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Equity | 12 Months Ended
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Dec. 31, 2020
Equity [Abstract] |
Equity | 15. Equity Authorized capitalization consists of 75.0 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 December 31, 2020, the Company has authorization to purchase up to $30.0 million of the Company’s common stock at management’s discretion. As a result of the COVID-19 pandemic, the Company suspended its share repurchase program in the first quarter of 2020 to preserve its liquidity and manage cash flows. Prior to the suspension of the share repurchase program, the Company repurchased 1,061,711 of the Company’s common shares for $12.0 million under this authorization. As of December 31, 2020, the Company has $10.6 million remaining under this authorization. The amount and timing of any dividends are determined by the Board of Directors at its regular meetings each year, subject to limitations within the indenture governing the Company’s 2026 Notes and the Company’s ABL Revolving Credit Facility. No cash dividends were declared or paid in the years ended December 31, 2020, 2019, and 2018. The components of accumulated other comprehensive loss as of December 31, 2020 and 2019 are as follows:
|  | 2020 |  |  | 2019 |
Foreign currency translation, net of income tax provision of $4.6 and $0.0 |  | $ | (49.6 | ) |  | $ | (81.1 | )
Derivative instrument fair market value, net of income tax provision of $0.0 and $0.0 |  |  | — |  |  |  | — |  |
Employee pension and postretirement benefit adjustments, net of income benefit of $14.4 and $13.7 |  |  | (47.9 | ) |  |  | (39.9 | )
Total accumulated other comprehensive loss |  | $ | (97.5 | ) |  | $ | (121.0 | )
A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the years ended December 31, 2019 and 2020 are as follows:
|  | Gains (Losses) on Cash Flow Hedges |  |  | Pension & Postretirement |  |  | Foreign Currency Translation |  |  | Total |
Balance as of December 31, 2018 |  | $ | (0.3 | ) |  | $ | (36.2 | ) |  | $ | (80.1 | ) |  | $ | (116.6 | )
Other comprehensive loss before reclassifications |  |  | (2.8 | ) |  |  | (5.5 | ) |  |  | (1.0 | ) |  |  | (9.3 | )
Amounts reclassified from accumulated other comprehensive income |  |  | 3.1 |  |  |  | 1.8 |  |  |  | — |  |  |  | 4.9 |
Net current period other comprehensive income (loss) |  |  | 0.3 |  |  |  | (3.7 | ) |  |  | (1.0 | ) |  |  | (4.4 | )
Balance as of December 31, 2019 |  |  | — |  |  |  | (39.9 | ) |  |  | (81.1 | ) |  |  | (121.0 | )
Other comprehensive income (loss) before reclassifications |  |  | (0.3 | ) |  |  | (9.9 | ) |  |  | 31.5 |  |  |  | 21.3 |
Amounts reclassified from accumulated other comprehensive income |  |  | 0.3 |  |  |  | 1.9 |  |  |  | — |  |  |  | 2.2 |
Net current period other comprehensive income (loss) |  |  | — |  |  |  | (8.0 | ) |  |  | 31.5 |  |  |  | 23.5 |
Balance as of December 31, 2020 |  | $ | — |  |  | $ | (47.9 | ) |  | $ | (49.6 | ) |  | $ | (97.5 | )
A reconciliation of the reclassifications out of accumulated other comprehensive loss, net of income taxes, for the years ended December 31, 2020, 2019 and 2018 are as follows:
|  | Amount Reclassified from Accumulated Other Comprehensive Loss |  |  |
|  | 2020 |  |  |  | 2019 |  |  |  | 2018 |  |  | Recognized Location
Losses on cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX Forward Contracts |  | $ | (0.3 | ) |  | $ | (3.1 | ) |  | $ | (5.0 | ) |  | Cost of sales
Total before income taxes |  |  | (0.3 | ) |  |  | (3.1 | ) |  |  | (5.0 | ) |  |
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |
Total, net of income taxes |  | $ | (0.3 | ) |  | $ | (3.1 | ) |  | $ | (5.0 | ) |  |
Amortization of pension and postretirement items |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial losses |  | $ | (4.5 | ) |  | $ | (4.6 | ) |  | $ | (5.0 | ) | (a) | Other expense - net
Amortization of prior service cost |  |  | 2.6 |  |  |  | 2.8 |  |  |  | 2.7 |  | (a) | Other expense - net
Pension settlement charge |  |  | — |  |  |  | — |  |  |  | (4.5 | ) | (a) | Other expense - net
Total before income taxes |  |  | (1.9 | ) |  |  | (1.8 | ) |  |  | (6.8 | ) |  |
Income tax benefit |  |  | — |  |  |  | — |  |  |  | 1.4 |  |  |
Total, net of income taxes |  | $ | (1.9 | ) |  | $ | (1.8 | ) |  | $ | (5.4 | ) |  |
Total reclassifications for the period, net of income taxes |  | $ | (2.2 | ) |  | $ | (4.9 | ) |  | $ | (10.4 | ) |  |
(a) | These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 21, “Employee Benefit Plans,” for further details).

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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