16. Equity Authorized capitalization consists of 75.0 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock. None of the preferred shares have been issued. As of December 31, 2022, the Company has authorization from the Board of Directors to purchase up to $30.0 million of the Company’s common stock at management’s discretion. The Company's share repurchases program purchases shares in the open market to offset stock-based awards issued in conjunction with the Company's 2013 Omnibus Incentive Plan. During 2022, the Company repurchased 262,000 shares of the Company's common stock for $3.0 million under this authorization. As of December 31, 2022, the Company has $7.6 million remaining under this authorization. The components of accumulated other comprehensive loss as of December 31, 2022 and 2021 are summarized as follows:
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|
|
|
|
|
2022 |
|
|
2021 |
|
Foreign currency translation, net of income tax
benefit of $0.1 and $0.6 |
|
$ |
(98.0 |
) |
|
$ |
(70.1 |
) |
Derivative instrument fair market value, net of income
tax provision of $0.0 and $0.0 |
|
|
5.4 |
|
|
|
— |
|
Employee pension and postretirement benefit adjustments,
net of income tax benefit of $12.9 and $13.9 |
|
|
(15.3 |
) |
|
|
(32.3 |
) |
Total accumulated other comprehensive loss |
|
$ |
(107.9 |
) |
|
$ |
(102.4 |
) |
A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component as of December 31, 2022 and 2021 are summarized as follows:
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|
|
|
|
|
|
|
Gains (Losses) on
Cash Flow Hedges |
|
|
Pension &
Postretirement |
|
|
Foreign
Currency
Translation |
|
|
Total |
|
Balance as of December 31, 2020 |
|
$ |
— |
|
|
$ |
(47.9 |
) |
|
$ |
(49.6 |
) |
|
$ |
(97.5 |
) |
Other comprehensive income (loss) before
reclassifications |
|
|
(1.1 |
) |
|
|
14.5 |
|
|
|
(20.5 |
) |
|
|
(7.1 |
) |
Amounts reclassified from accumulated other
comprehensive income |
|
|
1.1 |
|
|
|
1.1 |
|
|
|
— |
|
|
|
2.2 |
|
Net other comprehensive income (loss) |
|
|
— |
|
|
|
15.6 |
|
|
|
(20.5 |
) |
|
|
(4.9 |
) |
Balance as of December 31, 2021 |
|
|
— |
|
|
|
(32.3 |
) |
|
|
(70.1 |
) |
|
|
(102.4 |
) |
Other comprehensive income (loss) before
reclassifications |
|
|
(0.4 |
) |
|
|
15.5 |
|
|
|
(27.9 |
) |
|
|
(12.8 |
) |
Amounts reclassified from accumulated other
comprehensive income |
|
|
5.8 |
|
|
|
1.5 |
|
|
|
— |
|
|
|
7.3 |
|
Net other comprehensive income (loss) |
|
|
5.4 |
|
|
|
17.0 |
|
|
|
(27.9 |
) |
|
|
(5.5 |
) |
Balance as of December 31, 2022 |
|
$ |
5.4 |
|
|
$ |
(15.3 |
) |
|
$ |
(98.0 |
) |
|
$ |
(107.9 |
) |
A reconciliation of the reclassifications out of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2022, 2021 and 2020 are summarized as follows:
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|
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss |
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|
|
2022 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Recognized
Location |
Losses on cash flow hedges |
|
|
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
(5.8 |
) |
|
$ |
(1.1 |
) |
|
$ |
(0.3 |
) |
|
Cost of sales |
Total before income taxes |
|
|
(5.8 |
) |
|
|
(1.1 |
) |
|
|
(0.3 |
) |
|
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
Total, net of income taxes |
|
$ |
(5.8 |
) |
|
$ |
(1.1 |
) |
|
$ |
(0.3 |
) |
|
|
Amortization of pension and
postretirement items |
|
|
|
|
|
|
|
|
|
|
|
Actuarial losses |
|
$ |
(2.9 |
) |
|
$ |
(4.7 |
) |
|
$ |
(4.5 |
) |
(a) |
Other expense - net |
Amortization of prior service cost |
|
|
1.3 |
|
|
|
2.6 |
|
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|
2.6 |
|
(a) |
Other expense - net |
Pension settlement gain |
|
|
0.1 |
|
|
|
0.9 |
|
|
|
— |
|
(a) |
Other expense - net |
Total before income taxes |
|
|
(1.5 |
) |
|
|
(1.2 |
) |
|
|
(1.9 |
) |
|
|
Benefit for income taxes |
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
Total, net of income taxes |
|
$ |
(1.5 |
) |
|
$ |
(1.1 |
) |
|
$ |
(1.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period, net
of income taxes |
|
$ |
(7.3 |
) |
|
$ |
(2.2 |
) |
|
$ |
(2.2 |
) |
|
|
(a)These accumulated other comprehensive loss components are components of net periodic pension cost (refer to Note 22, “Employee Benefit Plans,” for further details). |