Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity

v3.20.4
Stockholders' Equity
26 Months Ended
May 03, 2019
Equity [Abstract]  
Shareholders' Equity STOCKHOLDERS' EQUITY
Common Stock Repurchase Plan

On March 6, 2017, we announced that our Board 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 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)
The amounts and related tax effects allocated to each component of AOCI in 2020, 2019 and 2018 are presented in the table below:
Pre-tax Amount Tax Impact After-tax Amount
2020
Foreign currency translation adjustments $ 7.2  $   $ 7.2 
Derivative adjustments (0.6) 0.2  (0.4)
Pension and postretirement adjustments 11.5  (2.9) 8.6 
Total other comprehensive income $ 18.1  $ (2.7) $ 15.4 
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 

The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2020 and 2019:
Foreign Currency Translation Adjustments Derivative Adjustments Pension and Postretirement Adjustments Total Accumulated Other Comprehensive (Loss)
Balance, December 31, 2018 $ 1.7  $ 0.8  $ (64.1) $ (61.6)
Other comprehensive (loss) income 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) income (2.2) (1.4) (9.5) (13.1)
Balance, December 31, 2019 $ (0.5) $ (0.6) $ (73.6) $ (74.7)
Other comprehensive income (loss) before reclassifications, net of tax impact of $—, $0.2, , $(2.0) and $(1.8)
7.2  (0.2) 5.9  12.9 
Amounts reclassified from accumulated other comprehensive (loss) income —  (0.2) 2.7  2.5 
Net current period other comprehensive income (loss) income 7.2  (0.4) 8.6  15.4 
Balance, December 31, 2020 $ 6.7  $ (1.0) $ (65.0) $ (59.3)
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,
2020 2019 2018 Affected Line Item
Derivative adjustments
Foreign exchange contracts - purchases $ (0.1) $ (0.4) $ (0.1) Cost of goods sold
Foreign exchange contracts - sales (0.1) (0.3) 0.4  Net sales
Foreign exchange contracts - sales   —  0.1  Earnings from discontinued operations
Total reclassifications before tax (0.2) (0.7) 0.4 
Tax impact   —  (0.1) Income tax (benefit) expense
Total reclassifications, net of tax (0.2) (0.7) 0.3 
Pension and postretirement adjustments
Prior service credit amortization (2.0) —  —  Other (income) expense, net
Amortization of net actuarial loss 5.6  7.0  8.4  Other (income) expense, net
Amortization of net actuarial loss   —  (0.1) Earnings from discontinued operations
Total reclassifications before tax 3.6  7.0  8.3 
Tax impact (0.9) —  (1.8) Income tax (benefit) expense
Tax impact   —  0.1  Earnings from discontinued operations
Total reclassifications, net of tax 2.7  7.0  6.6 
Total reclassifications for the period $ 2.5  $ 6.3  $ 6.9