Equity

12 Months Ended

Dec. 31, 2019

15. 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, 2019, the Company has authorization to purchase up to $30.0 million of the Company’s common stock at management’s discretion. During 2019, the Company purchased $7.4 million of the Company’s common stock under this authorization.

The amount and timing of any dividends are determined by the Board of Directors at its regular meetings each year, subject to limitations within the indenture governing the Company’s 2026 Notes and the Company’s ABL Revolving Credit Facility. No cash dividends were declared or paid in the years ended December 31, 2019, 2018, and 2017.

The components of accumulated other comprehensive loss as of December 31, 2019 and 2018 are as follows:

	2019			2018
Foreign currency translation	$	(81.1	)	$	(80.1	)
Derivative instrument fair market value, net of income tax provision of $0.0 and $0.0		—			(0.3	)
Employee pension and postretirement benefit adjustments, net of income benefit of $13.7 and $13.5		(39.9	)		(36.2	)
Total accumulated other comprehensive loss	$	(121.0	)	$	(116.6	)

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the years ended December 31, 2018 and 2019 are as follows:

	Gains (Losses) on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2017	$	0.1		$	(45.1	)	$	(52.4	)	$	(97.4	)
Other comprehensive income (loss) before reclassifications		(5.4	)		3.5			(27.7	)		(29.6	)
Amounts reclassified from accumulated other comprehensive income		5.0			5.4			—			10.4
Net current period other comprehensive income (loss)		(0.4	)		8.9			(27.7	)		(19.2	)
Balance at December 31, 2018		(0.3	)		(36.2	)		(80.1	)		(116.6	)
Other comprehensive loss before reclassifications		(2.8	)		(5.5	)		(1.0	)		(9.3	)
Amounts reclassified from accumulated other comprehensive income		3.1			1.8			—			4.9
Net current period other comprehensive income (loss)		0.3			(3.7	)		(1.0	)		(4.4	)
Balance at December 31, 2019	$	—		$	(39.9	)	$	(81.1	)	$	(121.0	)

A reconciliation of the reclassifications out of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2019, 2018 and 2017 are as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	2019				2018			2017			Recognized Location
Gains and losses on cash flow hedges
FX Forward Contracts	$	(3.1	)	$	(5.0	)	$	(0.7	)		Cost of sales
Total before income taxes		(3.1	)		(5.0	)		(0.7	)
Income tax provision		—			—			—
Total, net of income taxes	$	(3.1	)	$	(5.0	)	$	(0.7	)
Amortization of pension and postretirement items
Actuarial losses	$	(4.6	)	$	(5.0	)	$	(5.2	)	(a)	Other expense - net
Amortization of prior service cost		2.8			2.7			1.3		(a)	Other expense - net
Pension settlement charge		—			(4.5	)		—		(a)	Other expense - net
Total before income taxes		(1.8	)		(6.8	)		(3.9	)
Income tax benefit		—			1.4			4.2
Total, net of income taxes	$	(1.8	)	$	(5.4	)	$	0.3

Total reclassifications for the period, net of income taxes	$	(4.9	)	$	(10.4	)	$	(0.4	)

(a)	These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details).