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Equity | 6 Months Ended
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Jun. 30, 2020
Equity [Abstract] |
Equity | Equity The tables below provide a roll forward of equity.
| Common Stock |  |  |  |  |  |  |  |  |  |  |  |  |  |
In millions, except per share data in thousands | Shares |  | Amount |  | Additional paid in capital |  | Retained earnings |  | Accumulated other comprehensive income (loss) |  | Treasury stock |  |  |  | Total Equity
Balance at December 31, 2019 | 42,675 |  |  | $ | 0.4 |  |  | $ | 112.8 |  |  | $ | 497.2 |  |  | $ | (5.0) |  |  | $ | (74.6) |  |  |  |  | $ | 530.8 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 45.3 |  |  | — |  |  | — |  |  |  |  | 45.3 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | (39.1) |  |  | — |  |  |  |  | (39.1) |
Common stock issued | 161 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Tax payments related to vested restricted stock units | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.1) |  |  |  |  | (3.1) |
Share repurchase program | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (32.4) |  |  |  |  | (32.4) |
Share-based compensation plans | — |  |  | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.4 |  |  |  |  | 1.2 |
Adoption of accounting standard | — |  |  | — |  |  | — |  |  | (0.6) |  |  | — |  |  | — |  |  |  |  | (0.6) |
Balance at March 31, 2020 | 42,836 |  |  | $ | 0.4 |  |  | $ | 113.6 |  |  | $ | 541.9 |  |  | $ | (44.1) |  |  | $ | (109.7) |  |  |  |  | $ | 502.1 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 20.2 |  |  | — |  |  | — |  |  |  |  | 20.2 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | (4.1) |  |  | — |  |  |  |  | (4.1) |
Common stock issued | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Exercise of stock options, net | 50 |  |  | — |  |  | 1.4 |  |  | — |  |  | — |  |  | — |  |  |  |  | 1.4 |
Tax payments related to vested restricted stock units | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  |  |  | 0.1 |
Share-based compensation plans | — |  |  | — |  |  | 1.3 |  |  | — |  |  | — |  |  | 1.9 |  |  |  |  | 3.2 |
Balance at June 30, 2020 | 42,891 |  |  | $ | 0.4 |  |  | $ | 116.3 |  |  | $ | 562.1 |  |  | $ | (48.2) |  |  | $ | (107.7) |  |  |  |  | $ | 522.9 |
| Common Stock |  |  |  |  |  |  |  |  |  |  |  |  |  |
In millions, except per share data in thousands | Shares |  | Amount |  | Additional paid in capital |  | Retained earnings |  | Accumulated other comprehensive income (loss) |  | Treasury stock |  |  |  | Total Equity
Balance at December 31, 2018 | 42,332 |  |  | $ | 0.4 |  |  | $ | 98.3 |  |  | $ | 313.5 |  |  | $ | (17.7) |  |  | $ | (55.8) |  |  |  |  | $ | 338.7 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 22.7 |  |  | — |  |  | — |  |  |  |  | 22.7 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | 9.1 |  |  | — |  |  |  |  | 9.1 |
Common stock issued | 276 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Exercise of stock options, net | 51 |  |  | — |  |  | 1.4 |  |  | — |  |  | — |  |  | — |  |  |  |  | 1.4 |
Tax payments related to vested restricted stock units | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14.3) |  |  |  |  | (14.3) |
Share repurchase program | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.3) |  |  |  |  | (3.3) |
Share-based compensation plans | — |  |  | — |  |  | 4.1 |  |  | — |  |  | — |  |  | 0.3 |  |  |  |  | 4.4 |
Balance at March 31, 2019 | 42,659 |  |  | $ | 0.4 |  |  | $ | 103.8 |  |  | $ | 336.2 |  |  | $ | (8.6) |  |  | $ | (73.1) |  |  |  |  | $ | 358.7 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 56.8 |  |  | — |  |  | — |  |  |  |  | 56.8 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | (19.4) |  |  | — |  |  |  |  | (19.4) |
Common stock issued | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Exercise of stock options, net | 6 |  |  | — |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  |  |  | 0.2 |
Share-based compensation plans | — |  |  | — |  |  | 3.5 |  |  | — |  |  | — |  |  | 0.9 |  |  |  |  | 4.4 |
Balance at June 30, 2019 | 42,670 |  |  | $ | 0.4 |  |  | $ | 107.5 |  |  | $ | 393.0 |  |  | $ | (28.0) |  |  | $ | (72.2) |  |  |  |  | $ | 400.7 |
Accumulated other comprehensive income (loss)
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
In millions | 2020 |  | 2019 |  | 2020 |  | 2019
Foreign currency translation |  |  |  |  |  |  |
Beginning Balance | $ | (32.9) |  |  | $ | (7.0) |  |  | $ | 1.5 |  |  | $ | (16.4) |
Gains (losses) on foreign currency translation | (1.7) |  |  | (15.5) |  |  | (41.8) |  |  | (6.1) |
Less: tax provision (benefit) | — |  |  | — |  |  | — |  |  | — |
Net gains (losses) on foreign currency translation | (1.7) |  |  | (15.5) |  |  | (41.8) |  |  | (6.1) |
Gains (losses) on net investment hedges | (2.8) |  |  | (0.2) |  |  | 4.6 |  |  | (0.2) |
Less: tax provision (benefit) | (0.6) |  |  | — |  |  | 1.1 |  |  | — |
Net gains (losses) on net investment hedges | (2.2) |  |  | (0.2) |  |  | 3.5 |  |  | (0.2) |
Other comprehensive income (loss), net of tax | (3.9) |  |  | (15.7) |  |  | (38.3) |  |  | (6.3) |
Ending Balance | $ | (36.8) |  |  | $ | (22.7) |  |  | $ | (36.8) |  |  | $ | (22.7) |
Derivative Instruments |  |  |  |  |  |  |
Beginning Balance | $ | (8.2) |  |  | $ | 0.1 |  |  | $ | (3.5) |  |  | $ | 0.4 |
Gains (losses) on derivative instruments | (0.6) |  |  | (4.8) |  |  | (6.8) |  |  | (4.7) |
Less: tax provision (benefit) | (0.2) |  |  | (1.2) |  |  | (1.6) |  |  | (1.2) |
Net gains (losses) on derivative instruments | (0.4) |  |  | (3.6) |  |  | (5.2) |  |  | (3.5) |
(Gains) losses reclassified to net income | 0.3 |  |  | (0.1) |  |  | 0.4 |  |  | (0.6) |
Less: tax (provision) benefit | 0.1 |  |  | — |  |  | 0.1 |  |  | (0.1) |
Net (gains) losses reclassified to net income | 0.2 |  |  | (0.1) |  |  | 0.3 |  |  | (0.5) |
Other comprehensive income (loss), net of tax | (0.2) |  |  | (3.7) |  |  | (4.9) |  |  | (4.0) |
Ending Balance | $ | (8.4) |  |  | $ | (3.6) |  |  | $ | (8.4) |  |  | $ | (3.6) |
Pension and other postretirement benefits |  |  |  |  |  |  |
Beginning Balance | $ | (3.0) |  |  | $ | (1.7) |  |  | $ | (3.0) |  |  | $ | (1.7) |
Unrealized actuarial gains (losses) and prior service (costs) credits | — |  |  | — |  |  | — |  |  | — |
Less: tax provision (benefit) | — |  |  | — |  |  | — |  |  | — |
Net actuarial gains (losses) and prior service (costs) credits | — |  |  | — |  |  | — |  |  | — |
Actuarial and other (gains) losses, amortization of prior service cost (credits), and settlement and curtailment (income) charge reclassified to net income | — |  |  | — |  |  | — |  |  | — |
Less: tax (provision) benefit | — |  |  | — |  |  | — |  |  | — |
Net actuarial and other (gains) losses, amortization of prior service cost (credits), and settlement and curtailment (income) charge reclassified to net income | — |  |  | — |  |  | — |  |  | — |
Other comprehensive income (loss), net of tax | — |  |  | — |  |  | — |  |  | — |
Ending Balance | $ | (3.0) |  |  | $ | (1.7) |  |  | $ | (3.0) |  |  | $ | (1.7) |
Total AOCI ending balance at June 30 | $ | (48.2) |  |  | $ | (28.0) |  |  | $ | (48.2) |  |  | $ | (28.0) |
Reclassifications of accumulated other comprehensive income (loss)
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
In millions | 2020 |  | 2019 |  | 2020 |  | 2019
Derivative instruments |  |  |  |  |  |  |
Currency exchange contracts (1) | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | — |
Natural gas contracts (2) | (0.5) |  |  | 0.1 |  |  | (0.6) |  |  | 0.6 |
Total before tax | (0.3) |  |  | 0.1 |  |  | (0.4) |  |  | 0.6 |
(Provision) benefit for income taxes | 0.1 |  |  | — |  |  | 0.1 |  |  | (0.1) |
Amount included in net income (loss) | $ | (0.2) |  |  | $ | 0.1 |  |  | $ | (0.3) |  |  | $ | 0.5 |
Pension and other post retirement benefits |  |  |  |  |  |  |
Amortization of unrecognized net actuarial and other gains (losses)(3) | — |  |  | — |  |  | — |  |  | — |
Total before tax | — |  |  | — |  |  | — |  |  | — |
(Provision) benefit for income taxes | — |  |  | — |  |  | — |  |  | — |
Amount included in net income (loss) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
______________ (1) Included within "Net sales" on the condensed consolidated statement of operations. (2) Included within "Cost of sales" on the condensed consolidated statement of operations. (3) Included within "Other (income) expense, net" on the condensed consolidated statement of operations. Share Repurchases On February 28, 2020, our Board of Directors authorized the repurchase of up to $500.0 million of our common stock, and rescinded the prior two authorizations from 2017 and 2018 of $100.0 million and $350.0 million, respectively. The repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market prevailing conditions and other factors. During the three months ended June 30, 2020, no shares of our common stock were repurchased as we previously suspended share repurchases in light of the uncertainty caused by the COVID-19 pandemic. At June 30, 2020, $467.6 million remained unused under our Board-authorized repurchase program. We record shares of common stock repurchased at cost as treasury stock, resulting in a reduction of stockholders’ equity in the condensed consolidated balance sheets. When the treasury shares are contributed under our employee benefit plans or issued for option exercises, we use a first-in, first-out method for determining cost. The difference between the cost of the shares and the market price at the time of contribution to an employee benefit plan is added to or deducted from the related capital in excess of par value of common stock.

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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 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 Reference 2: 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 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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