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 March 31, 2026, 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. A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the three months ended March 31, 2026 and 2025 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Hedges |
|
|
Pension &
Postretirement |
|
|
Foreign Currency
Translation |
|
|
Total |
|
Balance as of December 31, 2024 |
|
$ |
(1.7 |
) |
|
$ |
(7.7 |
) |
|
$ |
(98.2 |
) |
|
$ |
(107.6 |
) |
Other comprehensive income (loss) before
reclassifications |
|
|
2.0 |
|
|
|
(0.4 |
) |
|
|
15.8 |
|
|
|
17.4 |
|
Amounts reclassified from accumulated
other comprehensive loss |
|
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
Net other comprehensive income (loss) |
|
|
2.5 |
|
|
|
(0.4 |
) |
|
|
15.8 |
|
|
|
17.9 |
|
Balance as of March 31, 2025 |
|
$ |
0.8 |
|
|
$ |
(8.1 |
) |
|
$ |
(82.4 |
) |
|
$ |
(89.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
$ |
0.7 |
|
|
$ |
(4.1 |
) |
|
$ |
(61.9 |
) |
|
$ |
(65.3 |
) |
Other comprehensive income (loss) before
reclassifications |
|
|
(0.8 |
) |
|
|
0.1 |
|
|
|
(1.3 |
) |
|
|
(2.0 |
) |
Amounts reclassified from accumulated other
comprehensive loss |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
Net other comprehensive loss |
|
|
(0.8 |
) |
|
|
— |
|
|
|
(1.3 |
) |
|
|
(2.1 |
) |
Balance as of March 31, 2026 |
|
$ |
(0.1 |
) |
|
$ |
(4.1 |
) |
|
$ |
(63.2 |
) |
|
$ |
(67.4 |
) |
A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three months ended March 31, 2026 and 2025 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
|
2026 |
|
|
2025 |
|
|
|
Recognized
Location |
Losses on cash flow hedges |
|
|
|
|
|
|
|
|
|
FX Forward Contracts |
|
$ |
— |
|
|
$ |
(0.6 |
) |
|
|
Cost of sales |
Total before income taxes |
|
|
— |
|
|
|
(0.6 |
) |
|
|
|
Benefit from income taxes |
|
|
— |
|
|
|
0.1 |
|
|
|
|
Total, net of income taxes |
|
$ |
— |
|
|
$ |
(0.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of pension and
postretirement items |
|
|
|
|
|
|
|
|
|
Actuarial gains |
|
$ |
0.1 |
|
|
$ |
— |
|
(a) |
|
Other expense - net |
Total before income taxes |
|
|
0.1 |
|
|
|
— |
|
|
|
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
|
Total, net of income taxes |
|
$ |
0.1 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period,
net of income taxes |
|
$ |
0.1 |
|
|
$ |
(0.5 |
) |
|
|
|
(a)These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 19, “Employee Benefit Plans,” for additional information). |