Shareholders' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Shareholders' Equity

Note 11 — Shareholders’ Equity

Treasury Stock

On May 2, 2012, the Board authorized a share repurchase program that allowed for the repurchase of 2,500 shares of common stock. On November 14, 2016, our Board authorized a new share repurchase program under which we may repurchase up to 2,500 shares of common stock. This authorization replaces the Board’s prior May 2, 2012 share repurchase authorization. Under the share repurchase program, we may repurchase shares from time to time using a variety of methods, which may include open market transactions and privately negotiated transactions.

The Company did not purchase any shares during the three months ended March 31, 2020. Since the inception of the November 14, 2016 authorization, we have repurchased 780 shares of common stock for $0.3 million and, as of March 31, 2020, we had remaining authorization to repurchase 1,720 additional shares. The treasury stock held as of March 31, 2020 was acquired at an average price of $8,496.47 per share.

Following is a summary of treasury share activity:

	Treasury Shares
Balance as of December 31, 2019		2,927
Purchases		—
Restricted stock grants		—
Forfeitures and other		—
Balance as of March 31, 2020		2,927

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss and related activity consisted of the following:

(In millions)	Defined Benefit Plans
Balance as of December 31, 2019	$	(20.6	)
Amounts reclassified from accumulated other comprehensive income, net of tax		20.6
Balance as of March 31, 2020	$	—

Details of amounts reclassified from accumulated other comprehensive loss and the line item in the Condensed Consolidated Statements of Operations are as follows:

	Amounts Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item in the Condensed Consolidated
	Three Months Ended March 31,				Statements of Operations Where (Gain) Loss is Presented
(In millions)	2020		2019
Amortization of net actuarial loss	$	—	$	0.1	Other income (expense)
Reclassification of pension liability, net of taxes	$	20.6	$	—	Other income (expense)
Total reclassifications for the period	$	20.6	$	0.1

Reclassification adjustments are made to avoid double counting in comprehensive income (loss) items that are also recorded as part of net income (loss) and are presented net of taxes in the Condensed Consolidated Statements of Comprehensive Income (Loss).