Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity

v3.10.0.1
Stockholders' Equity
12 Months Ended
Dec. 31, 2018
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 are authorized to repurchase up to $50.0 million of our outstanding shares of common stock (the “Program”). Repurchases under the Program may be made through open market and block transactions, including Rule 10b5-1 plans, at such times and in such amounts as management deems appropriate, subject to market and business conditions, regulatory requirements and other factors. The Program does not obligate us to repurchase any particular amount of common stock and may be suspended or discontinued at any time without notice. For the year ended December 31, 2018, we repurchased approximately 69,000 shares under the Program for a total cost of $1.0 million, or an average price of $14.20 per share. From inception of the Program through December 31, 2018, we repurchased approximately 2.5 million shares under the Program for a total cost of $41.0 million, with an average price of $16.23 per share.

Accumulated Other Comprehensive (Loss) Income

The amounts and related tax effects allocated to each component of OCI in 2018, 2017 and 2016 are presented in the table below.
 
Pre-tax Amount
 
Tax Impact
 
After-tax Amount
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 (loss)
$
7.4

 
$
(0.1
)
 
$
7.3

 
 
 
 
 
 
2016
 
 
 
 
 
Foreign currency translation adjustments
$
(8.2
)
 
$

 
$
(8.2
)
Derivative adjustments
(2.0
)
 
0.4

 
(1.6
)
Postretirement adjustments
3.3

 
(1.1
)
 
2.2

Total other comprehensive (loss)
$
(6.9
)
 
$
(0.7
)
 
$
(7.6
)

The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2018 and 2017:
 
Foreign Currency Translation Adjustments
 
Derivative Adjustments
 
Pension and Postretirement Adjustments
 
Total Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2016
$
0.5

 
$
0.5

 
$
(60.8
)
 
$
(59.8
)
Other comprehensive income (loss) before reclassifications, net of tax impact of $ — , $0.7, $1.2 and $1.9
7.2

 
(1.9
)
 
(5.4
)
 
(0.1
)
Amounts reclassified from accumulated other comprehensive income

 
0.4

 
7.0

 
7.4

Net current period other comprehensive income (loss)
7.2

 
(1.5
)
 
1.6

 
7.3

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 income (loss) 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 income (loss)
(6.0
)
 
1.7

 
7.8

 
3.5

Balance, December 31, 2018
$
1.7

 
$
0.8

 
$
(64.1
)
 
$
(61.6
)

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,
 
 
 
2018
 
2017
 
2016
 
Affected Line Item
Derivative adjustments
 
 
 
 
 
 
 
Foreign exchange contracts - purchases
$
(0.1
)
 
$
0.1

 
$
0.3

 
Cost of goods sold
Foreign exchange contracts - purchases

 
(0.1
)
 

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

 
0.3

 
(1.0
)
 
Net sales
Foreign exchange contracts - sales
0.1

 
0.3

 
(0.8
)
 
Earnings (loss) from discontinued operations
Total expense/(income) before tax
0.4

 
0.6

 
(1.5
)
 
 
Tax impact
(0.1
)
 
(0.2
)
 
0.2

 
Income tax (benefit)
Tax impact

 

 
0.3

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

 
0.4

 
(1.0
)
 
 
Pension and postretirement adjustments
 
 
 
 
 
 
 
Prior service cost amortization

 
0.4

 
0.1

 
Other expense, net
Amortization of net actuarial loss
8.4

 
8.4

 
4.6

 
Other expense, net
Amortization of net actuarial loss
(0.1
)
 

 
0.1

 
Earnings (loss) from discontinued operations
Total expense before tax
8.3

 
8.8

 
4.8

 
 
Tax impact
(1.8
)
 
(1.8
)
 
(1.6
)
 
Income tax (benefit)
Tax impact
0.1

 

 
(0.1
)
 
Earnings (loss) from discontinued operations
Total expense, net of tax
6.6

 
7.0

 
3.1

 
 
Total reclassifications for the period
$
6.9

 
$
7.4

 
$
2.1