XML 78 R18.htm IDEA: XBRL DOCUMENT v3.22.2
Stockholders' Equity
 3 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Dividends
On February 18, 2022, 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 April 1, 2022 to stockholders of record at the close of business on March 18, 2022.
On April 26, 2022, the Board declared a quarterly cash dividend of $0.09 per common share. The dividend totaled $5.4 million and was distributed on June 3, 2022 to stockholders of record at the close of business on May 20, 2022.
During the three and six months ended June 30, 2021, dividends of $5.5 million and $11.0 million, respectively, were paid to stockholders.
On July 25, 2022, the Board declared a quarterly cash dividend of $0.09 per common share payable on September 2, 2022 to stockholders of record at the close of business on August 19, 2022.
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 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 months ended June 30, 2022, the Company repurchased 77,011 shares for a total of $2.5 million under its stock repurchase programs. During the six months ended June 30, 2022, the Company repurchased 472,381 shares for a total of $16.1 million under its stock repurchase programs.
During the three and six months ended June 30, 2021, the Company repurchased 5,000 shares for a total of $0.2 million under its stock repurchase programs.
Accumulated Other Comprehensive Loss
The following tables summarize the changes in each component of Accumulated other comprehensive loss, net of tax in the three months ended June 30, 2022 and 2021:
(in millions) (a)
Actuarial LossesPrior Service CostsForeign
Currency Translation		Interest Rate SwapsTotal
Balance at April 1, 2022$(66.9)$(2.4)$(5.0)$1.6 $(72.7)
Other comprehensive income (loss) before reclassifications1.3 0.2 (8.6)0.1 (7.0)
Amounts reclassified from accumulated other comprehensive loss0.5 0.1 — 0.1 0.7 
Net current-period other comprehensive income (loss)1.8 0.3 (8.6)0.2 (6.3)
Balance at June 30, 2022$(65.1)$(2.1)$(13.6)$1.8 $(79.0)
(in millions) (a)
Actuarial LossesPrior Service CostsForeign
Currency Translation		Interest Rate SwapsTotal
Balance at April 1, 2021$(87.5)$(2.6)$0.1 $(1.4)$(91.4)
Other comprehensive income (loss) before reclassifications0.1 — 2.0 (0.2)1.9 
Amounts reclassified from accumulated other comprehensive loss0.8 0.1 — 0.2 1.1 
Net current-period other comprehensive income0.9 0.1 2.0 — 3.0 
Balance at June 30, 2021$(86.6)$(2.5)$2.1 $(1.4)$(88.4)
(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 six months ended June 30, 2022 and 2021:
(in millions) (a)
Actuarial LossesPrior Service CostsForeign
Currency Translation		Interest Rate SwapsTotal
Balance at January 1, 2022$(67.9)$(2.4)$(3.4)$(0.5)$(74.2)
Other comprehensive income (loss) before reclassifications1.8 0.2 (10.2)2.0 (6.2)
Amounts reclassified from accumulated other comprehensive loss1.0 0.1 — 0.3 1.4 
Net current-period other comprehensive income (loss)2.8 0.3 (10.2)2.3 (4.8)
Balance at June 30, 2022$(65.1)$(2.1)$(13.6)$1.8 $(79.0)
(in millions) (a)
Actuarial LossesPrior Service CostsForeign
Currency Translation		Interest Rate SwapsTotal
Balance at January 1, 2021$(88.2)$(2.6)$1.3 $(2.2)$(91.7)
Other comprehensive (loss) income before reclassifications(0.1)— 0.8 0.4 1.1 
Amounts reclassified from accumulated other comprehensive loss1.7 0.1 — 0.4 2.2 
Net current-period other comprehensive income1.6 0.1 0.8 0.8 3.3 
Balance at June 30, 2021$(86.6)$(2.5)$2.1 $(1.4)$(88.4)
(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, 2022 and 2021 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
20222021
(in millions) (a)
Amortization of actuarial losses of defined benefit pension plans$(0.7)$(1.1)Other income, net
Amortization of prior service costs of defined benefit pension plans(0.1)(0.1)Other income, net
Interest rate swaps(0.1)(0.3)Interest expense
Total before tax(0.9)(1.5)
Income tax benefit0.2 0.4 Income tax expense
Total reclassifications for the period, net of tax$(0.7)$(1.1)
(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, 2022 and 2021 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
20222021
(in millions) (a)
Amortization of actuarial losses of defined benefit pension plans$(1.4)$(2.3)Other income, net
Amortization of prior service costs of defined benefit pension plans(0.1)(0.1)Other income, net
Interest rate swaps(0.3)(0.5)Interest expense
Total before tax(1.8)(2.9)
Income tax benefit0.4 0.7 Income tax expense
Total reclassifications for the period, net of tax$(1.4)$(2.2)
(a)    Amounts in parentheses indicate losses.