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Stockholders' Equity | 9 Months Ended
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Sep. 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. On July 23, 2024, the Board declared a quarterly cash dividend of $0.12 per common share payable. The dividend totaled $7.3 million and was distributed on August 30, 2024 to stockholders of record at the close of business on August 16, 2024. During the three and nine months ended September 30, 2023, dividends of $6.1 million and $17.7 million, respectively, were paid to stockholders. On October 22, 2024, the Board declared a quarterly cash dividend of $0.12 per common share payable on December 2, 2024 to stockholders of record at the close of business on November 15, 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. During the three months ended September 30, 2024, the Company repurchased 52,500 shares for a total of $4.4 million under its stock repurchase program. During the nine months ended September 30, 2024, the Company repurchased 54,100 shares for a total of $4.5 million under its stock repurchase program. During the three and nine months ended September 30, 2023, the Company repurchased 72,468 shares for a total of $4.3 million under its 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 the three months ended September 30, 2024 and 2023:
(in millions) | Actuarial Losses |  | Prior Service Costs |  | Foreign Currency Translation |  | Interest Rate Swaps |  | Total
Balance at July 1, 2024 (a) | $ | (68.8) |  |  | $ | (1.9) |  |  | $ | (15.4) |  |  | $ | 0.7 |  |  | $ | (85.4) |
Other comprehensive (loss) income before reclassifications | (0.8) |  |  | — |  |  | 5.6 |  |  | (1.1) |  |  | 3.7 |
Amounts reclassified from accumulated other comprehensive loss | 0.6 |  |  | — |  |  | — |  |  | (0.4) |  |  | 0.2 |
Net current-period other comprehensive (loss) income | (0.2) |  |  | — |  |  | 5.6 |  |  | (1.5) |  |  | 3.9 |
Balance at September 30, 2024 (a) | $ | (69.0) |  |  | $ | (1.9) |  |  | $ | (9.8) |  |  | $ | (0.8) |  |  | $ | (81.5) |
(in millions) | Actuarial Losses |  | Prior Service Costs |  | Foreign Currency Translation |  | Interest Rate Swaps |  | Total
Balance at July 1, 2023 (a) | $ | (68.7) |  |  | $ | (2.0) |  |  | $ | (11.3) |  |  | $ | 2.3 |  |  | $ | (79.7) |
Other comprehensive income (loss) before reclassifications | 0.3 |  |  | — |  |  | (5.1) |  |  | 0.8 |  |  | (4.0) |
Amounts reclassified from accumulated other comprehensive loss | 0.5 |  |  | 0.1 |  |  | — |  |  | (0.7) |  |  | (0.1) |
Net current-period other comprehensive income (loss) | 0.8 |  |  | 0.1 |  |  | (5.1) |  |  | 0.1 |  |  | (4.1) |
Balance at September 30, 2023 (a) | $ | (67.9) |  |  | $ | (1.9) |  |  | $ | (16.4) |  |  | $ | 2.4 |  |  | $ | (83.8) |
(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, 2024 and 2023:
(in millions) | Actuarial Losses |  | Prior Service Costs |  | Foreign Currency Translation |  | Interest Rate Swaps |  | Total
Balance at January 1, 2024 (a) | $ | (69.7) |  |  | $ | (2.0) |  |  | $ | (10.1) |  |  | $ | 0.5 |  |  | $ | (81.3) |
Other comprehensive (loss) income before reclassifications | (0.9) |  |  | — |  |  | 0.3 |  |  | 0.5 |  |  | (0.1) |
Amounts reclassified from accumulated other comprehensive loss | 1.6 |  |  | 0.1 |  |  | — |  |  | (1.8) |  |  | (0.1) |
Net current-period other comprehensive income (loss) | 0.7 |  |  | 0.1 |  |  | 0.3 |  |  | (1.3) |  |  | (0.2) |
Balance at September 30, 2024 (a) | $ | (69.0) |  |  | $ | (1.9) |  |  | $ | (9.8) |  |  | $ | (0.8) |  |  | $ | (81.5) |
(in millions) | Actuarial Losses |  | Prior Service Costs |  | Foreign Currency Translation |  | Interest Rate Swaps |  | Total
Balance at January 1, 2023 (a) | $ | (68.6) |  |  | $ | (2.0) |  |  | $ | (16.0) |  |  | $ | 2.6 |  |  | $ | (84.0) |
Other comprehensive (loss) income before reclassifications | (0.6) |  |  | — |  |  | (0.4) |  |  | 1.5 |  |  | 0.5 |
Amounts reclassified from accumulated other comprehensive loss | 1.3 |  |  | 0.1 |  |  | — |  |  | (1.7) |  |  | (0.3) |
Net current-period other comprehensive income (loss) | 0.7 |  |  | 0.1 |  |  | (0.4) |  |  | (0.2) |  |  | 0.2 |
Balance at September 30, 2023 (a) | $ | (67.9) |  |  | $ | (1.9) |  |  | $ | (16.4) |  |  | $ | 2.4 |  |  | $ | (83.8) |
(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, 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 |  | $ | (0.8) |  |  | $ | (0.6) |  |  | Other expense, net
Amortization of prior service costs of defined benefit pension plans |  | — |  |  | (0.1) |  |  | Other expense, net
Interest rate swaps |  | 0.6 |  |  | 0.9 |  |  | Interest expense, net
Total before tax |  | (0.2) |  |  | 0.2 |  |  |
Income tax expense |  | — |  |  | (0.1) |  |  | Income tax expense
Total reclassifications for the period, net of tax |  | $ | (0.2) |  |  | $ | 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 nine months ended September 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 |  | $ | (2.2) |  |  | $ | (1.7) |  |  | Other expense, net
Amortization of prior service costs of defined benefit pension plans |  | (0.1) |  |  | (0.1) |  |  | Other expense, net
Interest rate swaps |  | 2.4 |  |  | 2.3 |  |  | Interest expense, net
Total before tax |  | 0.1 |  |  | 0.5 |  |  |
Income tax expense |  | — |  |  | (0.2) |  |  | Income tax expense
Total reclassifications for the period, net of tax |  | $ | 0.1 |  |  | $ | 0.3 |  |  |
(a) Amounts in parentheses indicate losses.

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