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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2022
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity During the six months ended June 30, 2022, the Company paid $172.3 million to repurchase approximately 1.5 million shares of its common stock. As of June 30, 2022, the Board of Directors has authorized the Company to repurchase up to an additional $681.7 million of the Company’s common stock. The repurchase of any or all such shares authorized for repurchase will be governed by applicable SEC rules and dependent on management’s assessment of market conditions and subject to the restrictions on share repurchases set forth in the incremental amendment. The Company paid a regular cash dividend of $0.64 per share on June 15, 2022 to holders of record at the close of business on June 1, 2022. Cash dividends declared and paid per common share for the three and six months ended June 30, 2022 and 2021, were as follows:
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Cash dividends declared and paid per common share |  | $ | 0.64 |  |  | $ | 0.63 |  |  | $ | 1.28 |  |  | $ | 1.26 |
Net income (loss) per share Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during each period, including shares earned under the Deferred Compensation Plan for Directors (“Director Plan”), the ESOP and deferred stock units under the 2007 Omnibus Incentive Plan (“Omnibus Plan”). Diluted income per share is computed under the treasury stock method and is calculated to compute the dilutive effect of outstanding stock options and certain share-based awards issued under the Omnibus Plan. A reconciliation of these amounts is as follows (in millions):
| Three months ended June 30, |  | Six months ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Weighted average number of common shares outstanding | 59.5 |  |  | 61.0 |  |  | 59.7 |  |  | 61.3 |
Director Plan and deferred stock units | 0.2 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |
ESOP | 0.2 |  |  | 0.1 |  |  | 0.2 |  |  | 0.1 |
Common shares outstanding—basic | 59.9 |  |  | 61.3 |  |  | 60.1 |  |  | 61.6 |
Dilutive effect of restricted stock units | 0.3 |  |  | 0.7 |  |  | 0.4 |  |  | 0.7 |
Dilutive effect of stock option awards | 0.3 |  |  | 0.8 |  |  | 0.4 |  |  | 0.8 |
Common and potential common shares outstanding—diluted | 60.5 |  |  | 62.8 |  |  | 60.9 |  |  | 63.1 |
During the three and six months ended June 30, 2022, the number of options that were not included in the computation of diluted income (loss) per share because the option exercise price was greater than the market price, and therefore, the effect would have been anti-dilutive were 1.6 million, compared to 0.6 million and 0.8 million for the same periods in 2021, respectively. Accumulated other comprehensive loss Changes in the accumulated other comprehensive loss balance were as follows (in millions):
| Foreign Currency Translation |  | Cash Flow Hedging Derivatives |  | Retirement Plan and Other Activity |  | Accumulated Other Comprehensive Loss
Balance as of December 31, 2021 | $ | (69.5) |  |  | $ | (4.4) |  |  | $ | (3.5) |  |  | $ | (77.4) |
Reclassification to the statement of income | — |  |  | — |  |  | 0.2 |  |  | 0.2 |
Change in fair value | (30.9) |  |  | 14.4 |  |  | — |  |  | (16.5) |
Balance as of June 30, 2022 | $ | (100.4) |  |  | $ | 10.0 |  |  | $ | (3.3) |  |  | $ | (93.7) |
The table below provides the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive loss into the statements of income (loss) for cash flow derivatives designated as hedging instruments and retirement plan activity for the three and six months ended June 30, 2022 and 2021 (in millions):
Derivatives in Cash Flow Hedging Relationships and Other Activity | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income |  | Three months ended June 30, |  | Six months ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Foreign currency contracts | Other (income) expense, net |  | $ | 0.4 |  |  | $ | (0.5) |  |  | $ | 1.3 |  |  | $ | (1.2) |
Foreign currency contracts | Cost of sales |  | 1.4 |  |  | 0.2 |  |  | 1.7 |  |  | 0.8 |
Interest rate contracts | Interest expense |  | (1.1) |  |  | (2.1) |  |  | (3.0) |  |  | (4.1) |
Retirement plan activity | Operating expenses |  | (0.1) |  |  | (0.1) |  |  | (0.2) |  |  | (0.2) |
Total |  |  | $ | 0.6 |  |  | $ | (2.5) |  |  | $ | (0.2) |  |  | $ | (4.7) |
The net amount of the existing gains or losses as of June 30, 2022 that is expected to be reclassified into the statements of income (loss) within the next 12 months is not expected to be material. See Note 11 for further information regarding derivative activities.

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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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