Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Deficit (Tables)

v3.24.1.u1
Shareholders' Deficit (Tables)
3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Summary of Changes in Shareholders' Deficit

Changes in shareholders’ deficit for the three months ended March 31, 2024 and 2023 were as follows:

 

 

 

Three Months Ended March 31, 2024

 

 

 

Common
Shares

 

 

Paid-in
Capital in
Excess of Par
Value

 

 

Accumulated
Other
Comprehensive Loss

 

 

Accumulated
Deficit

 

 

Total
Shareholders’ Deficit

 

 

 

(in millions)

 

Balance as of December 31, 2023

 

$

0.1

 

 

$

233.9

 

 

$

(232.0

)

 

$

(1,062.3

)

 

$

(1,060.3

)

Issuance of 0.9 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other

 

 

 

 

 

0.7

 

 

 

 

 

 

 

 

 

0.7

 

Additional capital from share-based compensation

 

 

 

 

 

11.9

 

 

 

 

 

 

 

 

 

11.9

 

Repurchases of 0.3 common shares

 

 

 

 

 

(2.3

)

 

 

 

 

 

 

 

 

(2.3

)

Net income

 

 

 

 

 

 

 

 

 

 

 

24.3

 

 

 

24.3

 

Foreign currency translation adjustment, net of income taxes of $(0.1)

 

 

 

 

 

 

 

 

(9.9

)

 

 

 

 

 

(9.9

)

Unrealized loss on derivatives, net of income taxes of $(0.1)

 

 

 

 

 

 

 

 

(1.0

)

 

 

 

 

 

(1.0

)

Balance as of March 31, 2024

 

$

0.1

 

 

$

244.2

 

 

$

(242.9

)

 

$

(1,038.0

)

 

$

(1,036.6

)

 

 

 

Three Months Ended March 31, 2023

 

 

 

Common
Shares

 

 

Paid-in
Capital in
Excess of Par
Value

 

 

Accumulated
Other
Comprehensive Loss

 

 

Accumulated
Deficit

 

 

Total
Shareholders’ Deficit

 

 

 

(in millions)

 

Balance as of December 31, 2022

 

$

0.1

 

 

$

188.7

 

 

$

(250.2

)

 

$

(1,204.5

)

 

$

(1,265.9

)

Issuance of 1.3 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other

 

 

 

 

 

0.5

 

 

 

 

 

 

 

 

 

0.5

 

Additional capital from share-based compensation

 

 

 

 

 

10.8

 

 

 

 

 

 

 

 

 

10.8

 

Repurchases of 0.5 common shares

 

 

 

 

 

(8.7

)

 

 

 

 

 

 

 

 

(8.7

)

Net income

 

 

 

 

 

 

 

 

 

 

 

29.3

 

 

 

29.3

 

Foreign currency translation adjustment, net of income taxes of $

 

 

 

 

 

 

 

 

13.2

 

 

 

 

 

 

13.2

 

Unrealized loss on derivatives, net of income taxes of $

 

 

 

 

 

 

 

 

(2.0

)

 

 

 

 

 

(2.0

)

Balance as of March 31, 2023

 

$

0.1

 

 

$

191.3

 

 

$

(239.0

)

 

$

(1,175.2

)

 

$

(1,222.8

)

 

Summary of Changes in Accumulated Other Comprehensive Loss

The following table summarizes changes in accumulated other comprehensive loss by component during the three months ended March 31, 2024 and 2023:

 

 

 

Changes in Accumulated Other Comprehensive Loss by Component

 

 

 

Three Months Ended

 

 

 

March 31,
2024

 

 

March 31,
2023

 

 

 

Foreign
Currency
Translation
Adjustments

 

 

Unrealized Loss
on Derivatives

 

 

Total

 

 

Foreign
Currency
Translation
Adjustments

 

 

Unrealized Loss
on Derivatives

 

 

Total

 

 

 

(in millions)

 

Beginning balance

 

$

(230.6

)

 

$

(1.4

)

 

$

(232.0

)

 

$

(248.2

)

 

$

(2.0

)

 

$

(250.2

)

Other comprehensive (loss) income before reclassifications, net of tax

 

 

(9.9

)

 

 

(1.8

)

 

 

(11.7

)

 

 

13.2

 

 

 

(4.7

)

 

 

8.5

 

Amounts reclassified from accumulated other comprehensive loss to income, net of tax(1)

 

 

 

 

 

0.8

 

 

 

0.8

 

 

 

 

 

 

2.7

 

 

 

2.7

 

Total other comprehensive (loss) income, net of reclassifications

 

 

(9.9

)

 

 

(1.0

)

 

 

(10.9

)

 

 

13.2

 

 

 

(2.0

)

 

 

11.2

 

Ending balance

 

$

(240.5

)

 

$

(2.4

)

 

$

(242.9

)

 

$

(235.0

)

 

$

(4.0

)

 

$

(239.0

)

 

(1)
See Note 9, Derivative Instruments and Hedging Activities, for information regarding the location within the condensed consolidated statements of income of gains (losses) reclassified from accumulated other comprehensive loss to income during the three months ended March 31, 2024 and 2023.