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Changes in Equity and Comprehensive Income (Tables) | 6 Months Ended
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Jun. 30, 2020
Equity [Abstract] |
Summary Of Changes In Equity | A summary of changes in equity for the year-to-date interim periods ended June 30, 2020 and 2019 is provided below:
(in millions, except share data) | Common Shares Issued at Par Value |  | Capital Surplus |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Treasury Stock |  | Total Shareholders’ Equity |  | Noncontrolling Interest |  | Total Equity
BALANCE DECEMBER 31, 2018 | 72.4 |  |  | $ | 303.5 |  |  | $ | 2,072.1 |  |  | $ | (447.6 | ) |  | $ | (476.2 | ) |  | $ | 1,524.2 |  |  | $ | 2.9 |  |  | $ | 1,527.1 |
Net income | — |  |  | — |  |  | 82.4 |  |  | — |  |  | — |  |  | 82.4 |  |  | 0.1 |  |  | 82.5 |
Cash dividends ($0.39 per share) | — |  |  | — |  |  | (23.4 | ) |  | — |  |  | — |  |  | (23.4 | ) |  | — |  |  | (23.4 | )
Impact from settlement of share-based awards, net of shares acquired | — |  |  | (9.8 | ) |  | — |  |  | — |  |  | 9.6 |  |  | (0.2 | ) |  |  |  | (0.2 | )
Stock-based compensation expense | — |  |  | 5.5 |  |  | — |  |  | — |  |  | — |  |  | 5.5 |  |  | — |  |  | 5.5 |
Deconsolidation of a joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.5 | ) |  | (0.5 | )
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — |  |  | — |  |  | — |  |  | 2.9 |  |  | — |  |  | 2.9 |  |  | — |  |  | 2.9 |
Currency translation adjustment | — |  |  | — |  |  | — |  |  | (0.8 | ) |  | — |  |  | (0.8 | ) |  | (0.1 | ) |  | (0.9 | )
BALANCE MARCH 31, 2019 | 72.4 |  |  | $ | 299.2 |  |  | $ | 2,131.1 |  |  | $ | (445.5 | ) |  | $ | (466.6 | ) |  | $ | 1,590.6 |  |  | $ | 2.4 |  |  | $ | 1,593.0 |
Net income | — |  |  | — |  |  | 91.0 |  |  | — |  |  | — |  |  | 91.0 |  |  | — |  |  | 91.0 |
Cash dividends ($0.39 per share) | — |  |  | — |  |  | (23.3 | ) |  | — |  |  | — |  |  | (23.3 | ) |  | — |  |  | (23.3 | )
Impact from settlement of share-based awards, net of shares acquired | — |  |  | (0.7 | ) |  | — |  |  | — |  |  | 2.2 |  |  | 1.5 |  |  | — |  |  | 1.5 |
Stock-based compensation expense | — |  |  | 5.6 |  |  | — |  |  | — |  |  | — |  |  | 5.6 |  |  | — |  |  | 5.6 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — |  |  | — |  |  | — |  |  | 1.9 |  |  | — |  |  | 1.9 |  |  | — |  |  | 1.9 |
Currency translation adjustment | — |  |  | — |  |  | — |  |  | 4.7 |  |  | — |  |  | 4.7 |  |  | — |  |  | 4.7 |
BALANCE JUNE 30, 2019 | 72.4 |  |  | $ | 304.1 |  |  | $ | 2,198.8 |  |  | $ | (438.9 | ) |  | $ | (464.4 | ) |  | $ | 1,672.0 |  |  | $ | 2.4 |  |  | $ | 1,674.4 |
BALANCE DECEMBER 31, 2019 | 72.4 |  |  | $ | 315.6 |  |  | $ | 2,112.2 |  |  | $ | (483.7 | ) |  | $ | (542.8 | ) |  | $ | 1,473.7 |  |  | $ | 2.6 |  |  | $ | 1,476.3 |
Net income | — |  |  | — |  |  | 62.8 |  |  | — |  |  | — |  |  | 62.8 |  |  | — |  |  | 62.8 |
Cash dividends ($0.43 per share) | — |  |  | — |  |  | (25.5 | ) |  | — |  |  | — |  |  | (25.5 | ) |  | — |  |  | (25.5 | )
Reacquisition on open market of 1,221,233 shares | — |  |  | — |  |  | — |  |  | — |  |  | (70.0 | ) |  | (70.0 | ) |  | — |  |  | (70.0 | )
Impact from settlement of share-based awards, net of shares acquired | — |  |  | (6.0 | ) |  | — |  |  | — |  |  | 6.0 |  |  | — |  |  |  |  | — |
Stock-based compensation expense | — |  |  | 5.8 |  |  | — |  |  | — |  |  | — |  |  | 5.8 |  |  | — |  |  | 5.8 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — |  |  | — |  |  | — |  |  | 3.6 |  |  | — |  |  | 3.6 |  |  | — |  |  | 3.6 |
Currency translation adjustment | — |  |  | — |  |  | — |  |  | (45.2 | ) |  | — |  |  | (45.2 | ) |  | (0.3 | ) |  | (45.5 | )
BALANCE MARCH 31, 2020 | 72.4 |  |  | $ | 315.4 |  |  | $ | 2,149.5 |  |  | $ | (525.3 | ) |  | $ | (606.8 | ) |  | $ | 1,405.2 |  |  | $ | 2.3 |  |  | $ | 1,407.5 |
Net income | — |  |  | — |  |  | 14.8 |  |  | — |  |  | — |  |  | 14.8 |  |  | — |  |  | $ | 14.8 |
Cash dividends ($0.43 per share) | — |  |  | — |  |  | (24.9 | ) |  | — |  |  | — |  |  | (24.9 | ) |  | — |  |  | (24.9 | )
Impact from settlement of share-based awards, net of shares acquired | — |  |  | (1.4 | ) |  | — |  |  | — |  |  | 1.9 |  |  | 0.5 |  |  |  |  | 0.5 |
Stock-based compensation expense | — |  |  | 4.7 |  |  | — |  |  | — |  |  | — |  |  | 4.7 |  |  | — |  |  | 4.7 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — |  |  | — |  |  | — |  |  | 3.6 |  |  | — |  |  | 3.6 |  |  | — |  |  | 3.6 |
Currency translation adjustment | — |  |  | — |  |  | — |  |  | 17.2 |  |  | — |  |  | 17.2 |  |  | 0.2 |  |  | 17.4 |
BALANCE JUNE 30, 2020 | 72.4 |  |  | $ | 318.7 |  |  | $ | 2,139.4 |  |  | $ | (504.5 | ) |  | $ | (604.9 | ) |  | $ | 1,421.1 |  |  | $ | 2.5 |  |  | $ | 1,423.6 |
Classification Of Accumulated Other Comprehensive Income Reflected On Consolidated Balance Sheets | The table below provides the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on our Condensed Consolidated Balance Sheets.
(in millions) | Defined Benefit Pension and Postretirement Items* |  | Currency Translation Adjustment |  | Total
Balance as of December 31, 2019 | $ | (366.0 | ) |  | $ | (117.7 | ) |  | $ | (483.7 | )
| Other comprehensive income (loss) before reclassifications | — |  |  | (27.9 | ) |  | (27.9 | )
| Amounts reclassified from accumulated other comprehensive loss | 7.1 |  |  | — |  |  | 7.1 |
Net current-period other comprehensive income (loss) | 7.1 |  |  | (27.9 | ) |  | (20.8 | )
Balance as of June 30, 2020 | $ | (358.9 | ) |  | $ | (145.6 | ) |  | $ | (504.5 | )
* Net of tax benefit of $137.3 million and $135.4 million as of June 30, 2020 and December 31, 2019, respectively.
Amounts Reclassified out of each Component of AOCI | The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three- and six-month periods ended June 30, 2020 and 2019. Amortization of pension and postretirement components have been recorded within “Miscellaneous income, net” on our Condensed Consolidated Statements of Operations.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Amortization of pension items: |  |  |  |  |  |  |  |
Prior-service costs |  | $ | (0.1 | ) |  | $ | (0.2 | ) |  | $ | (0.1 | ) |  | $ | (0.3 | )
Net loss |  | 4.9 |  |  | 3.3 |  |  | 9.7 |  |  | 6.7 |
Amortization of postretirement items: |  |  |  |  |  |  |  |
Net gain |  | (0.3 | ) |  | (0.1 | ) |  | (0.5 | ) |  | (0.2 | )
Total before tax |  | $ | 4.5 |  |  | $ | 3.0 |  |  | $ | 9.1 |  |  | $ | 6.2 |
Tax impact |  | 0.9 |  |  | 0.6 |  |  | 2.0 |  |  | 1.4 |
Total reclassifications for the period |  | $ | 3.6 |  |  | $ | 2.4 |  |  | $ | 7.1 |  |  | $ | 4.8 |

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