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Stockholders' Equity
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
The Company’s Board of Directors (the “Board”) has the authority to issue 90.0 million shares of common stock at a par value of $1 per share. The holders of common stock (i) may receive dividends subject to all of the rights of the holders of preference stock, (ii) shall be entitled to share ratably upon any liquidation of the Company in the assets of the Company, if any, remaining after payment in full to the holders of preference stock and (iii) receive one vote for each common share held and shall vote together share for share with the holders of voting shares of preference stock as one class for the election of directors and for all other purposes. The Company had 66.9 million and 66.4 million common shares issued as of December 31, 2019 and 2018, respectively. Of those amounts, 60.5 million and 60.2 million common shares were outstanding as of December 31, 2019 and 2018, respectively.
The Board is also authorized to provide for the issuance of 0.8 million shares of preference stock at a par value of $1 per share. The authority of the Board includes, but is not limited to, the determination of the dividend rate, voting rights, conversion and redemption features and liquidation preferences. The Company has not designated or issued any preference stock as of December 31, 2019.
Dividends
The Company declared and paid dividends totaling $19.3 million, $18.7 million and $16.8 million during 2019, 2018 and 2017, respectively.
On February 19, 2020, the Board declared a quarterly cash dividend of $0.08 per common share payable on March 31, 2020 to stockholders of record at the close of business on March 18, 2020.
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 its 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 year ended December 31, 2019, the Company repurchased 48,409 shares for a total of $1.0 million under the stock repurchase program. During the year ended December 31, 2018, the Company repurchased 62,500 shares for a total of $1.2 million under the stock repurchase program. No shares were repurchased during the year ended December 31, 2017.
Accumulated Other Comprehensive Loss
The following tables summarize the changes in each component of Accumulated other comprehensive loss, net of tax:
(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 before reclassifications
4.5

 
—

 
1.8

 
—

 
6.3

Amounts reclassified from accumulated other comprehensive loss
2.5

 
0.1

 
—

 
(0.7
)
 
1.9

Net current-period other comprehensive income (loss)
7.0

 
0.1

 
1.8

 
(0.7
)
 
8.2

Balance at December 31, 2019
$
(80.4
)
 
$
(2.4
)
 
$
(7.1
)
 
$
0.8

 
$
(89.1
)

(in millions) (a)
Actuarial Losses
 
Prior Service Costs
 
Foreign
Currency Translation
 
Unrealized
Gain on
Derivatives
 
Total
Balance at January 1, 2018
$
(75.4
)
 
$
—

 
$
(2.5
)
 
$
1.0

 
$
(76.9
)
Other comprehensive (loss) income before reclassifications
(3.9
)
 
(2.5
)
 
(6.4
)
 
0.8

 
(12.0
)
Amounts reclassified from accumulated other comprehensive loss
2.7

 
—

 
—

 
(0.5
)
 
2.2

Net current-period other comprehensive (loss) income
(1.2
)
 
(2.5
)
 
(6.4
)
 
0.3

 
(9.8
)
Impact of adoption of ASU 2018-02 (b)
(10.8
)
 
—

 
—

 
0.2

 
(10.6
)
Balance at December 31, 2018
$
(87.4
)
 
$
(2.5
)
 
$
(8.9
)
 
$
1.5

 
$
(97.3
)
(a)
Amounts in parentheses indicate losses.
(b)
In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, that permits entities to reclassify tax effects stranded in accumulated other comprehensive income (loss) as a result of the 2017 Tax Act to retained earnings. Upon adopting ASU 2018-02 during the fourth quarter of 2018, the Company recorded an adjustment to reclassify the stranded tax effects resulting from the 2017 Tax Act. The reclassification adjustment of $10.6 million resulted in an increase of Retained earnings and Accumulated other comprehensive loss on the Company’s Consolidated Balance Sheet.
The following table summarizes the amounts reclassified from Accumulated other comprehensive loss, net of tax, and the affected line item in the Consolidated Statements of Operations:
Details about Accumulated Other Comprehensive Loss Components
 
Amount Reclassified from Accumulated Other Comprehensive Loss
 
Affected Line Item in Consolidated Statements of Operations (a)
 
2019
 
2018
 
 
 
(in millions) (b)
 
 
Amortization of actuarial losses and prior service costs of defined benefit pension plans
 
$
(3.4
)
 
$
(3.6
)
 
Other expense (income), net
Interest income on interest rate swaps
 
1.0

 
0.6

 
Interest expense
Total before tax
 
(2.4
)
 
(3.0
)
 
 
Income tax benefit
 
0.5

 
0.8

 
Income tax expense
Total reclassifications for the period, net of tax
 
$
(1.9
)
 
$
(2.2
)
 
 
(a)
Continuing operations only.
(b)
Amount in parentheses indicate debits to profit/loss.