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Equity | 6 Months Ended
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Jun. 30, 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 June 30, 2024, the Company has $29.3 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. During the three and six months ended June 30, 2024, the Company repurchased $5.7 million of common stock under this authorization. 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. The Company’s operations in Russia were substantially curtailed during the year ended December 31, 2023. As a result, for the three and six months ended June 30, 2023, the Company released $9.3 million of non-cash foreign currency translation adjustments recorded in accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets to other income (expense) – net in the Condensed Consolidated Statement of Operations. The results of the Company’s Russian operations continue to be included in its consolidated results in accordance with ASC 810, “Consolidation." A reconciliation of the changes in accumulated other comprehensive income (loss), net o f income tax, by component for the three months ended June 30, 2024 and 2023 are summarized as follows:
|  | Cash Flow Hedges |  |  | Pension & Postretirement |  |  | Foreign Currency Translation |  |  | Total |
Balance as of March 31, 2023 |  | $ | 2.1 |  |  | $ | (16.3 | ) |  | $ | (93.8 | ) |  | $ | (108.0 | )
Other comprehensive income (loss) before reclassifications |  |  | (0.7 | ) |  |  | (1.6 | ) |  |  | 0.2 |  |  |  | (2.1 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | (1.8 | ) |  |  | 0.7 |  |  |  | 9.3 |  |  |  | 8.2 |
Net other comprehensive income (loss) |  |  | (2.5 | ) |  |  | (0.9 | ) |  |  | 9.5 |  |  |  | 6.1 |
Balance as of June 30, 2023 |  | $ | (0.4 | ) |  | $ | (17.2 | ) |  | $ | (84.3 | ) |  | $ | (101.9 | )
Balance as of March 31, 2024 |  | $ | (0.3 | ) |  | $ | (10.2 | ) |  | $ | (88.4 | ) |  | $ | (98.9 | )
Other comprehensive loss before reclassifications |  |  | (0.7 | ) |  |  | — |  |  |  | (1.3 | ) |  |  | (2.0 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | 0.4 |  |  |  | — |  |  |  | — |  |  |  | 0.4 |
Net other comprehensive loss |  |  | (0.3 | ) |  |  | — |  |  |  | (1.3 | ) |  |  | (1.6 | )
Balance as of June 30, 2024 |  | $ | (0.6 | ) |  | $ | (10.2 | ) |  | $ | (89.7 | ) |  | $ | (100.5 | )
A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the six months ended June 30, 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 |  |  | (0.6 | ) |  |  | (3.3 | ) |  |  | 4.4 |  |  |  | 0.5 |
Amounts reclassified from accumulated other comprehensive loss |  |  | (5.2 | ) |  |  | 1.4 |  |  |  | 9.3 |  |  |  | 5.5 |
Net other comprehensive income (loss) |  |  | (5.8 | ) |  |  | (1.9 | ) |  |  | 13.7 |  |  |  | 6.0 |
Balance as of June 30, 2023 |  | $ | (0.4 | ) |  | $ | (17.2 | ) |  | $ | (84.3 | ) |  | $ | (101.9 | )
Balance as of December 31, 2023 |  | $ | 1.3 |  |  | $ | (10.3 | ) |  | $ | (77.4 | ) |  | $ | (86.4 | )
Other comprehensive income (loss) before reclassifications |  |  | (3.2 | ) |  |  | — |  |  |  | (12.3 | ) |  |  | (15.5 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | 1.3 |  |  |  | 0.1 |  |  |  | — |  |  |  | 1.4 |
Net other comprehensive income (loss) |  |  | (1.9 | ) |  |  | 0.1 |  |  |  | (12.3 | ) |  |  | (14.1 | )
Balance as of June 30, 2024 |  | $ | (0.6 | ) |  | $ | (10.2 | ) |  | $ | (89.7 | ) |  | $ | (100.5 | )
A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and six months ended June 30, 2024 and 2023 are summarized as follows:
|  | Amount Reclassified from Accumulated Other Comprehensive Loss |  |  |  |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |  |  |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  |  | Recognized Location
Gains (losses) on cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FX Forward Contracts |  | $ | (0.4 | ) |  | $ | 1.8 |  |  | $ | (1.3 | ) |  | $ | 5.2 |  |  |  | Cost of sales
Total before income taxes |  |  | (0.4 | ) |  |  | 1.8 |  |  |  | (1.3 | ) |  |  | 5.2 |  |  |  |
Provision for income taxes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Total, net of income taxes |  | $ | (0.4 | ) |  | $ | 1.8 |  |  | $ | (1.3 | ) |  | $ | 5.2 |  |  |  |
Amortization of pension and postretirement items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial losses |  | $ | — |  |  | $ | (0.7 | ) |  | $ | (0.1 | ) |  | $ | (1.4 | ) | (a) |  | Other income (expense) - net
Total before income taxes |  |  | — |  |  |  | (0.7 | ) |  |  | (0.1 | ) |  |  | (1.4 | ) |  |  |
Provision for income taxes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Total, net of income taxes |  | $ | — |  |  | $ | (0.7 | ) |  | $ | (0.1 | ) |  | $ | (1.4 | ) |  |  |
Foreign currency translation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses on foreign currency translation |  | $ | — |  |  | $ | (9.3 | ) |  | $ | — |  |  | $ | (9.3 | ) |  |  | Other income (expense) - net
Total before income taxes |  |  | — |  |  |  | (9.3 | ) |  |  | — |  |  |  | (9.3 | ) |  |  |
Provision for income taxes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Total, net of income taxes |  | $ | — |  |  | $ | (9.3 | ) |  | $ | — |  |  | $ | (9.3 | ) |  |  |
Total reclassifications for the period, net of income taxes |  | $ | (0.4 | ) |  | $ | (8.2 | ) |  | $ | (1.4 | ) |  | $ | (5.5 | ) |  |  |
(a) These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 19, “Employee Benefit Plans,” for additional information).

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