Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Equity

14. 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, 2024, the Company has $29.3 million remaining under an authorization from the Board of Directors to purchase up to $35.0 million of the Company’s common stock at management’s discretion. During the three and six months ended June 30, 2024, the Company repurchased $5.7 million of common stock under this authorization. The Company’s share repurchase program purchases shares in the open market to offset stock-based awards issued in conjunction with the Company’s 2013 Omnibus Incentive Plan.

The Company’s operations in Russia were substantially curtailed during the year ended December 31, 2023. As a result, for the three and six months ended June 30, 2023, the Company released $9.3 million of non-cash foreign currency translation adjustments recorded in accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets to other income (expense) – net in the Condensed 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."

A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the three months ended June 30, 2024 and 2023 are summarized as follows:

	Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of March 31, 2023	$	2.1		$	(16.3	)	$	(93.8	)	$	(108.0	)
Other comprehensive income (loss) before    reclassifications		(0.7	)		(1.6	)		0.2			(2.1	)
Amounts reclassified from accumulated other    comprehensive loss		(1.8	)		0.7			9.3			8.2
Net other comprehensive income (loss)		(2.5	)		(0.9	)		9.5			6.1
Balance as of June 30, 2023	$	(0.4	)	$	(17.2	)	$	(84.3	)	$	(101.9	)
Balance as of March 31, 2024	$	(0.3	)	$	(10.2	)	$	(88.4	)	$	(98.9	)
Other comprehensive loss before    reclassifications		(0.7	)		—			(1.3	)		(2.0	)
Amounts reclassified from accumulated other    comprehensive loss		0.4			—			—			0.4
Net other comprehensive loss		(0.3	)		—			(1.3	)		(1.6	)
Balance as of June 30, 2024	$	(0.6	)	$	(10.2	)	$	(89.7	)	$	(100.5	)

A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the six months ended June 30, 2024 and 2023 are summarized as follows:

	Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2022	$	5.4		$	(15.3	)	$	(98.0	)	$	(107.9	)
Other comprehensive income (loss) before    reclassifications		(0.6	)		(3.3	)		4.4			0.5
Amounts reclassified from accumulated    other comprehensive loss		(5.2	)		1.4			9.3			5.5
Net other comprehensive income (loss)		(5.8	)		(1.9	)		13.7			6.0
Balance as of June 30, 2023	$	(0.4	)	$	(17.2	)	$	(84.3	)	$	(101.9	)
Balance as of December 31, 2023	$	1.3		$	(10.3	)	$	(77.4	)	$	(86.4	)
Other comprehensive income (loss) before    reclassifications		(3.2	)		—			(12.3	)		(15.5	)
Amounts reclassified from accumulated other    comprehensive loss		1.3			0.1			—			1.4
Net other comprehensive income (loss)		(1.9	)		0.1			(12.3	)		(14.1	)
Balance as of June 30, 2024	$	(0.6	)	$	(10.2	)	$	(89.7	)	$	(100.5	)

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and six months ended June 30, 2024 and 2023 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023				Recognized Location
Gains (losses) on cash flow hedges
FX Forward Contracts	$	(0.4	)	$	1.8		$	(1.3	)	$	5.2			Cost of sales
Total before income taxes		(0.4	)		1.8			(1.3	)		5.2
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	(0.4	)	$	1.8		$	(1.3	)	$	5.2
Amortization of pension and    postretirement items
Actuarial losses	$	—		$	(0.7	)	$	(0.1	)	$	(1.4	)	(a)	Other income (expense) - net
Total before income taxes		—			(0.7	)		(0.1	)		(1.4	)
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	—		$	(0.7	)	$	(0.1	)	$	(1.4	)
Foreign currency translation
Losses on foreign currency translation	$	—		$	(9.3	)	$	—		$	(9.3	)		Other income (expense) - net
Total before income taxes		—			(9.3	)		—			(9.3	)
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	—		$	(9.3	)	$	—		$	(9.3	)
Total reclassifications for the period,    net of income taxes	$	(0.4	)	$	(8.2	)	$	(1.4	)	$	(5.5	)

(a)These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 19, “Employee Benefit Plans,” for additional information).