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Stock-based compensation and stockholders' equity
 6 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]  
Stock-based compensation and stockholders' equity Stock-based compensation and stockholders' equity
Stock-based compensation
During the six months ended June 30, 2023, the Company granted stock options to purchase 0.7 million shares of common stock, 1.4 million restricted stock units and 0.5 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 six months ended June 30, 2023, 0.6 million of stock options and 0.4 million shares of restricted stock units 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 six months ended June 30, 2023, as the award targets or vesting requirements were not achieved.
Stock-based compensation expense, net of forfeitures was recorded in the following financial statement line items:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Cost of product sales$1.2 $1.9 $2.6 $3.6 
Cost of CDMO0.3 0.6 0.6 1.0 
R&D0.4 1.5 1.1 2.6 
Selling, general and administrative6.4 8.3 10.8 15.0 
Total stock-based compensation expense$8.3 $12.3 $15.1 $22.2 
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"), of which $187.9 million was utilized to purchase approximately 4.4 million shares. The Share Repurchase Program expired on November 11, 2022. During the three and six months ended June 30, 2022, the Company utilized $23.3 million and $75.5 million to purchase approximately 0.7 million and 1.8 million shares, respectively. The Share Repurchase Program did not obligate the Company to acquire any specific number of shares. Repurchased shares are available for use in connection with the Company's stock plans and for other corporate purposes.
At-the-Market Equity Offering Facility
We may, from time to time, sell up to $150.0 million aggregate gross sales price of shares of our common stock through Evercore Group L.L.C. and RBC Capital Markets, LLC, as sales agents, under an “at-the-market” equity offering program (the “ATM Program”) that we entered into on May 18, 2023. During the three months ended June 30, 2023, we sold 1.1 million shares of our common stock under the ATM Program for gross proceeds of $9.1 million, representing an average price of $8.22 per share. As of June 30, 2023, $140.9 million aggregate gross sales price of shares of our common stock remains available for issuance under the ATM Program. We intend to use proceeds obtained from the sale of shares under the ATM Program for general 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 PlanDerivative InstrumentsForeign Currency Translation AdjustmentsTotal
Balance at December 31, 2022
$3.5 $6.2 $(6.6)$3.1 
Other comprehensive income (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 income (loss)— (2.0)(0.1)(2.1)
Balance at March 31, 2023$3.5 $4.2 $(6.7)$1.0 
Other comprehensive income (loss) before reclassifications— 1.2 2.6 3.8 
Amounts reclassified from accumulated other comprehensive income (loss)(3.5)(2.9)— (6.4)
Net current period other comprehensive income (loss)(3.5)(1.7)2.6 (2.6)
Balance at June 30, 2023$— $2.5 $(4.1)$(1.6)
Balance at December 31, 2021
$(4.0)$(4.5)$(7.6)$(16.1)
Other comprehensive income (loss) 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 (loss)— 6.3 0.5 6.8 
Balance at March 31, 2022$(4.0)$1.8 $(7.1)$(9.3)
Other comprehensive income (loss) before reclassifications— 1.9 0.4 2.3 
Amounts reclassified from accumulated other comprehensive income (loss)— 0.9 — 0.9 
Net current period other comprehensive income (loss)— 2.8 0.4 3.2 
Balance at June 30, 2022$(4.0)$4.6 $(6.7)$(6.1)
The tables below present the tax effects related to each component of other comprehensive income (loss):
Three Months Ended June 30,
20232022
PretaxTax ExpenseNet of taxPretaxTax ExpenseNet of tax
Defined benefit pension plan$(4.1)$0.6 $(3.5)$— $— $— 
Derivative instruments(2.4)0.7 (1.7)3.8 (1.0)2.8 
Foreign currency translation adjustments2.1 0.5 2.6 1.3 (0.9)0.4 
Total adjustments$(4.4)$1.8 $(2.6)$5.1 $(1.9)$3.2 
Six Months Ended June 30,
20232022
PretaxTax ExpenseNet of taxPretaxTax ExpenseNet of tax
Defined benefit pension plan$(4.1)$0.6 $(3.5)$— $— $— 
Derivative instruments(5.0)1.3 (3.7)12.4 (3.3)9.1 
Foreign currency translation adjustments2.0 0.5 2.5 2.0 (1.1)0.9 
Total adjustments$(7.1)$2.4 $(4.7)$14.4 $(4.4)$10.0