Stockholders' Equity

6 Months Ended

Jun. 30, 2019

12. Stockholders’ Equity

Authorized capital consists of 75 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock. None of the preferred shares have been issued.

As of June 30, 2019, the Company has authorization to purchase up to $30.0 million of the Company’s common stock at management’s discretion. During the three and six months ended June 30, 2019, the Company purchased $7.4 million of the Company’s common stock under this authorization.

A reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2018	$	(0.3	)	$	(36.2	)	$	(80.1	)	$	(116.6	)
Other comprehensive income (loss) before reclassifications		(0.7	)		0.1			(2.5	)		(3.1	)
Amounts reclassified from accumulated other comprehensive loss		0.8			0.4			—			1.2
Net other comprehensive income (loss)		0.1			0.5			(2.5	)		(1.9	)
Balance at March 31, 2019		(0.2	)		(35.7	)		(82.6	)		(118.5	)
Other comprehensive income (loss) before reclassifications		(0.3	)		0.1			1.2			1.0
Amounts reclassified from accumulated other comprehensive loss		0.9			0.4			—			1.3
Net other comprehensive income		0.6			0.5			1.2			2.3
Balance at June 30, 2019	$	0.4		$	(35.2	)	$	(81.4	)	$	(116.2	)

	Gains and Losses on Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance at December 31, 2017	$	0.1		$	(45.1	)	$	(52.4	)	$	(97.4	)
Other comprehensive income before reclassifications		—			0.1			11.4			11.5
Amounts reclassified from accumulated other comprehensive loss		—			0.6			—			0.6
Net other comprehensive income		—			0.7			11.4			12.1
Balance at March 31, 2018		0.1			(44.4	)		(41.0	)		(85.3	)
Other comprehensive loss before reclassifications		(3.6	)		(0.1	)		(26.8	)		(30.5	)
Amounts reclassified from accumulated other comprehensive loss		0.3			0.8			—			1.1
Net other comprehensive income (loss)		(3.3	)		0.7			(26.8	)		(29.4	)
Balance at June 30, 2018	$	(3.2	)	$	(43.7	)	$	(67.8	)	$	(114.7	)

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of tax, for the three and six months ended June 30, 2019 and 2018 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018				Recognized Location
Losses on cash flow hedges
Foreign currency contracts	$	(0.9	)	$	(0.3	)	$	(1.7	)	$	(0.3	)		Cost of sales
Total before income taxes		(0.9	)		(0.3	)		(1.7	)		(0.3	)
Income tax benefit		—			—			—			—
Total, net of income taxes	$	(0.9	)	$	(0.3	)	$	(1.7	)	$	(0.3	)
Amortization of pension and postretirement items
Actuarial losses	$	(1.1	)	$	(1.4	)	$	(2.2	)	$	(2.8	)	(a)	Other income (expense) - net
Amortization of prior service cost		0.7			0.7			1.4			1.4		(a)	Other income (expense) - net
Total before income taxes		(0.4	)		(0.7	)		(0.8	)		(1.4	)
Income tax provision		—			(0.1	)		—			—
Total, net of income taxes	$	(0.4	)	$	(0.8	)	$	(0.8	)	$	(1.4	)

Total reclassifications for the period, net of income taxes	$	(1.3	)	$	(1.1	)	$	(2.5	)	$	(1.7	)

(a)

These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 18, “Employee Benefit Plans,” for further details).