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Stock-based compensation and stockholders' equity | 3 Months Ended
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Mar. 31, 2023
Stockholders' Equity Note [Abstract] |
Stock-based compensation and stockholders' equity | Stock-based compensation and stockholders' equity Stock-based compensation During the three months ended March 31, 2023, the Company granted stock options to purchase 0.3 million shares of common stock, 0.6 million restricted stock units and 0.1 million performance stock units under the Emergent BioSolutions Inc. Stock Incentive Plan. Performance stock units are presented at the target payout percentage of 100% of target shares granted. Typically, the stock options 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. During the three months ended March 31, 2023 0.2 million shares of restricted stock units and 0.2 million of stock options were forfeited prior to the completion of the applicable vesting requirements or expiration. Additionally, an immaterial amount of performance stock units were forfeited during the three months ended March 31, 2023, as the award targets were not achieved. Stock-based compensation expense, net of forfeitures was recorded in the following financial statement line items:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Cost of product sales | $ | 1.4 |  |  | $ | 1.7 |  |  |  |  |
Cost of CDMO | 0.3 |  |  | 0.4 |  |  |  |  |
R&D | 0.7 |  |  | 1.1 |  |  |  |  |
Selling, general and administrative | 4.4 |  |  | 6.7 |  |  |  |  |
Total stock-based compensation expense | $ | 6.8 |  |  | $ | 9.9 |  |  |  |  |
2021 Share Repurchase Program On November 11, 2021, the Company announced that its Board of Directors authorized a stock repurchase program of up to an aggregate of $250.0 million of Common Stock ("the Share Repurchase Program"). The Share Repurchase Program expired on November 11, 2022. The Company utilized $187.9 million to purchase 4.4 million shares as of the program's expiration date. During the three months ended March 31, 2022, the Company utilized $52.2 million to purchase 1.1 million shares. Repurchased shares are available for use in connection with the Company's stock plans and for other corporate purposes. 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 Adjustments |  | Total
Balance at December 31, 2022 |  | $ | 3.5 |  |  | $ | 6.2 |  |  | $ | (6.6) |  |  | $ | 3.1 |
Other comprehensive loss before reclassifications |  | — |  |  | (4.4) |  |  | (0.1) |  |  | (4.5) |
Amounts reclassified from accumulated other comprehensive income (loss) |  | — |  |  | 2.4 |  |  | — |  |  | 2.4 |
Net current period other comprehensive loss |  | — |  |  | (2.0) |  |  | (0.1) |  |  | (2.1) |
Balance at March 31, 2023 |  | $ | 3.5 |  |  | $ | 4.2 |  |  | $ | (6.7) |  |  | $ | 1.0 |
Balance at December 31, 2021 |  | $ | (4.0) |  |  | $ | (4.5) |  |  | $ | (7.6) |  |  | $ | (16.1) |
Other comprehensive income before reclassifications |  | — |  |  | 4.9 |  |  | 0.5 |  |  | 5.4 |
Amounts reclassified from accumulated other comprehensive income (loss) |  | — |  |  | 1.4 |  |  | — |  |  | 1.4 |
Net current period other comprehensive income |  | — |  |  | 6.3 |  |  | 0.5 |  |  | 6.8 |
Balance at March 31, 2022 |  | $ | (4.0) |  |  | $ | 1.8 |  |  | $ | (7.1) |  |  | $ | (9.3) |
The table below presents the tax effects related to each component of other comprehensive income (loss):
| Three Months Ended March 31,
| 2023 |  | 2022
| Pretax |  | Tax Expense |  | Net of tax |  | Pretax |  | Tax Expense |  | Net of tax
Derivative instruments | $ | (2.6) |  |  | $ | 0.6 |  |  | $ | (2.0) |  |  | $ | 8.6 |  |  | $ | (2.3) |  |  | $ | 6.3 |
Foreign currency translation adjustments | (0.1) |  |  | — |  |  | (0.1) |  |  | 0.7 |  |  | (0.2) |  |  | 0.5 |
Total adjustments | $ | (2.7) |  |  | $ | 0.6 |  |  | $ | (2.1) |  |  | $ | 9.3 |  |  | $ | (2.5) |  |  | $ | 6.8 |

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