| Summary of Changes in Shareholders' Deficit |
Changes in shareholders’ deficit for the three months ended June 30, 2024 and 2023 were as follows:
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Three Months Ended June 30, 2024 |
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Common
Shares |
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|
Paid-in
Capital in
Excess of Par
Value |
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|
Accumulated
Other
Comprehensive Loss |
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|
Accumulated
Deficit |
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|
Total
Shareholders’ Deficit |
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|
|
(in millions) |
|
Balance as of March 31, 2024 |
|
$ |
0.1 |
|
|
$ |
244.2 |
|
|
$ |
(242.9 |
) |
|
$ |
(1,038.0 |
) |
|
$ |
(1,036.6 |
) |
Issuance of 1.2 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other |
|
|
— |
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|
0.8 |
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|
0.8 |
|
Additional capital from share-based compensation |
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|
11.8 |
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|
11.8 |
|
Repurchases of 0.3 common shares |
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— |
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(3.4 |
) |
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|
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— |
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|
(3.4 |
) |
Net income |
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4.7 |
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|
4.7 |
|
Foreign currency translation adjustment, net of income taxes of $0.1 |
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(21.6 |
) |
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(21.6 |
) |
Unrealized gain on derivatives, net of income taxes of $0.1 |
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7.1 |
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7.1 |
|
Balance as of June 30, 2024 |
|
$ |
0.1 |
|
|
$ |
253.4 |
|
|
$ |
(257.4 |
) |
|
$ |
(1,033.3 |
) |
|
$ |
(1,037.2 |
) |
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Three Months Ended June 30, 2023 |
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|
Common
Shares |
|
|
Paid-in
Capital in
Excess of Par
Value |
|
|
Accumulated
Other
Comprehensive Loss |
|
|
Accumulated
Deficit |
|
|
Total
Shareholders’ Deficit |
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|
|
(in millions) |
|
Balance as of March 31, 2023 |
|
$ |
0.1 |
|
|
$ |
191.3 |
|
|
$ |
(239.0 |
) |
|
$ |
(1,175.2 |
) |
|
$ |
(1,222.8 |
) |
Issuance of 0.2 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other |
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— |
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1.0 |
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1.0 |
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Additional capital from share-based compensation |
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11.2 |
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11.2 |
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Repurchases of less than 0.1 common shares |
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— |
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(0.7 |
) |
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— |
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|
(0.7 |
) |
Net income |
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|
59.9 |
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|
59.9 |
|
Foreign currency translation adjustment, net of income taxes of $(0.2) |
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1.6 |
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|
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|
1.6 |
|
Unrealized loss on derivatives, net of income taxes of $(0.1) |
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(0.6 |
) |
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|
(0.6 |
) |
Balance as of June 30, 2023 |
|
$ |
0.1 |
|
|
$ |
202.8 |
|
|
$ |
(238.0 |
) |
|
$ |
(1,115.3 |
) |
|
$ |
(1,150.4 |
) |
Changes in shareholders’ deficit for the six months ended June 30, 2024 and 2023 were as follows:
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Six Months Ended June 30, 2024 |
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|
Common
Shares |
|
|
Paid-in
Capital in
Excess of Par
Value |
|
|
Accumulated
Other
Comprehensive Loss |
|
|
Accumulated
Deficit |
|
|
Total
Shareholders’ Deficit |
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|
(in millions) |
|
Balance as of December 31, 2023 |
|
$ |
0.1 |
|
|
$ |
233.9 |
|
|
$ |
(232.0 |
) |
|
$ |
(1,062.3 |
) |
|
$ |
(1,060.3 |
) |
Issuance of 2.1 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other |
|
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— |
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1.5 |
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1.5 |
|
Additional capital from share-based compensation |
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23.7 |
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23.7 |
|
Repurchases of 0.6 common shares |
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— |
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|
(5.7 |
) |
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|
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— |
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|
(5.7 |
) |
Net income |
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|
29.0 |
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|
29.0 |
|
Foreign currency translation adjustment, net of income taxes of $— |
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(31.5 |
) |
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|
(31.5 |
) |
Unrealized gain on derivatives, net of income taxes of $— |
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|
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|
6.1 |
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|
6.1 |
|
Balance as of June 30, 2024 |
|
$ |
0.1 |
|
|
$ |
253.4 |
|
|
$ |
(257.4 |
) |
|
$ |
(1,033.3 |
) |
|
$ |
(1,037.2 |
) |
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Six Months Ended June 30, 2023 |
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|
|
Common
Shares |
|
|
Paid-in
Capital in
Excess of Par
Value |
|
|
Accumulated
Other
Comprehensive Loss |
|
|
Accumulated
Deficit |
|
|
Total
Shareholders’ Deficit |
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|
|
(in millions) |
|
Balance as of December 31, 2022 |
|
$ |
0.1 |
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|
$ |
188.7 |
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|
$ |
(250.2 |
) |
|
$ |
(1,204.5 |
) |
|
$ |
(1,265.9 |
) |
Issuance of 1.5 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other |
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— |
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1.5 |
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1.5 |
|
Additional capital from share-based compensation |
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22.0 |
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22.0 |
|
Repurchases of 0.5 common shares |
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— |
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|
(9.4 |
) |
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— |
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|
(9.4 |
) |
Net income |
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|
89.2 |
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|
89.2 |
|
Foreign currency translation adjustment, net of income taxes of $(0.2) |
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|
14.8 |
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|
14.8 |
|
Unrealized loss on derivatives, net of income taxes of $(0.1) |
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|
|
|
|
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|
|
(2.6 |
) |
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|
|
|
(2.6 |
) |
Balance as of June 30, 2023 |
|
$ |
0.1 |
|
|
$ |
202.8 |
|
|
$ |
(238.0 |
) |
|
$ |
(1,115.3 |
) |
|
$ |
(1,150.4 |
) |
|
| 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 June 30, 2024 and 2023:
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Changes in Accumulated Other Comprehensive Loss by Component |
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Three Months Ended |
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June 30,
2024 |
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June 30,
2023 |
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Foreign
Currency
Translation
Adjustments |
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|
Unrealized (Loss) Gain
on Derivatives |
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|
Total |
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Foreign
Currency
Translation
Adjustments |
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|
Unrealized Loss
on Derivatives |
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Total |
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(in millions) |
|
Beginning balance |
|
$ |
(240.5 |
) |
|
$ |
(2.4 |
) |
|
$ |
(242.9 |
) |
|
$ |
(235.0 |
) |
|
$ |
(4.0 |
) |
|
$ |
(239.0 |
) |
Other comprehensive (loss) income before reclassifications, net of tax |
|
|
(21.6 |
) |
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|
6.6 |
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|
(15.0 |
) |
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|
1.6 |
|
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|
(2.3 |
) |
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|
(0.7 |
) |
Amounts reclassified from accumulated other comprehensive loss to income, net of tax(1) |
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|
— |
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|
0.5 |
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|
0.5 |
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|
— |
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|
1.7 |
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|
1.7 |
|
Total other comprehensive (loss) income, net of reclassifications |
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(21.6 |
) |
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7.1 |
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(14.5 |
) |
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1.6 |
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|
(0.6 |
) |
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|
1.0 |
|
Ending balance |
|
$ |
(262.1 |
) |
|
$ |
4.7 |
|
|
$ |
(257.4 |
) |
|
$ |
(233.4 |
) |
|
$ |
(4.6 |
) |
|
$ |
(238.0 |
) |
(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 June 30, 2024 and 2023.
The following table summarizes changes in accumulated other comprehensive loss by component during the six months ended June 30, 2024 and 2023:
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Changes in Accumulated Other Comprehensive Loss by Component |
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|
Six Months Ended |
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|
June 30,
2024 |
|
|
June 30,
2023 |
|
|
|
Foreign
Currency
Translation
Adjustments |
|
|
Unrealized (Loss) Gain
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 |
|
|
(31.5 |
) |
|
|
4.8 |
|
|
|
(26.7 |
) |
|
|
14.8 |
|
|
|
(7.0 |
) |
|
|
7.8 |
|
Amounts reclassified from accumulated other comprehensive loss to income, net of tax(1) |
|
|
— |
|
|
|
1.3 |
|
|
|
1.3 |
|
|
|
— |
|
|
|
4.4 |
|
|
|
4.4 |
|
Total other comprehensive (loss) income, net of reclassifications |
|
|
(31.5 |
) |
|
|
6.1 |
|
|
|
(25.4 |
) |
|
|
14.8 |
|
|
|
(2.6 |
) |
|
|
12.2 |
|
Ending balance |
|
$ |
(262.1 |
) |
|
$ |
4.7 |
|
|
$ |
(257.4 |
) |
|
$ |
(233.4 |
) |
|
$ |
(4.6 |
) |
|
$ |
(238.0 |
) |
(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 six months ended June 30, 2024 and 2023.
|