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Stockholders' Equity
9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Dividends
On February 18, 2021, the Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.09 per common share. The dividend totaled $5.5 million and was distributed on March 31, 2021 to stockholders of record at the close of business on March 19, 2021.
On April 27, 2021, the Board declared a quarterly cash dividend of $0.09 per common share. The dividend totaled $5.5 million and was distributed on June 2, 2021 to stockholders of record at the close of business on May 21, 2021.
On July 27, 2021, the Board declared a quarterly cash dividend of $0.09 per common share. The dividend totaled $5.5 million and was distributed on September 1, 2021 to stockholders of record at the close of business on August 20, 2021.
During the three and nine months ended September 30, 2020, dividends of $4.8 million and $14.5 million were paid to stockholders.
On October 26, 2021, the Board declared a quarterly cash dividend of $0.09 per common share payable on December 1, 2021 to stockholders of record at the close of business on November 19, 2021.
Stock Repurchase Program
In November 2014, the Board authorized a stock repurchase program (the “November 2014 program”) of up to $75.0 million of the Company’s common stock.
On March 13, 2020, the Board authorized an additional stock repurchase program (the “March 2020 program”) of up to $75.0 million of the Company’s common stock. The March 2020 program supplements the Board’s prior authorization under the November 2014 program, which remains in effect.
The stock repurchase programs are intended primarily to facilitate 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. 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 three and nine months ended September 30, 2021, the Company repurchased 82,754 and 87,754 shares for a total of $3.2 million and $3.4 million, respectively, under its stock repurchase programs.
During the three and nine months ended September 30, 2020, the Company repurchased 7,227 and 498,217 shares for a total of $0.2 million and $13.7 million, respectively, under its stock repurchase programs.
Accumulated Other Comprehensive Loss
The following tables summarize the changes in each component of Accumulated other comprehensive loss, net of tax in the three months ended September 30, 2021 and 2020:
(in millions) (a)
Actuarial LossesPrior Service CostsForeign
Currency Translation
Unrealized Gain (Loss) on Interest Rate SwapsTotal
Balance at July 1, 2021$(86.6)$(2.5)$2.1 $(1.4)$(88.4)
Other comprehensive income (loss) before reclassifications0.5 — (4.2)(0.1)(3.8)
Amounts reclassified from accumulated other comprehensive loss0.8 0.1 — 0.2 1.1 
Net current-period other comprehensive income (loss)1.3 0.1 (4.2)0.1 (2.7)
Balance at September 30, 2021$(85.3)$(2.4)$(2.1)$(1.3)$(91.1)
(in millions) (a)
Actuarial LossesPrior Service CostsForeign
Currency Translation
Unrealized Gain (Loss) on Interest Rate SwapsTotal
Balance at July 1, 2020$(77.8)$(2.3)$(12.0)$(2.6)$(94.7)
Other comprehensive (loss) income before reclassifications(0.4)— 4.4 — 4.0 
Amounts reclassified from accumulated other comprehensive loss0.7 — — 0.1 0.8 
Net current-period other comprehensive income0.3 — 4.4 0.1 4.8 
Balance at September 30, 2020$(77.5)$(2.3)$(7.6)$(2.5)$(89.9)
(a)    Amounts in parentheses indicate losses.
The following tables summarize the changes in each component of Accumulated other comprehensive loss, net of tax in the nine months ended September 30, 2021 and 2020:
(in millions) (a)
Actuarial LossesPrior Service CostsForeign
Currency Translation
Unrealized Gain (Loss) on Interest Rate SwapsTotal
Balance at January 1, 2021$(88.2)$(2.6)$1.3 $(2.2)$(91.7)
Other comprehensive income (loss) before reclassifications0.4 — (3.4)0.3 (2.7)
Amounts reclassified from accumulated other comprehensive loss2.5 0.2 — 0.6 3.3 
Net current-period other comprehensive income (loss)2.9 0.2 (3.4)0.9 0.6 
Balance at September 30, 2021$(85.3)$(2.4)$(2.1)$(1.3)$(91.1)
(in millions) (a)
Actuarial LossesPrior Service CostsForeign
Currency Translation
Unrealized Gain (Loss) on Interest Rate SwapsTotal
Balance at January 1, 2020$(80.4)$(2.4)$(7.1)$0.8 $(89.1)
Other comprehensive income (loss) before reclassifications0.8 — (0.5)(3.4)(3.1)
Amounts reclassified from accumulated other comprehensive loss2.1 0.1 — 0.1 2.3 
Net current-period other comprehensive income (loss)2.9 0.1 (0.5)(3.3)(0.8)
Balance at September 30, 2020$(77.5)$(2.3)$(7.6)$(2.5)$(89.9)
(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 September 30, 2021 and 2020 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 LossAffected Line Item in Condensed Consolidated Statements of Operations
20212020
(in millions) (a)
Amortization of actuarial losses of defined benefit pension plans$(1.2)$(1.0)Other (income) expense, net
Amortization of prior service costs of defined benefit pension plans(0.1)— Other (income) expense, net
Interest rate swaps(0.2)(0.2)Interest expense
Total before tax(1.5)(1.2)
Income tax benefit0.4 0.4 Income tax expense
Total reclassifications for the period, net of tax$(1.1)$(0.8)
(a)    Amounts in parentheses indicate losses.
The following table summarizes the amounts reclassified from Accumulated other comprehensive loss, net of tax, in the nine months ended September 30, 2021 and 2020 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 LossAffected Line Item in Condensed Consolidated Statements of Operations
20212020
(in millions) (a)
Amortization of actuarial losses of defined benefit pension plans$(3.5)$(2.8)Other (income) expense, net
Amortization of prior service costs of defined benefit pension plans(0.2)(0.1)Other (income) expense, net
Interest rate swaps(0.7)(0.2)Interest expense
Total before tax(4.4)(3.1)
Income tax benefit1.1 0.8 Income tax expense
Total reclassifications for the period, net of tax$(3.3)$(2.3)
(a)    Amounts in parentheses indicate losses.