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Stockholders' equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Stockholders' equity | Stockholders’ equity The company has 150 million authorized shares of common stock, par value $.01 per share, and 40 million shares of authorized preferred stock, par value $1 per share, issuable in series. At December 31, 2023, 11.5 million shares of unissued common stock of the company were reserved for future issuance. Accumulated other comprehensive loss is as follows:
|  | Total |  | Translation Adjustments |  | Postretirement Plans
Balance at December 31, 2020 |  | $ | (3,939.5) |  |  | $ | (826.6) |  |  | $ | (3,112.9) |
Other comprehensive income (loss) before reclassifications |  | 58.6 |  |  | (43.6) |  |  | 102.2 |
Amounts reclassified from accumulated other comprehensive loss |  | 616.8 |  |  | 4.0 |  |  | 612.8 |
Current period other comprehensive income (loss) |  | 675.4 |  |  | (39.6) |  |  | 715.0 |
Balance at December 31, 2021 |  | (3,264.1) |  |  | (866.2) |  |  | (2,397.9) |
Other comprehensive income (loss) before reclassifications |  | 38.0 |  |  | (114.1) |  |  | 152.1 |
Amounts reclassified from accumulated other comprehensive loss |  | 150.1 |  |  | 2.9 |  |  | 147.2 |
Current period other comprehensive income (loss) |  | 188.1 |  |  | (111.2) |  |  | 299.3 |
Balance at December 31, 2022 |  | (3,076.0) |  |  | (977.4) |  |  | (2,098.6) |
Other comprehensive (loss) income before reclassifications |  | (142.8) |  |  | 68.3 |  |  | (211.1) |
Amounts reclassified from accumulated other comprehensive loss |  | 418.5 |  |  | (3.7) |  |  | 422.2 |
Current period other comprehensive income |  | 275.7 |  |  | 64.6 |  |  | 211.1 |
Balance at December 31, 2023 |  | $ | (2,800.3) |  |  | $ | (912.8) |  |  | $ | (1,887.5) |
Amounts reclassified out of accumulated other comprehensive loss are as follows:
Year ended December 31, |  | 2023 |  | 2022 |  | 2021
Translation adjustments: |  |  |  |  |  |
Adjustment for substantial completion of liquidation of foreign subsidiaries(i) |  | $ | (3.7) |  |  | $ | 2.9 |  |  | $ | 4.0 |
Postretirement plans(ii): |  |  |  |  |  |
Amortization of prior service credit |  | (5.4) |  |  | (5.8) |  |  | (6.2) |
Amortization of actuarial losses |  | 80.5 |  |  | 159.0 |  |  | 178.9 |
Settlement losses |  | 348.9 |  |  | — |  |  | 499.4 |
Total before tax |  | 420.3 |  |  | 156.1 |  |  | 676.1 |
Income tax |  | (1.8) |  |  | (6.0) |  |  | (59.3) |
Total reclassifications for the period |  | $ | 418.5 |  |  | $ | 150.1 |  |  | $ | 616.8 |
(i) Reported in other (expense), net in the consolidated statements of income (loss). (ii) Included in net periodic postretirement cost (see Note 17, “Employee plans”). The following table summarizes the changes in shares of common stock and treasury stock:
|  | Common Stock |  | Treasury Stock
Balance at December 31, 2020 |  | 66.8 |  |  | 3.8 |
Debt exchange |  | 4.6 |  |  | 1.2 |
Stock-based compensation |  | 1.1 |  |  | 0.3 |
Balance at December 31, 2021 |  | 72.5 |  |  | 5.3 |
Stock-based compensation |  | 0.8 |  |  | 0.2 |
Balance at December 31, 2022 |  | 73.3 |  |  | 5.5 |
Stock-based compensation |  | 0.7 |  |  | 0.1 |
Balance at December 31, 2023 |  | 74.0 |  |  | 5.6 |

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