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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Dividends On February 20, 2024, the Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.12 per common share. The dividend totaled $7.3 million and was distributed on March 28, 2024 to stockholders of record at the close of business on March 15, 2024. On April 23, 2024, the Board declared a quarterly cash dividend of $0.12 per common share. The dividend totaled $7.4 million and was distributed on May 31, 2024 to stockholders of record at the close of business on May 17, 2024. During the three and six months ended June 30, 2023, dividends of $6.1 million and $11.6 million, respectively, were paid to stockholders. On July 23, 2024, the Board declared a quarterly cash dividend of $0.12 per common share payable on August 30, 2024 to stockholders of record at the close of business on August 16, 2024. Stock Repurchase Program In March 2020, the Board authorized a stock repurchase program of up to $75.0 million of the Company’s common stock, with the remaining authorization under our previously described repurchase program adopted in 2014 being subject to the March 2020 program. The stock repurchase program is 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 program, 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. No shares were repurchased during the three months ended June 30, 2024. During the six months ended June 30, 2024, the Company repurchased 1,600 shares for a total of $0.1 million under its stock repurchase programs. No shares were repurchased during the three and six months ended June 30, 2023. 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, 2024 and 2023:
(in millions) (a) | Actuarial Losses |  | Prior Service Costs |  | Foreign Currency Translation |  | Interest Rate Swaps |  | Total
Balance at April 1, 2024 | $ | (69.1) |  |  | $ | (2.0) |  |  | $ | (14.0) |  |  | $ | 1.0 |  |  | $ | (84.1) |
Other comprehensive (loss) income before reclassifications | (0.2) |  |  | — |  |  | (1.4) |  |  | 0.4 |  |  | (1.2) |
Amounts reclassified from accumulated other comprehensive loss | 0.5 |  |  | 0.1 |  |  | — |  |  | (0.7) |  |  | (0.1) |
Net current-period other comprehensive income (loss) | 0.3 |  |  | 0.1 |  |  | (1.4) |  |  | (0.3) |  |  | (1.3) |
Balance at June 30, 2024 | $ | (68.8) |  |  | $ | (1.9) |  |  | $ | (15.4) |  |  | $ | 0.7 |  |  | $ | (85.4) |
(in millions) (a) | Actuarial Losses |  | Prior Service Costs |  | Foreign Currency Translation |  | Interest Rate Swaps |  | Total
Balance at April 1, 2023 | $ | (68.6) |  |  | $ | (2.0) |  |  | $ | (14.5) |  |  | $ | 1.7 |  |  | $ | (83.4) |
Other comprehensive (loss) income before reclassifications | (0.5) |  |  | — |  |  | 3.2 |  |  | 1.1 |  |  | 3.8 |
Amounts reclassified from accumulated other comprehensive loss | 0.4 |  |  | — |  |  | — |  |  | (0.5) |  |  | (0.1) |
Net current-period other comprehensive (loss) income | (0.1) |  |  | — |  |  | 3.2 |  |  | 0.6 |  |  | 3.7 |
Balance at June 30, 2023 | $ | (68.7) |  |  | $ | (2.0) |  |  | $ | (11.3) |  |  | $ | 2.3 |  |  | $ | (79.7) |
(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, 2024 and 2023:
(in millions) (a) | Actuarial Losses |  | Prior Service Costs |  | Foreign Currency Translation |  | Interest Rate Swaps |  | Total
Balance at January 1, 2024 | $ | (69.7) |  |  | $ | (2.0) |  |  | $ | (10.1) |  |  | $ | 0.5 |  |  | $ | (81.3) |
Other comprehensive (loss) income before reclassifications | (0.1) |  |  | — |  |  | (5.3) |  |  | 1.6 |  |  | (3.8) |
Amounts reclassified from accumulated other comprehensive loss | 1.0 |  |  | 0.1 |  |  | — |  |  | (1.4) |  |  | (0.3) |
Net current-period other comprehensive income (loss) | 0.9 |  |  | 0.1 |  |  | (5.3) |  |  | 0.2 |  |  | (4.1) |
Balance at June 30, 2024 | $ | (68.8) |  |  | $ | (1.9) |  |  | $ | (15.4) |  |  | $ | 0.7 |  |  | $ | (85.4) |
(in millions) (a) | Actuarial Losses |  | Prior Service Costs |  | Foreign Currency Translation |  | Interest Rate Swaps |  | Total
Balance at January 1, 2023 | $ | (68.6) |  |  | $ | (2.0) |  |  | $ | (16.0) |  |  | $ | 2.6 |  |  | $ | (84.0) |
Other comprehensive (loss) income before reclassifications | (0.9) |  |  | — |  |  | 4.7 |  |  | 0.7 |  |  | 4.5 |
Amounts reclassified from accumulated other comprehensive loss | 0.8 |  |  | — |  |  | — |  |  | (1.0) |  |  | (0.2) |
Net current-period other comprehensive (loss) income | (0.1) |  |  | — |  |  | 4.7 |  |  | (0.3) |  |  | 4.3 |
Balance at June 30, 2023 | $ | (68.7) |  |  | $ | (2.0) |  |  | $ | (11.3) |  |  | $ | 2.3 |  |  | $ | (79.7) |
(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, 2024 and 2023 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
| 2024 |  | 2023 |
(in millions) (a) |  |  |  |  |  |
Amortization of actuarial losses of defined benefit pension plans |  | $ | (0.7) |  |  | $ | (0.6) |  |  | Other expense, net
Amortization of prior service costs of defined benefit pension plans |  | (0.1) |  |  | — |  |  | Other expense, net
Interest rate swaps |  | 0.9 |  |  | 0.7 |  |  | Interest expense, net
Total before tax |  | 0.1 |  |  | 0.1 |  |  |
Income tax expense |  | — |  |  | — |  |  | Income tax expense
Total reclassifications for the period, net of tax |  | $ | 0.1 |  |  | $ | 0.1 |  |  |
(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, 2024 and 2023 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
| 2024 |  | 2023 |
(in millions) (a) |  |  |  |  |  |
Amortization of actuarial losses of defined benefit pension plans |  | $ | (1.4) |  |  | $ | (1.1) |  |  | Other expense, net
Amortization of prior service costs of defined benefit pension plans |  | (0.1) |  |  | — |  |  | Other expense, net
Interest rate swaps |  | 1.8 |  |  | 1.4 |  |  | Interest expense, net
Total before tax |  | 0.3 |  |  | 0.3 |  |  |
Income tax expense |  | — |  |  | (0.1) |  |  | Income tax expense
Total reclassifications for the period, net of tax |  | $ | 0.3 |  |  | $ | 0.2 |  |  |
(a) Amounts in parentheses indicate losses.

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