TENNANT CO
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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Shareholders' Equity
- Shareholders' Equity
Authorized Shares
We are authorized to issue an aggregate of 60,000,000 shares, all of which are designated as Common Stock having a par value of $0.375 per share. The Board of Directors is authorized to establish one or more series of preferred stock, setting forth the designation of each such series, and fixing the relative rights and preferences of each such series.
Accumulated Other Comprehensive Loss
The changes in components of accumulated other comprehensive loss, net of tax, are as follows:
| Foreign Currency TranslationAdjustments | Pension and PostretirementMedical Benefits | Derivative Financial Instruments | Total | |
|---|---|---|---|---|
| December 31, 2021 | $(36.0) | $(2.1) | $0.2 | $(37.9) |
| Other comprehensive (loss) income before reclassifications | (17.2) | 4.8 | 5.8 | (6.6) |
| Amounts reclassified from accumulated other comprehensive loss | (0.7) | — | (5.0) | (5.7) |
| Net current period other comprehensive (loss) income | (17.9) | 4.8 | 0.8 | (12.3) |
| December 31, 2022 | $(53.9) | $2.7 | $1.0 | $(50.2) |
| Other comprehensive (loss) income before reclassifications | 9.3 | 1.0 | 0.6 | 10.9 |
| Amounts reclassified from accumulated other comprehensive loss | (1.0) | — | (2.0) | (3.0) |
| Net current period other comprehensive (loss) income | 8.3 | 1.0 | (1.4) | 7.9 |
| December 31, 2023 | $(45.6) | $3.7 | $(0.4) | $(42.3) |
Accumulated other comprehensive loss associated with pension and postretirement benefits and cash flow hedges is included in Notes 13 and 11, respectively.
Repurchase of Common Stock
On October 31, 2016, the Board of Directors authorized the repurchase of 1,000,000 shares of our common stock. During the year ended December 31, 2023, the Company paid $21.7 million to repurchase 290,920 shares of its common stock at an average price of $74.57 per share. As of December 31, 2023,821,413 shares were available to be repurchased. The Company paid $5.0 million to repurchase 79,756 share repurchases during the year ended December 31, 2022.
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