Stockholders' Equity

3 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Dividends

On February 18, 2022, the Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.09 per common share. The dividend totaled $5.5 million and was distributed on April 1, 2022 to stockholders of record at the close of business on March 18, 2022.

On April 26, 2022, the Board declared a quarterly cash dividend of $0.09 per common share payable on June 3, 2022 to stockholders of record at the close of business on May 20, 2022.

Stock Repurchase Program

In November 2014, the Board authorized a stock repurchase program of up to $75.0 million of the Company’s common stock. In March 2020, the Board authorized an additional stock repurchase program of up to $75.0 million of the Company’s common stock. The March 2020 program supplements the Board’s prior authorization under the November 2014 program, which remains in effect.

The stock repurchase programs are intended primarily to facilitate purchases of Company stock as a means to provide cash returns to stockholders, enhance stockholder returns and manage the Company’s capital structure. Under its stock repurchase programs, the Company is authorized to repurchase, from time to time, shares of its outstanding common stock. Stock repurchases by the Company are subject to market conditions and other factors and may be commenced, suspended or discontinued at any time.

During the three months ended March 31, 2022, the Company repurchased 395,370 shares for a total of $13.6 million under its stock repurchase programs. No shares were repurchased under the stock repurchase programs during the three months ended March 31, 2021.

Accumulated Other Comprehensive Loss

The following tables summarize the changes in each component of Accumulated other comprehensive loss, net of tax in the three months ended March 31, 2022 and 2021:

(in millions) (a)	Actuarial Losses		Prior Service Costs		Foreign Currency Translation		Interest Rate Swaps		Total
Balance at January 1, 2022	$	(67.9)	$	(2.4)	$	(3.4)	$	(0.5)	$	(74.2)
Other comprehensive income (loss) before reclassifications	0.5		—		(1.6)		1.9		0.8
Amounts reclassified from accumulated other comprehensive loss	0.5		—		—		0.2		0.7
Net current-period other comprehensive income (loss)	1.0		—		(1.6)		2.1		1.5
Balance at March 31, 2022	$	(66.9)	$	(2.4)	$	(5.0)	$	1.6	$	(72.7)

(in millions) (a)	Actuarial Losses		Prior Service Costs		Foreign Currency Translation		Interest Rate Swaps		Total
Balance at January 1, 2021	$	(88.2)	$	(2.6)	$	1.3	$	(2.2)	$	(91.7)
Other comprehensive (loss) income before reclassifications	(0.2)		—		(1.2)		1.0		(0.4)
Amounts reclassified from accumulated other comprehensive loss	0.9		—		—		(0.2)		0.7
Net current-period other comprehensive income (loss)	0.7		—		(1.2)		0.8		0.3
Balance at March 31, 2021	$	(87.5)	$	(2.6)	$	0.1	$	(1.4)	$	(91.4)

(a)    Amounts in parentheses indicate losses.

The following table summarizes the amounts reclassified from Accumulated other comprehensive loss, net of tax, in the three months ended March 31, 2022 and 2021 and the affected line item in the Condensed Consolidated Statements of Operations:

Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss				Affected Line Item in Condensed Consolidated Statements of Operations
	2022		2021
(in millions) (a)
Amortization of actuarial losses of defined benefit pension plans	$	(0.7)	$	(1.2)	Other income, net
Interest rate swaps	(0.2)		0.2		Interest expense
Total before tax	(0.9)		(1.0)
Income tax benefit	0.2		0.3		Income tax expense
Total reclassifications for the period, net of tax	$	(0.7)	$	(0.7)

(a)    Amounts in parentheses indicate losses.