Equity

3 Months Ended

Mar. 31, 2021

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, 2021, 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. As a result of the COVID-19 pandemic, the Company suspended its share repurchase program in the first quarter of 2020 to preserve its liquidity and manage cash flows. As of March 31, 2021, the Company had $10.6 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 March 31, 2021 and 2020 are summarized as follows:

	Gains and 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		(0.1	)		1.1			(13.6	)		(12.6	)
Amounts reclassified from accumulated other comprehensive loss		0.1			0.1			—			0.2
Net other comprehensive income (loss)		—			1.2			(13.6	)		(12.4	)
Balance as of March 31, 2020	$	—		$	(38.7	)	$	(94.7	)	$	(133.4	)

Balance as of December 31, 2020	$	—		$	(47.9	)	$	(49.6	)	$	(97.5	)
Other comprehensive loss before reclassifications		—			(1.2	)		(10.0	)		(11.2	)
Amounts reclassified from accumulated other comprehensive loss		—			0.6			—			0.6
Net other comprehensive loss		—			(0.6	)		(10.0	)		(10.6	)
Balance as of March 31, 2021	$	—		$	(48.5	)	$	(59.6	)	$	(108.1	)

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three months ended March 31, 2021 and 2020 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended March 31, 2021			Three Months Ended March 31, 2020				Recognized Location
Gains and losses on cash flow hedges
FX Forward Contracts	$	—		$	(0.1	)		Cost of sales
Total before income taxes		—			(0.1	)
Income tax provision		—			—
Total, net of income taxes	$	—		$	(0.1	)
Amortization of pension and postretirement items
Actuarial losses	$	(1.3	)	$	(1.1	)	(a)	Other expense - net
Amortization of prior service cost		0.7			0.7		(a)	Other expense - net
Total before income taxes		(0.6	)		(0.4	)
'Provision for income taxes		—			0.3
Total, net of income taxes	$	(0.6	)	$	(0.1	)

Total reclassifications for the period, net of income taxes	$	(0.6	)	$	(0.2	)

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