Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity

v3.20.1
Stockholders' Equity
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Shareholders' Equity STOCKHOLDERS' EQUITY
Common Stock Repurchase Plan

On March 6, 2017, we announced that our board of directors had approved a share repurchase program pursuant to which we were authorized to repurchase up to $50.0 million of our outstanding shares of common stock. From inception of the share repurchase program through May 3, 2019, we repurchased approximately 2.5 million shares for a total cost of $41.0 million, with an average price of $16.23 per share. On May 3, 2019, we announced that our board of directors had authorized an increased share repurchase program for an additional $50.0 million beyond the $41.0 million already repurchased under the prior share repurchase program, effective immediately. Repurchases under the new program could be made through open market, block, and privately negotiated transactions, including Rule 10b5-1 plans, at times and in such amounts as management deemed appropriate, subject to market and business conditions, regulatory requirements and other factors.

On May 17, 2019, we announced the commencement of a modified "Dutch auction" self-tender offer to repurchase up to $50.0 million in cash of shares of our common stock. As a result of the auction, on June 21, 2019 we purchased 4,504,504 shares of common stock at a purchase price of $11.42 per share, for a total cost of $51.4 million , including fees and expenses. After the completion of the tender offer, we have no remaining authorization to purchase further shares.
Accumulated Other Comprehensive (Loss) Income

The amounts and related tax effects allocated to each component of AOCI in 2019, 2018 and 2017 are presented in the table below.
 
Pre-tax Amount
 
Tax Impact
 
After-tax Amount
2019
 
 
 
 
 
Foreign currency translation adjustments
$
(2.2
)
 
$

 
$
(2.2
)
Derivative adjustments
(1.5
)
 
0.1

 
(1.4
)
Pension and postretirement adjustments
(9.5
)
 

 
(9.5
)
Total other comprehensive (loss)
$
(13.2
)
 
$
0.1

 
$
(13.1
)
 
 
 
 
 
 
2018
 
 
 
 
 
Foreign currency translation adjustments
$
(6.0
)
 
$

 
$
(6.0
)
Derivative adjustments
2.3

 
(0.6
)
 
1.7

Pension and postretirement adjustments
8.5

 
(0.7
)
 
7.8

Total other comprehensive income
$
4.8

 
$
(1.3
)
 
$
3.5

 
 
 
 
 
 
2017
 
 
 
 
 
Foreign currency translation adjustments
$
7.2

 
$

 
$
7.2

Derivative adjustments
(2.0
)
 
0.5

 
(1.5
)
Pension and postretirement adjustments
2.2

 
(0.6
)
 
1.6

Total other comprehensive income
$
7.4

 
$
(0.1
)
 
$
7.3


The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2019 and 2018:
 
Foreign Currency Translation Adjustments
 
Derivative Adjustments
 
Pension and Postretirement Adjustments
 
Total Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2017
$
7.7

 
$
(1.0
)
 
$
(59.2
)
 
$
(52.5
)
Cumulative effect of adoption of ASU 2018-02 as of January 1

 
0.1

 
(12.7
)
 
(12.6
)
Other comprehensive (loss) income before reclassifications, net of tax impact of $ — , ($0.5), $1.0 and $0.5
(6.0
)
 
1.4

 
1.2

 
(3.4
)
Amounts reclassified from accumulated other comprehensive income

 
0.3

 
6.6

 
6.9

Net current period other comprehensive (loss) income
(6.0
)
 
1.7

 
7.8

 
3.5

Balance, December 31, 2018
$
1.7

 
$
0.8

 
$
(64.1
)
 
$
(61.6
)
Other comprehensive (loss) before reclassifications, net of tax impact of $ —, $0.1, $ — and $0.1
(2.2
)
 
(0.7
)
 
(16.5
)
 
(19.4
)
Amounts reclassified from accumulated other comprehensive (loss) income

 
(0.7
)
 
7.0

 
6.3

Net current period other comprehensive (loss)
(2.2
)
 
(1.4
)
 
(9.5
)
 
(13.1
)
Balance, December 31, 2019
$
(0.5
)
 
$
(0.6
)
 
$
(73.6
)
 
$
(74.7
)

The amounts reclassified from AOCI and the affected line item of the Consolidated Statements of Operations are presented in the table below.
 
Year Ended December 31,
 
 
 
2019
 
2018
 
2017
 
Affected Line Item
Derivative adjustments
 
 
 
 
 
 
 
Foreign exchange contracts - purchases
$
(0.4
)
 
$
(0.1
)
 
$
0.1

 
Cost of goods sold
Foreign exchange contracts - purchases

 

 
(0.1
)
 
Earnings (loss) from discontinued operations
Foreign exchange contracts - sales
(0.3
)
 
0.4

 
0.3

 
Net sales
Foreign exchange contracts - sales

 
0.1

 
0.3

 
Earnings (loss) from discontinued operations
Total (income)/expense before tax
(0.7
)
 
0.4

 
0.6

 
 
Tax impact

 
(0.1
)
 
(0.2
)
 
Income tax expense (benefit)
Tax impact

 

 

 
Earnings (loss) from discontinued operations
Total (income)/expense, net of tax
(0.7
)
 
0.3

 
0.4

 
 
Pension and postretirement adjustments
 
 
 
 
 
 
 
Prior service cost amortization

 

 
0.4

 
Other expense, net
Amortization of net actuarial loss
7.0

 
8.4

 
8.4

 
Other expense, net
Amortization of net actuarial loss

 
(0.1
)
 

 
Earnings (loss) from discontinued operations
Total expense before tax
7.0

 
8.3

 
8.8

 
 
Tax impact

 
(1.8
)
 
(1.8
)
 
Income tax expense (benefit)
Tax impact

 
0.1

 

 
Earnings (loss) from discontinued operations
Total expense, net of tax
7.0

 
6.6

 
7.0

 
 
Total reclassifications for the period
$
6.3

 
$
6.9

 
$
7.4