Shareholders' Equity

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Shareholders' Equity

Note 11 — Shareholders’ Equity

Treasury Stock

On November 14, 2016, our Board authorized a share repurchase program under which we may repurchase up to 2,500 shares of common stock. 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 September 30, 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 September 30, 2020, we had remaining authorization to repurchase 1,720 additional shares. The treasury stock held as of September 30, 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 September 30, 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 September 30, 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 September 30,				Nine Months Ended September 30,				Statements of Operations Where (Income) Loss is
(In millions)	2020		2019		2020		2019		Presented
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).