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Equity | 3 Months Ended
--- | ---
Mar. 31, 2022
Stockholders' Equity Note [Abstract] |
Equity | Equity Repurchase programs On November 11, 2021, the Company announced that its Board of Directors authorized management to repurchase up to an aggregate of $250.0 million of Common Stock under a board-approved Share Repurchase Program, of which $164.7 million has been utilized to purchase 3.8 million shares as of March 31, 2022. During the three months ended March 31, 2022, the Company has utilized $52.2 million to purchase 1.1 million shares. The number of shares repurchased includes trades executed in March and settled in April due to timing. The Share Repurchase Program does not obligate the Company to acquire any specific number of shares. Repurchased shares will be available for use in connection with our stock plans and for other corporate purposes. Share-based compensation During the three months ended March 31, 2022, the Company granted stock options to purchase 0.6 million shares of common stock and 1.2 million restricted and performance stock units under the Emergent BioSolutions Inc. Stock Incentive Plan. Typically, the stock option and restricted stock unit grants vest over three equal annual installments beginning on the day prior to the anniversary of the grant date. The performance stock units settle in stock at the end of the three-year performance period based on the Company's results compared to the performance criteria. Share-based compensation expense was recorded in the following financial statement line items:
| Three Months Ended March 31, |
| 2022 |  | 2021 |  |  |
Cost of product sales | $ | 1.7 |  |  | $ | 1.5 |  |  |  |
Cost of contract development and manufacturing | 0.4 |  |  | 0.2 |  |  |  |
Research and development | 1.1 |  |  | 1.4 |  |  |  |
Selling, general and administrative | 6.7 |  |  | 7.4 |  |  |  |
Total share-based compensation expense | $ | 9.9 |  |  | $ | 10.5 |  |  |  |
Accumulated other comprehensive income (loss), net of tax The following table includes changes in accumulated other comprehensive income (loss), net of tax by component:
|  | Defined Benefit Pension Plan |  | Derivative Instruments |  | Foreign Currency Translation Losses |  | Total
(in millions, net of tax) |
Balance, December 31, 2021 |  | $ | (4.0) |  |  | $ | (4.5) |  |  | $ | (7.6) |  |  | $ | (16.1) |
Other comprehensive (loss) income before reclassifications |  | — |  |  | 4.9 |  |  | 0.5 |  |  | 5.4 |
Amounts reclassified from accumulated other comprehensive income |  | — |  |  | 1.4 |  |  | — |  |  | 1.4 |
Net current period other comprehensive income (loss) |  | — |  |  | 6.3 |  |  | 0.5 |  |  | 6.8 |
Balance, March 31, 2022 |  | $ | (4.0) |  |  | $ | 1.8 |  |  | $ | (7.1) |  |  | $ | (9.3) |
Balance, December 31, 2020 |  | $ | (7.7) |  |  | $ | (11.0) |  |  | $ | (6.6) |  |  | $ | (25.3) |
Other comprehensive (loss) income before reclassifications |  | — |  |  | 1.7 |  |  | (2.2) |  |  | (0.5) |
Amounts reclassified from accumulated other comprehensive income |  | — |  |  | 1.4 |  |  | — |  |  | 1.4 |
Net current period other comprehensive income (loss) |  | — |  |  | 3.1 |  |  | (2.2) |  |  | 0.9 |
Balance, March 31, 2021 |  | $ | (7.7) |  |  | $ | (7.9) |  |  | $ | (8.8) |  |  | $ | (24.4) |
The following table presents the tax effects related to each component of accumulated other comprehensive (loss) income:
| March 31, 2022 |  | March 31, 2021
| Pretax |  | Tax Benefit (Expense) |  | Net of tax |  | Pretax |  | Tax Benefit (Expense) |  | Net of tax
Derivative Instruments | $ | 8.6 |  |  | $ | (2.3) |  |  | $ | 6.3 |  |  | $ | 2.4 |  |  | $ | 0.7 |  |  | $ | 3.1 |
Foreign Currency Translation Losses | 0.7 |  |  | (0.2) |  |  | 0.5 |  |  | (2.2) |  |  | — |  |  | (2.2) |
Total Adjustments | $ | 9.3 |  |  | $ | (2.5) |  |  | $ | 6.8 |  |  | $ | 0.2 |  |  | $ | 0.7 |  |  | $ | 0.9 |

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