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Equity | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Equity | 14. Equity Authorized capital 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 March 31, 2024, the Company ha s $35.0 million remaining under an authorization from the Board of Directors to purchase up to $35.0 million of the Company’s common stock at management’s discretion. The Company’s share repurchase program purchases shares in the open market to offset stock-based awards issued in conjunction with the Company’s 2013 Omnibus Incentive Plan. A reconciliation of the changes in accumulated other comprehensiv e income (loss), net of income tax, by component for the three months ended March 31, 2024 and 2023 are summarized as follows:
|  | Cash Flow Hedges |  |  | Pension & Postretirement |  |  | Foreign Currency Translation |  |  | Total |
Balance as of December 31, 2022 |  | $ | 5.4 |  |  | $ | (15.3 | ) |  | $ | (98.0 | ) |  | $ | (107.9 | )
Other comprehensive income (loss) before reclassifications |  |  | 0.1 |  |  |  | (1.7 | ) |  |  | 4.2 |  |  |  | 2.6 |
Amounts reclassified from accumulated other comprehensive income (loss) |  |  | (3.4 | ) |  |  | 0.7 |  |  |  | — |  |  |  | (2.7 | )
Net other comprehensive income (loss) |  |  | (3.3 | ) |  |  | (1.0 | ) |  |  | 4.2 |  |  |  | (0.1 | )
Balance as of March 31, 2023 |  | $ | 2.1 |  |  | $ | (16.3 | ) |  | $ | (93.8 | ) |  | $ | (108.0 | )
Balance as of December 31, 2023 |  | $ | 1.3 |  |  | $ | (10.3 | ) |  | $ | (77.4 | ) |  | $ | (86.4 | )
Other comprehensive loss before reclassifications |  |  | (2.5 | ) |  |  | — |  |  |  | (11.0 | ) |  |  | (13.5 | )
Amounts reclassified from accumulated other comprehensive income (loss) |  |  | 0.9 |  |  |  | 0.1 |  |  |  | — |  |  |  | 1.0 |
Net other comprehensive income (loss) |  |  | (1.6 | ) |  |  | 0.1 |  |  |  | (11.0 | ) |  |  | (12.5 | )
Balance as of March 31, 2024 |  | $ | (0.3 | ) |  | $ | (10.2 | ) |  | $ | (88.4 | ) |  | $ | (98.9 | )
A reconciliation of the reclassifications from accumulated other comprehensiv e loss, net of income tax, for the three months ended March 31, 2024 and 2023 are summarized as follows:
|  | Amount Reclassified from Accumulated Other Comprehensive Loss |  |  |
|  | Three Months Ended March 31, 2024 |  |  | Three Months Ended March 31, 2023 |  |  | Recognized Location
Gains (losses) on cash flow hedges |  |  |  |  |  |  |  |
FX Forward Contracts |  | $ | (0.9 | ) |  | $ | 3.4 |  |  | Cost of sales
Total before income taxes |  |  | (0.9 | ) |  |  | 3.4 |  |  |
Provision for income taxes |  |  | — |  |  |  | — |  |  |
Total, net of income taxes |  | $ | (0.9 | ) |  | $ | 3.4 |  |  |
Amortization of pension and postretirement items |  |  |  |  |  |  |  |
Actuarial losses |  | $ | (0.1 | ) |  | $ | (1.0 | ) | (a) | Other income (expense) - net
Amortization of prior service cost |  |  | — |  |  |  | 0.3 |  | (a) | Other income (expense) - net
Total before income taxes |  |  | (0.1 | ) |  |  | (0.7 | ) |  |
Provision for income taxes |  |  | — |  |  |  | — |  |  |
Total, net of income taxes |  | $ | (0.1 | ) |  | $ | (0.7 | ) |  |
Total reclassifications for the period, net of income taxes |  | $ | (1.0 | ) |  | $ | 2.7 |  |  |
(a) These accumulated other comprehensive income (loss) components are components of net periodic pension cost (refer to Note 19, “Employee Benefit Plans,” for further details)

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