) – net in the Consolidated Statement of Operations. The results of the Company’s Russian operations continue to be included in its consolidated results in accordance with ASC 810, “Consolidation.”

The components of accumulated other comprehensive loss as of December 31, 2023 and 2022 are summarized as follows:

	2023			2022
Foreign currency translation, net of income tax    benefit of $0.2 and $0.1	$	(77.4	)	$	(98.0	)
Derivative instrument fair market value, net of income    tax provision of $0.0 and $0.0		1.3			5.4
Employee pension and postretirement benefit adjustments,    net of income tax benefit of $13.6 and $12.9		(10.3	)		(15.3	)
Total accumulated other comprehensive loss	$	(86.4	)	$	(107.9	)

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component as of December 31, 2023 and 2022 are summarized as follows:

	Gains (Losses) on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2021	$	—		$	(32.3	)	$	(70.1	)	$	(102.4	)
Other comprehensive income (loss) before    reclassifications		(0.4	)		15.5			(27.9	)		(12.8	)
Amounts reclassified from accumulated other    comprehensive loss		5.8			1.5			—			7.3
Net other comprehensive income (loss)		5.4			17.0			(27.9	)		(5.5	)
Balance as of December 31, 2022		5.4			(15.3	)		(98.0	)		(107.9	)
Other comprehensive income (loss) before    reclassifications		(1.8	)		2.4			11.3			11.9
Amounts reclassified from accumulated other    comprehensive loss		(2.3	)		2.6			9.3			9.6
Net other comprehensive income (loss)		(4.1	)		5.0			20.6			21.5
Balance as of December 31, 2023	$	1.3		$	(10.3	)	$	(77.4	)	$	(86.4	)

A reconciliation of the reclassifications out of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2023, 2022 and 2021 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	2023				2022			2021			Recognized Location
Gain (losses) on cash flow hedges
FX Forward Contracts	$	2.3		$	(5.8	)	$	(1.1	)		Cost of sales
Total before income taxes		2.3			(5.8	)		(1.1	)
Provision for income taxes		—			—			—
Total, net of income taxes	$	2.3		$	(5.8	)	$	(1.1	)
Amortization of pension and    postretirement items
Actuarial losses	$	(2.6	)	$	(2.9	)	$	(4.7	)	(a)	Other income (expense) - net
Amortization of prior service cost		(0.1	)		1.3			2.6		(a)	Other income (expense) - net
Pension settlement gain		0.1			0.1			0.9		(a)	Other income (expense) - net
Total before income taxes		(2.6	)		(1.5	)		(1.2	)
Provision for income taxes		—			—			0.1
Total, net of income taxes	$	(2.6	)	$	(1.5	)	$	(1.1	)
Foreign currency translation
Losses on foreign currency translation	$	(9.3	)	$	—		$	—
Total before income taxes		(9.3	)		—			—
Provision for income taxes		—			—			—
Total, net of income taxes	$	(9.3	)	$	—		$	—
Total reclassifications for the period, net    of income taxes	$	(9.6	)	$	(7.3	)	$	(2.2	)

(a)These accumulated other comprehensive loss components are components of net periodic pension cost (refer to Note 21, “Employee Benefit Plans,” for further details).