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Changes in Equity and Accumulated Other Comprehensive Loss | 3 Months Ended
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Mar. 31, 2022
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 March 31, 2022 and 2021 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, 2021 | 72.4 |  |  | $ | 363.9 |  |  | $ | 2,527.3 |  |  | $ | (440.2) |  |  | $ | (691.1) |  |  | $ | 1,832.3 |  |  | $ | 2.8 |  |  | $ | 1,835.1 |
Net income | — |  |  | — |  |  | 105.0 |  |  | — |  |  | — |  |  | 105.0 |  |  | — |  |  | 105.0 |
Cash dividends ($0.47 per share) | — |  |  | — |  |  | (26.4) |  |  | — |  |  | — |  |  | (26.4) |  |  | — |  |  | (26.4) |
Reacquisition on open market of 1,699,949 shares | — |  |  | — |  |  | — |  |  | — |  |  | (175.8) |  |  | (175.8) |  |  | — |  |  | (175.8) |
Exercise of stock options, net of shares reacquired of 79,214 shares | — |  |  | — |  |  | — |  |  | — |  |  | 6.1 |  |  | 6.1 |  |  | — |  |  | 6.1 |
Impact from settlement of share-based awards, net of shares acquired | — |  |  | (5.1) |  |  | — |  |  | — |  |  | (0.3) |  |  | (5.4) |  |  | — |  |  | (5.4) |
Stock-based compensation expense | — |  |  | 5.9 |  |  | — |  |  | — |  |  | — |  |  | 5.9 |  |  | — |  |  | 5.9 |
Changes in pension and postretirement plan assets and benefit obligation, net of tax | — |  |  | — |  |  | — |  |  | 3.3 |  |  | — |  |  | 3.3 |  |  | — |  |  | 3.3 |
Currency translation adjustment | — |  |  | — |  |  | — |  |  | (21.7) |  |  | — |  |  | (21.7) |  |  | 0.1 |  |  | (21.6) |
BALANCE MARCH 31, 2022 | 72.4 |  |  | $ | 364.7 |  |  | $ | 2,605.9 |  |  | $ | (458.6) |  |  | $ | (861.1) |  |  | $ | 1,723.3 |  |  | $ | 2.9 |  |  | $ | 1,726.2 |
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 |
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, 2021 | $ | (301.9) |  |  | $ | (138.3) |  |  | $ | (440.2) |
| Other comprehensive income (loss) before reclassifications | — |  |  | (21.7) |  |  | (21.7) |
| Amounts reclassified from accumulated other comprehensive loss | 3.3 |  |  | — |  |  | 3.3 |
Net period other comprehensive income (loss) | 3.3 |  |  | (21.7) |  |  | (18.4) |
Balance as of March 31, 2022 | $ | (298.6) |  |  | $ | (160.0) |  |  | $ | (458.6) |
a | Net of tax benefit of $119.1 million and $117.9 million as of March 31, 2022 and December 31, 2021, respectively.
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive loss for the three month periods ended March 31, 2022 and 2021. Amortization of pension and postretirement components has been recorded within “Miscellaneous income, net” on our Condensed Consolidated Statements of Operations.
|  | Three Months Ended March 31, |  |
(in millions) |  | 2022 |  | 2021 |  |  |  |
Amortization of pension items: |  |  |  |  |  |  |  |
Net loss |  | $ | 4.8 |  |  | $ | 6.5 |  |  |  |  |
Amortization of postretirement items: |  |  |  |  |  |  |  |
Prior service costs |  | (0.3) |  |  | (0.3) |  |  |  |  |
Total before tax |  | $ | 4.5 |  |  | $ | 6.2 |  |  |  |  |
Tax impact |  | 1.2 |  |  | 1.3 |  |  |  |  |
Total reclassifications for the period |  | $ | 3.3 |  |  | $ | 4.9 |  |  |  |  |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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