Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Shareholders' Equity

Shareholders' Equity

Note 17—Shareholders’ Equity

Share Repurchase Program

In May 2019, the Company’s Board of Directors approved a share repurchase program under which repurchases of common stock up to $300.0 million may occur from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. A total of 3,323,104 shares were repurchased under the program at an aggregate cost of $142.3 million in the year ended December 31, 2019. Any future repurchases will be funded from cash on hand, future cash flows from operations and available borrowings under the revolving credit facility.

The repurchased shares are reflected within Treasury stock in the accompanying consolidated balance sheet at December 31, 2019 and 2018.

Cash Dividends on Common Stock

On February 22, 2016, the Company announced the establishment of a dividend policy and the declaration by its Board of Directors of an initial quarterly cash dividend in the amount of $0.04 per share of the Company’s issued and outstanding common stock. Under the dividend policy, the Company will target a cash dividend to the Company’s shareholders in the amount of $0.16 per share per annum, payable in equal quarterly installments.

Subsequent dividend declarations and the establishment of record and payment dates for such future dividend payments, if any, are subject to the Board of Directors’ continuing determination that the dividend policy is in the best interests of the Company’s shareholders. The dividend policy may be suspended or cancelled at the discretion of the Board of Directors at any time.

Accumulated Other Comprehensive Income (Loss)

The following is a summary of the components of accumulated other comprehensive income (loss), net of tax, at December 31, (dollars in millions):

					Accumulated
	Foreign		Pension		Other
	Currency		Liability		Comprehensive
	Translation		Adjustment		Income (Loss)
Balance at December 31, 2016	$	(24.1)	$	(51.8)	$	(75.9)
Other comprehensive income		96.3		1.8		98.1
Realized loss on reclassification		—		4.8		4.8
Balance at December 31, 2017		72.2		(45.2)		27.0
Other comprehensive income (loss)		(25.3)		11.9		(13.4)
Realized loss on reclassification		—		3.4		3.4
Balance at December 31, 2018		46.9		(29.9)		17.0
Other comprehensive income		(19.5)		(25.1)		(44.6)
Realized loss on reclassification		—		2.1		2.1
Balance at December 31, 2019	$	27.4	$	(52.9)	$	(25.5)