Stockholders' Equity

6 Months Ended

Jun. 30, 2019

STOCKHOLDERS’ EQUITY

Dividends

On February 19, 2019, the Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.08 per common share. The dividend totaled $4.8 million and was distributed on March 29, 2019 to holders of record at the close of business on March 18, 2019.

On April 30, 2019, the Board declared a quarterly cash dividend of $0.08 per common share. The dividend totaled $4.8 million and was distributed on May 30, 2019 to holders of record at the close of business on May 15, 2019.

During the three and six months ended June 30, 2018, dividends of $4.8 million and $9.0 million, respectively, were paid to stockholders.

On July 30, 2019, the Board declared a quarterly cash dividend of $0.08 per common share payable on August 28, 2019 to holders of record at the close of business on August 14, 2019.

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. The stock repurchase program is intended primarily to facilitate opportunistic purchases of Company stock as a means to provide cash returns to stockholders, enhance stockholder returns and manage the Company’s capital structure. Under the stock repurchase program, the Company is authorized to repurchase, from time to time, shares of its outstanding common stock in the open market or through privately negotiated transactions. 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 six months ended June 30, 2019, the Company repurchased 48,409 shares for a total of $1.0 million under the stock repurchase program.

Accumulated Other Comprehensive Loss

The following tables summarize the changes in each component of Accumulated other comprehensive loss, net of tax:

Three Months Ended June 30, 2019 and 2018



(in millions) ^(a)	Actuarial Losses			Prior Service Costs		Foreign Currency Translation			Unrealized Gain on Derivatives			Total
Balance at April 1, 2019	$	(87.2	)	(2.5	)	$	(8.9	)	$	1.0		$	(97.6	)
Other comprehensive income (loss) before reclassifications	0.6			—		0.8			(0.5		)	0.9
Amounts reclassified from accumulated other comprehensive loss	0.6			0.1		—			(0.2		)	0.5
Net current-period other comprehensive income (loss)	1.2			0.1		0.8			(0.7		)	1.4
Balance at June 30, 2019	$	(86.0	)	(2.4	)	$	(8.1	)	$	0.3		$	(96.2	)



(in millions) ^(a)	Actuarial Losses			Foreign Currency Translation			Unrealized Gain on Derivatives			Total
Balance at April 1, 2018	$	(75.3	)	$	(0.5	)	$	1.8		$	(74.0	)
Other comprehensive income (loss) before reclassifications	1.1			(5.2		)	0.3			(3.8		)
Amounts reclassified from accumulated other comprehensive loss	0.6			—			(0.1		)	0.5
Net current-period other comprehensive income (loss)	1.7			(5.2		)	0.2			(3.3		)
Balance at June 30, 2018	$	(73.6	)	$	(5.7	)	$	2.0		$	(77.3	)

Six months ended June 30, 2019 and 2018



(in millions) ^(a)	Actuarial Losses			Prior Service Costs		Foreign Currency Translation			Unrealized Gain on Derivatives			Total
Balance at January 1, 2019	$	(87.4	)	(2.5	)	$	(8.9	)	$	1.5		$	(97.3	)
Other comprehensive income (loss) before reclassifications	0.2			—		0.8			(0.7		)	0.3
Amounts reclassified from accumulated other comprehensive loss	1.2			0.1		—			(0.5		)	0.8
Net current-period other comprehensive income (loss)	1.4			0.1		0.8			(1.2		)	1.1
Balance at June 30, 2019	$	(86.0	)	(2.4	)	$	(8.1	)	$	0.3		$	(96.2	)



(in millions) ^(a)	Actuarial Losses			Foreign Currency Translation			Unrealized Gain on Derivatives			Total
Balance at January 1, 2018	$	(75.4	)	$	(2.5	)	$	1.0		$	(76.9	)
Other comprehensive income (loss) before reclassifications	0.4			(3.2		)	1.1			(1.7		)
Amounts reclassified from accumulated other comprehensive loss	1.4			—			(0.1		)	1.3
Net current-period other comprehensive income (loss)	1.8			(3.2		)	1.0			(0.4		)
Balance at June 30, 2018	$	(73.6	)	$	(5.7	)	$	2.0		$	(77.3	)


(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 June 30, 2019 and 2018 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
	2019			2018
(in millions)^(a)
Amortization of actuarial losses of defined benefit pension plans	$	(0.7	)	$	(0.8	)	Other (income) expense, net
Amortization of prior service costs of defined benefit pension plans	(0.1		)	—			Other (income) expense, net
Interest rate swap	0.3			0.2			Interest expense
Total before tax	(0.5		)	(0.6		)
Income tax benefit	—			0.1			Income tax expense
Total reclassifications for the period, net of tax	$	(0.5	)	$	(0.5	)


(a)	Amounts in parentheses indicate losses.

The following table summarizes the amounts reclassified from Accumulated other comprehensive loss, net of tax, in the six months ended June 30, 2019 and 2018 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
	2019			2018
(in millions)^(a)
Amortization of actuarial losses of defined benefit pension plans	$	(1.5	)	$	(1.8	)	Other (income) expense, net
Amortization of prior service costs of defined benefit pension plans	(0.1		)	—			Other (income) expense, net
Interest rate swap	0.7			0.2			Interest expense
Total before tax	(0.9		)	(1.6		)
Income tax benefit	0.1			0.3			Income tax expense
Total reclassifications for the period, net of tax	$	(0.8	)	$	(1.3	)

(a)

Amounts in parentheses indicate losses.