Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity

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:

	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:

	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:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	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			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).