Shareholders' Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Preferred Stock

As discussed in Note 4, all of our Predecessor preferred stock was canceled upon our emergence from bankruptcy on the Emergence Date. As of December 31, 2018 and December 31, 2017, there were 5,000,000 Successor shares of preferred stock authorized with none issued or outstanding.

Common Stock

As discussed in Note 4, all our Predecessor common stock was canceled upon our emergence from bankruptcy on the Emergence Date and 14,992,018 shares of Successor Common Stock were issued with a par value of $0.01 per share. We have a total of 45,000,000 shares authorized. We do not anticipate that cash dividends or other distributions will be paid with respect to our common stock in the foreseeable future. In addition, our Credit Facility and Second Lien Facility have restrictive covenants that limit our ability to pay dividends.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income and losses are entirely attributable to our pension and postretirement health care benefit obligations. The accumulated other comprehensive income, net of tax, was less than $0.1 million for all periods presented.

Treasury Stock

Shares of our Predecessor common stock held by the SERP and Predecessor deferred common stock units that had not been converted into Predecessor common stock were previously presented for financial reporting purposes as treasury stock carried at cost. As discussed above, all of the Predecessor common stock held by the SERP and Predecessor deferred common stock units were canceled upon our emergence from bankruptcy on the Emergence Date.