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Equity
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Equity EquityThe tables below provide a roll forward of equity.
Common Stock
In millions, except per share data in thousandsSharesAmountAdditional paid in capitalRetained earningsAccumulated
other
comprehensive
income (loss)
Treasury stockTotal Equity
Balance at December 31, 202143,102 $0.4 $136.3 $796.1 $13.1 $(272.1)$673.8 
Net income (loss)— — — 60.8 — — 60.8 
Other comprehensive income (loss)— — — — (10.1)— (10.1)
Common stock issued42 — — — — — — 
Exercise of stock options, net36 — 0.4 — — — 0.4 
Tax payments related to vested restricted stock units— — — — — (1.8)(1.8)
Share repurchase program— — — — — (40.4)(40.4)
Share-based compensation plans— — 2.9 — — 0.5 3.4 
Balance at March 31, 202243,180 $0.4 $139.6 $856.9 $3.0 $(313.8)$686.1 
Net income (loss)— — — 59.8 — — 59.8 
Other comprehensive income (loss)— — — — (46.7)— (46.7)
Common stock issued18 — — — — — — 
Exercise of stock options, net— 0.1 — — — 0.1 
Tax payments related to vested restricted stock units— — — — — (0.2)(0.2)
Share repurchase program— — — — — (49.5)(49.5)
Noncontrolling interest distributions— — — — — — — 
Share-based compensation plans— — 3.3 — — 1.4 4.7 
Balance at June 30, 202243,200 $0.4 $143.0 $916.7 $(43.7)$(362.1)$654.3 
Net income (loss)— — — 75.4 — — 75.4 
Other comprehensive income (loss)— — — — (51.6)— (51.6)
Common stock issued— — — — (0.2)(0.2)
Exercise of stock options, net— 0.3 — — — 0.3 
Tax payments related to vested restricted stock units— — — — — — — 
Share repurchase program— — — — — (49.3)(49.3)
Share-based compensation plans— — 4.2 — — 0.8 5.0 
Balance at September 30, 202243,213 $0.4 $147.5 $992.1 $(95.3)$(410.8)$633.9 
Common Stock
In millions, except per share data in thousandsSharesAmountAdditional paid in capitalRetained earningsAccumulated
other
comprehensive
income (loss)
Treasury stockTotal Equity
Balance at December 31, 202042,913 $0.4 $121.3 $678.0 $4.7 $(162.3)$642.1 
Net income (loss)— — — 48.7 — — 48.7 
Other comprehensive income (loss)— — — — 8.5 — 8.5 
Common stock issued97 — — — — — — 
Exercise of stock options, net24 — 0.9 — — — 0.9 
Tax payments related to vested restricted stock units— — — — — (2.3)(2.3)
Share repurchase program— — — — — (39.4)(39.4)
Share-based compensation plans— — 2.6 — — — 2.6 
Balance at March 31, 202143,034 $0.4 $124.8 $726.7 $13.2 $(204.0)$661.1 
Net income (loss)— — — 44.3 — — 44.3 
Other comprehensive income (loss)— — — — 5.4 — 5.4 
Common stock issued19 — — — — — — 
Exercise of stock options, net32 — 1.5 — — — 1.5 
Tax payments related to vested restricted stock units— — — — — — — 
Share repurchase program— — — — — (28.7)(28.7)
Share-based compensation plans— — 4.0 — — 0.9 4.9 
Balance at June 30, 202143,085 $0.4 $130.3 $771.0 $18.6 $(231.8)$688.5 
Net income (loss)— — — (4.2)— — (4.2)
Other comprehensive income (loss)— — — — (11.1)— (11.1)
Common stock issued— — — — — — 
Exercise of stock options, net— 0.1 — — — 0.1 
Tax payments related to vested restricted stock units— — — — — (0.1)(0.1)
Share repurchase program— — — — — (32.2)(32.2)
Share-based compensation plans— — 3.0 — — 0.5 3.5 
Balance at September 30, 202143,092 $0.4 $133.4 $766.8 $7.5 $(263.6)$644.5 
Accumulated other comprehensive income (loss)
Three Months Ended September 30,Nine Months Ended September 30,
In millions2022202120222021
Foreign currency translation
Beginning balance$(43.9)$27.8 $18.4 $16.4 
Net gains (losses) on foreign currency translation(55.3)(16.7)(124.9)(8.5)
Gains (losses) on net investment hedges4.4 3.8 13.9 8.0 
Less: tax provision (benefit)1.0 0.9 3.2 1.9 
Net gains (losses) on net investment hedges3.4 2.9 10.7 6.1 
Other comprehensive income (loss), net of tax(51.9)(13.8)(114.2)(2.4)
Ending balance$(95.8)$14.0 $(95.8)$14.0 
Derivative instruments
Beginning balance$3.3 $(4.5)$(2.1)$(6.9)
Gains (losses) on derivative instruments3.5 3.6 14.9 6.9 
Less: tax provision (benefit)0.8 0.8 3.5 1.6 
Net gains (losses) on derivative instruments2.7 2.8 11.4 5.3 
(Gains) losses reclassified to net income(3.1)(0.2)(7.4)(0.3)
Less: tax (provision) benefit(0.7)(0.1)(1.7)(0.1)
Net (gains) losses reclassified to net income(2.4)(0.1)(5.7)(0.2)
Other comprehensive income (loss), net of tax0.3 2.7 5.7 5.1 
Ending balance$3.6 $(1.8)$3.6 $(1.8)
Pension and other postretirement benefits
Beginning balance$(3.1)$(4.7)$(3.2)$(4.8)
Unrealized actuarial gains (losses) and prior service (costs) credits— — — — 
Less: tax provision (benefit)— — — — 
Net actuarial gains (losses) and prior service (costs) credits— — — — 
Amortization of actuarial and other (gains) losses, prior service cost (credits), and settlement and curtailment (income) charge reclassified to net income— — 0.1 0.1 
Less: tax (provision) benefit— — — — 
Net actuarial and other (gains) losses, amortization of prior service cost (credits), and settlement and curtailment (income) charge reclassified to net income— — 0.1 0.1 
Other comprehensive income (loss), net of tax— — 0.1 0.1 
Ending balance$(3.1)$(4.7)$(3.1)$(4.7)
Total AOCI ending balance at September 30$(95.3)$7.5 $(95.3)$7.5 
Reclassifications of accumulated other comprehensive income (loss)
Three Months Ended September 30,Nine Months Ended September 30,
In millions2022202120222021
Derivative instruments
Currency exchange contracts (1)
$0.8 $0.2 $1.6 $0.2 
Natural gas contracts (2)
2.3 — 4.1 0.1 
Interest rate swap contracts (3)
— — 1.7 — 
Total before tax3.1 0.2 7.4 0.3 
(Provision) benefit for income taxes(0.7)(0.1)(1.7)(0.1)
Amount included in net income (loss)$2.4 $0.1 $5.7 $0.2 
Pension and other post retirement benefits
Amortization of prior service costs (2)
$— $— $0.1 $0.1 
Total before tax— — 0.1 0.1 
(Provision) benefit for income taxes— — — — 
Amount included in net income (loss)$— $— $0.1 $0.1 
______________
(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 "Interest expense, net" on the condensed consolidated statement of operations.
Share Repurchases
On July 25, 2022, our Board of Directors authorized the repurchase of up to $500.0 million of our common stock (the "2022 Authorization"), and rescinded the prior outstanding repurchase authorization with respect to the shares that remained unused under the prior authorization. Shares under the 2022 Authorization 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, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
During the three and nine months ended September 30, 2022, we repurchased $49.3 million and $139.2 million in common stock, representing 697,523 and 2,027,206 shares of our common stock at a weighted average cost per share of $70.75 and $68.68, respectively. At September 30, 2022, $450.7 million remained unused under our 2022 Authorization.
During the three and nine months ended September 30, 2021, we repurchased $32.2 million and $100.3 million in common stock, representing 414,501 and 1,298,167 shares of our common stock at a weighted average cost per share of $77.77 and $77.25, respectively.