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Changes in Equity and Accumulated Other Comprehensive Loss | 9 Months Ended
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Sep. 30, 2021
Equity [Abstract] |
Changes in Equity and Accumulated Other Comprehensive Loss | Changes in Equity and Accumulated Other Comprehensive Loss A summary of changes in equity for the year-to-date interim periods ended September 30, 2021 and 2020 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 Share- holders’ Equity |  | Non-controlling Interest |  | Total Equity
BALANCE DECEMBER 31, 2020 | 72.4 |  |  | $ | 330.7 |  |  | $ | 2,192.8 |  |  | $ | (466.4) |  |  | $ | (600.6) |  |  | $ | 1,528.9 |  |  | $ | 2.2 |  |  | $ | 1,531.1 |
Net income | — |  |  | — |  |  | 108.4 |  |  | — |  |  | — |  |  | 108.4 |  |  | — |  |  | 108.4 |
Cash dividends ($0.43 per share) | — |  |  | — |  |  | (25.0) |  |  | — |  |  | — |  |  | (25.0) |  |  | — |  |  | (25.0) |
Impact from settlement of share-based awards, net of shares acquired | — |  |  | (2.3) |  |  | — |  |  | — |  |  | 9.5 |  |  | 7.2 |  |  | — |  |  | 7.2 |
Stock-based compensation expense | — |  |  | 6.3 |  |  | — |  |  | — |  |  | — |  |  | 6.3 |  |  | — |  |  | 6.3 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — |  |  | — |  |  | — |  |  | 4.9 |  |  | — |  |  | 4.9 |  |  | — |  |  | 4.9 |
Currency translation adjustment | — |  |  | — |  |  | — |  |  | (35.7) |  |  | — |  |  | (35.7) |  |  | 0.8 |  |  | (34.9) |
BALANCE MARCH 31, 2021 | 72.4 |  |  | $ | 334.7 |  |  | $ | 2,276.2 |  |  | $ | (497.2) |  |  | $ | (591.1) |  |  | $ | 1,595.0 |  |  | $ | 3.0 |  |  | $ | 1,598.0 |
Net income | — |  |  | — |  |  | 138.3 |  |  | — |  |  | — |  |  | 138.3 |  |  | — |  |  | 138.3 |
Cash dividends ($0.43 per share) | — |  |  | — |  |  | (25.2) |  |  | — |  |  | — |  |  | (25.2) |  |  | — |  |  | (25.2) |
Impact from settlement of share-based awards, net of shares acquired | — |  |  | 7.6 |  |  | — |  |  | — |  |  | (9.5) |  |  | (1.9) |  |  | — |  |  | (1.9) |
Stock-based compensation expense | — |  |  | 6.1 |  |  | — |  |  | — |  |  | — |  |  | 6.1 |  |  | — |  |  | 6.1 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — |  |  | — |  |  | — |  |  | 5.2 |  |  | — |  |  | 5.2 |  |  | — |  |  | 5.2 |
Currency translation adjustment | — |  |  | — |  |  | — |  |  | 7.7 |  |  | — |  |  | 7.7 |  |  | (0.1) |  |  | 7.6 |
BALANCE JUNE 30, 2021 | 72.4 |  |  | $ | 348.4 |  |  | $ | 2,389.3 |  |  | $ | (484.3) |  |  | $ | (600.6) |  |  | $ | 1,725.2 |  |  | $ | 2.9 |  |  | $ | 1,728.1 |
Net income | — |  |  | — |  |  | 116.6 |  |  | — |  |  | — |  |  | 116.6 |  |  | — |  |  | 116.6 |
Cash dividends ($0.43 per share) | — |  |  | — |  |  | (25.3) |  |  | — |  |  | — |  |  | (25.3) |  |  | — |  |  | (25.3) |
Impact from settlement of share-based awards, net of shares acquired | — |  |  | 2.0 |  |  | — |  |  | — |  |  | 2.6 |  |  | 4.6 |  |  | — |  |  | 4.6 |
Stock-based compensation expense | — |  |  | 6.0 |  |  | — |  |  | — |  |  | — |  |  | 6.0 |  |  | — |  |  | 6.0 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — |  |  | — |  |  | — |  |  | 5.2 |  |  | — |  |  | 5.2 |  |  | — |  |  | 5.2 |
Currency translation adjustment | — |  |  | — |  |  | — |  |  | (24.7) |  |  | — |  |  | (24.7) |  |  | (0.1) |  |  | (24.8) |
BALANCE SEPTEMBER 30, 2021 | 72.4 |  |  | $ | 356.4 |  |  | $ | 2,480.6 |  |  | $ | (503.8) |  |  | $ | (598.0) |  |  | $ | 1,807.6 |  |  | $ | 2.8 |  |  | $ | 1,810.4 |
(in millions, except share data) | Common Shares Issued at Par Value |  | Capital Surplus |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Treasury Stock |  | Total Share- holders’ Equity |  | Non-controlling Interest |  | Total Equity
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 |
Net income | — |  |  | — |  |  | 56.6 |  |  | — |  |  | — |  |  | 56.6 |  |  | — |  |  | 56.6 |
Cash dividends ($0.43 per share) | — |  |  | — |  |  | (24.9) |  |  | — |  |  | — |  |  | (24.9) |  |  | — |  |  | (24.9) |
Impact from settlement of share-based awards, net of shares acquired | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 3.5 |  |  | 3.6 |  |  |  |  | 3.6 |
Stock-based compensation expense | — |  |  | 5.7 |  |  | — |  |  | — |  |  | — |  |  | 5.7 |  |  | — |  |  | 5.7 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — |  |  | — |  |  | — |  |  | 3.4 |  |  | — |  |  | 3.4 |  |  | — |  |  | 3.4 |
Currency translation adjustment | — |  |  | — |  |  | — |  |  | 41.0 |  |  | — |  |  | 41.0 |  |  | 0.1 |  |  | 41.1 |
BALANCE SEPTEMBER 30, 2020 | 72.4 |  |  | $ | 324.5 |  |  | $ | 2,171.1 |  |  | $ | (460.1) |  |  | $ | (601.4) |  |  | $ | 1,506.5 |  |  | $ | 2.6 |  |  | $ | 1,509.1 |
The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on our Condensed Consolidated Balance Sheets.
(in millions) | Defined Benefit Pension and Postretirement Items |  | Currency Translation Adjustment |  | Total a
Balance as of December 31, 2020 | $ | (397.9) |  |  | $ | (68.5) |  |  | $ | (466.4) |
| Other comprehensive income (loss) before reclassifications | — |  |  | (52.7) |  |  | (52.7) |
| Amounts reclassified from accumulated other comprehensive loss | 15.3 |  |  | — |  |  | 15.3 |
Net period other comprehensive income (loss) | 15.3 |  |  | (52.7) |  |  | (37.4) |
Balance as of September 30, 2021 | $ | (382.6) |  |  | $ | (121.2) |  |  | $ | (503.8) |
a | Net of tax benefit of $151.5 million and $148.2 million as of September 30, 2021 and December 31, 2020, respectively.
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three and nine month periods ended September 30, 2021 and 2020. Amortization of pension and postretirement components has been recorded within “Miscellaneous income, net” on our Condensed Consolidated Statements of Operations.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Amortization of pension items: |  |  |  |  |  |  |  |
Prior service costs |  | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | (0.2) |  |  | $ | (0.2) |
Net loss |  | 6.5 |  |  | 4.8 |  |  | 19.6 |  |  | 14.5 |
Amortization of postretirement items: |  |  |  |  |  |  |  |
Prior service costs |  | (0.3) |  |  | (0.3) |  |  | (0.8) |  |  | (0.8) |
Total before tax |  | $ | 6.1 |  |  | $ | 4.4 |  |  | $ | 18.6 |  |  | $ | 13.5 |
Tax impact |  | 0.9 |  |  | 1.1 |  |  | 3.3 |  |  | 3.1 |
Total reclassifications for the period |  | $ | 5.2 |  |  | $ | 3.3 |  |  | $ | 15.3 |  |  | $ | 10.4 |

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