Shareholders Equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Shareholders' Equity and Share-based Payments

Shareholders' Equity

Activity in our various shareholders' equity accounts for the nine months ended September 30, 2025 and 2024 were as follows (in millions):


	Shares Issued	Par Value		Additional Paid-in Capital		Warrants		Retained Earnings		AOCI		Treasury Shares		Non-controlling Interest
BALANCE, December 31, 2024	76.2	$	0.8	$	1,113.3	$	16.4	$	1,398.9	$	34.2	$	(325.1)	$	5.8
Net loss	—	—		—		—		(37.9)		—		—		(1.3)
Share-based compensation cost	—	—		5.6		—		—		—		—		—
Shares issued under share-based compensation plans, net	0.1	—		—		—		—		—		—		—

Net changes in pension and other postretirement benefits	—	—		—		—		—		(0.2)		—		—
Shares withheld for taxes on vesting of share-based awards	—	—		(0.3)		—		—		—		—		—
Foreign currency translation adjustments	—	—		—		—		—		1.3		—		—
BALANCE, March 31, 2025	76.3	$	0.8	$	1,118.6	$	16.4	$	1,361.0	$	35.3	$	(325.1)	$	4.5
Net income (loss)	—	—		—		—		115.1		—		—		(0.9)
Share-based compensation cost	—	—		6.0		—		—		—		—		—
Net changes in pension and other postretirement benefits	—	—		—		—		—		(0.2)		—		—



Foreign currency translation adjustments	—	—		—		—		—		1.8		—		—
BALANCE, June 30, 2025	76.3	$	0.8	$	1,124.6	$	16.4	$	1,476.1	$	36.9	$	(325.1)	$	3.6
Net income (loss)	—	—		—		—		188.1		—		—		(0.8)
Share-based compensation cost	—	—		6.8		—		—		—		—		—
Net changes in pension and other postretirement benefits	—	—		—		—		—		(0.2)		—		—
Shares issued under share-based compensation plans, net	0.1	—		—		—		—		—		—		—
Repurchase of Common Shares	—	—		—		—		—		—		(75.0)		—
Shares withheld for taxes on vesting of share-based awards	—	—		(2.8)		—		—		—		—		—


Foreign currency translation adjustments	—	—		—		—		—		1.2		—		—
BALANCE, September 30, 2025	76.4	$	0.8	$	1,128.6	$	16.4	$	1,664.2	$	37.9	$	(400.1)	$	2.8


	Shares Issued	Par Value		Additional Paid-in Capital		Warrants		Retained Earnings		AOCI		Treasury Shares		Non-controlling Interest
BALANCE, December 31, 2023	75.4	$	0.8	$	1,119.8	$	16.4	$	1,025.5	$	25.2	$	(200.1)	$	9.4
Net income	—	—		—		—		25.5		—		—		—
Share-based compensation cost	—	—		8.0		—		—		—		—		—
Net changes in pension and other postretirement benefits	—	—		—		—		—		(0.2)		—		—
Shares withheld for taxes on vesting of share-based awards	—	—		(0.1)		—		—		—		—		—
Foreign currency translation adjustments	—	—		—		—		—		0.1		—		—
BALANCE, March 31, 2024	75.4	$	0.8	$	1,127.7	$	16.4	$	1,051.0	$	25.1	$	(200.1)	$	9.4
Net income	—	—		—		—		149.6		—		—		1.2
Share-based compensation cost	—	—		7.4		—		—		—		—		—

Net changes in pension and other postretirement benefits	—	—		—		—		—		(0.2)		—		—
Shares withheld for taxes on vesting of share-based awards	—	—		(0.3)		—		—		—		—		—
Foreign currency translation adjustments	—	—		—		—		—		(0.6)		—		—
BALANCE, June 30, 2024	75.4	$	0.8	$	1,134.8	$	16.4	$	1,200.6	$	24.3	$	(200.1)	$	10.6
Net income (loss)	—	—		—		—		64.6		—		—		(1.7)
Share-based compensation cost	—	—		7.0		—		—		—		—		—
Shares issued under share-based compensation plans, net	0.8	—		—		—		—		—		—		—
Net changes in pension and other postretirement benefits	—	—		—		—		—		(0.1)		—		—
Repurchase of Common Shares	—	—		—		—		—		—		(100.0)		—
Shares withheld for taxes on vesting of share-based awards	—	—		(29.3)		—		—		—		—		—
Purchase of noncontrolling ownership interest in a non-U.S. subsidiary (1)	—	—		4.1		—		—		—		—		(8.4)
Sale of noncontrolling ownership interest in a non-U.S. subsidiary (1)	—	—		(8.4)		—		—		—		—		8.4
Foreign currency translation adjustments	—	—		—		—		—		0.2		—		—
BALANCE, September 30, 2024	76.2	$	0.8	$	1,108.2	$	16.4	$	1,265.2	$	24.4	$	(300.1)	$	8.9

(1)During the third quarter of 2024, the Company purchased the 51% noncontrolling interest related to a certain non-U.S. subsidiary and concurrently transferred the 51% noncontrolling interest to new partners. The net transactions did not result in a change to our ownership or controlling interest in the non-U.S. subsidiary.

Share Repurchase Program

Our board of directors has authorized a share repurchase program (the "Share Repurchase Program") under which we may purchase up to $600.0 million of our outstanding Common Shares. The Share Repurchase Program does not have a fixed expiration, may be modified, suspended or discontinued at any time and any repurchases made pursuant to the Share Repurchase Program are subject to compliance with applicable covenants and restrictions under our financing agreements.

The following table summarizes shares repurchased, aggregate cost and the average per share price (in millions, except average per share price):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Shares repurchased	1.5		1.8		1.5		1.8
Aggregate cost	$	75.0	$	100.0	$	75.0	$	100.0
Average price per share	$	48.88	$	57.02	$	48.88	$	57.02

As of September 30, 2025, we had approximately $200.0 million available for share repurchases pursuant to the Share Repurchase Program.