Stockholders' Equity

12 Months Ended

Dec. 31, 2020

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 67.8 million and 66.9 million common shares issued as of December 31, 2020 and 2019, respectively. Of those amounts, 60.5 million common shares were outstanding as of December 31, 2020 and 2019.

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, 2020.

Dividends

The Company declared and paid dividends totaling $19.4 million, $19.3 million and $18.7 million during 2020, 2019 and 2018, respectively.

On February 18, 2021, the Board declared a quarterly cash dividend of $0.09 per common share payable on March 31, 2021 to stockholders of record at the close of business on March 19, 2021.

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. In March 2020, the Board authorized an additional stock repurchase program of up to $75.0 million of the Company’s common stock. The March 2020 stock repurchase program supplements the Board’s prior authorization under the November 2014 stock repurchase program, which remains in effect.

The stock repurchase programs are 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 programs, 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, 2020, the Company repurchased 498,217 shares for a total of $13.7 million under the stock repurchase program. 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.

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 (Loss) on Interest Rate Swaps		Total
Balance at January 1, 2020	$	(80.4)	$	(2.4)	$	(7.1)	$	0.8	$	(89.1)
Other comprehensive (loss) income before reclassifications	(10.6)		(0.3)		8.4		(3.3)		(5.8)
Amounts reclassified from accumulated other comprehensive loss	2.8		0.1		—		0.3		3.2
Net current-period other comprehensive (loss) income	(7.8)		(0.2)		8.4		(3.0)		(2.6)
Balance at December 31, 2020	$	(88.2)	$	(2.6)	$	1.3	$	(2.2)	$	(91.7)


(in millions) (a)	Actuarial Losses		Prior Service Costs		Foreign Currency Translation		Unrealized Gain (Loss) on Interest Rate Swaps		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)

(a) Amounts in parentheses indicate losses.

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
	2020		2019
	(in millions) (a)
Amortization of actuarial losses of defined benefit pension plans	$	(3.7)	$	(3.3)	Other expense, net
Amortization of prior service costs of defined benefit pension plans	(0.1)		(0.1)		Other expense, net
Interest rate swaps	(0.4)		1.0		Interest expense
Total before tax	(4.2)		(2.4)
Income tax benefit	1.0		0.5		Income tax expense
Total reclassifications for the period, net of tax	$	(3.2)	$	(1.9)

(a) Amount in parentheses indicate debits to profit/loss.