Changes in Equity and Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2021

A summary of changes in equity for the year-to-date interim periods ended June 30, 2021 and 2020 is provided below:


(in millions, except share data)	Common Shares Issued at Par Value	Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Share- holders’ Equity		Non-controlling Interest		Total Equity
BALANCE DECEMBER 31, 2020	72.4	$	330.7	$	2,192.8	$	(466.4)	$	(600.6)	$	1,528.9	$	2.2	$	1,531.1
Net income	—	—		108.4		—		—		108.4		—		108.4
Cash dividends ($0.43 per share)	—	—		(25.0)		—		—		(25.0)		—		(25.0)

Impact from settlement of share-based awards, net of shares acquired	—	(2.3)		—		—		9.5		7.2		—		7.2
Stock-based compensation expense	—	6.3		—		—		—		6.3		—		6.3
Changes in pension and postretirement plan assets and benefit obligation, net of tax	—	—		—		4.9		—		4.9		—		4.9
Currency translation adjustment	—	—		—		(35.7)		—		(35.7)		0.8		(34.9)
BALANCE MARCH 31, 2021	72.4	$	334.7	$	2,276.2	$	(497.2)	$	(591.1)	$	1,595.0	$	3.0	$	1,598.0
Net income	—	—		138.3		—		—		138.3		—		138.3
Cash dividends (0.43 per share)	—	—		(25.2)		—		—		(25.2)		—		(25.2)

Impact from settlement of share-based awards, net of shares acquired	—	7.6		—		—		(9.5)		(1.9)		—		(1.9)
Stock-based compensation expense	—	6.1		—		—		—		6.1		—		6.1
Changes in pension and postretirement plan assets and benefit obligation, net of tax	—	—		—		5.2		—		5.2		—		5.2
Currency translation adjustment	—	—		—		7.7		—		7.7		(0.1)		7.6
BALANCE JUNE 30, 2021	72.4	$	348.4	$	2,389.3	$	(484.3)	$	(600.6)	$	1,725.2	$	2.9	$	1,728.1


(in millions, except share data)	Common Shares Issued at Par Value	Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Share- holders’ Equity		Non-controlling Interest		Total Equity
BALANCE DECEMBER 31, 2019	72.4	$	315.6	$	2,112.2	$	(483.7)	$	(542.8)	$	1,473.7	$	2.6	$	1,476.3
Net income	—	—		62.8		—		—		62.8		—		62.8
Cash dividends ($0.43 per share)	—	—		(25.5)		—		—		(25.5)		—		(25.5)
Reacquisition on open market of 1,221,233 shares	—	—		—		—		(70.0)		(70.0)		—		(70.0)
Impact from settlement of share-based awards, net of shares acquired	—	(6.0)		—		—		6.0		—		—		—
Stock-based compensation expense	—	5.8		—		—		—		5.8		—		5.8
Changes in pension and postretirement plan assets and benefit obligation, net of tax	—	—		—		3.6		—		3.6		—		3.6
Currency translation adjustment	—	—		—		(45.2)		—		(45.2)		(0.3)		(45.5)
BALANCE MARCH 31, 2020	72.4	$	315.4	$	2,149.5	$	(525.3)	$	(606.8)	$	1,405.2	$	2.3	$	1,407.5
Net income	—	—		14.8		—		—		14.8		—		$	14.8
Cash dividends ($0.43 per share)	—	—		(24.9)		—		—		(24.9)		—		(24.9)
Impact from settlement of share-based awards, net of shares acquired	—	(1.4)		—		—		1.9		0.5		—		0.5
Stock-based compensation expense	—	4.7		—		—		—		4.7		—		4.7
Changes in pension and postretirement plan assets and benefit obligation, net of tax	—	—		—		3.6		—		3.6		—		3.6
Currency translation adjustment	—	—		—		17.2		—		17.2		0.2		17.4
BALANCE JUNE 30, 2020	72.4	$	318.7	$	2,139.4	$	(504.5)	$	(604.9)	$	1,421.1	$	2.5	$	1,423.6

Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets

The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Condensed Consolidated Balance Sheets.


(in millions)		Defined Benefit Pension and Postretirement Items		Currency Translation Adjustment		Total a
Balance as of December 31, 2020		$	(397.9)	$	(68.5)	$	(466.4)
	Other comprehensive income (loss) before reclassifications	—		(28.0)		(28.0)
	Amounts reclassified from accumulated other comprehensive loss	10.1		—		10.1
Net period other comprehensive income (loss)		10.1		(28.0)		(17.9)
Balance as of June 30, 2021		$	(387.8)	$	(96.5)	$	(484.3)


a			Net of tax benefit of $150.6 million and $148.2 million as of June 30, 2021 and December 31, 2020, respectively.

Amounts Reclassified out of each Component of AOCI

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three and six month periods ended June 30, 2021 and 2020. Amortization of pension and postretirement components has been recorded within “Miscellaneous income, net” on our Condensed Consolidated Statements of Operations.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2021		2020		2021		2020
Amortization of pension items:
Prior-service costs	$	(0.1)	$	(0.1)	$	(0.1)	$	(0.1)
Net loss	6.5		4.9		13.1		9.7
Amortization of postretirement items:
Prior-service costs	(0.3)		(0.3)		(0.5)		(0.5)

Total before tax	$	6.1	$	4.5	$	12.5	$	9.1
Tax impact	1.1		0.9		2.4		2.0
Total reclassifications for the period	$	5.0	$	3.6	$	10.1	$	7.1