Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

Note 8—Stockholders’ Equity

Stock repurchase program

In July 2021, our Board of Directors authorized a stock repurchase program, which enabled us to repurchase up to $1 billion in the aggregate of our outstanding common stock on the open market or in privately negotiated transactions until the one-year anniversary of the Board’s authorization, unless earlier terminated by the Board. In July 2022, our Board of Directors authorized a new stock repurchase program, which also enables us to repurchase up to $1 billion in the aggregate of our outstanding common stock on the open market or in privately negotiated transactions. Our authority to repurchase shares under the program will continue until the one-year anniversary of the Board’s authorization, unless earlier terminated by the Board. We did not repurchase any shares during the three months ended June 30, 2022. During the six months ended June 30, 2022, we repurchased 2.3 million shares of common stock for approximately $170.9 million. During the three and six months ended June 30, 2021, we repurchased 2.0 million and 4.7 million shares, respectively, of common stock for approximately $143.6 million and $325.0 million, respectively. We use the cost method to account for treasury stock purchases. Under the cost method, the price paid for the stock is charged to the treasury stock account.

Dividends

We paid quarterly cash dividends of $0.20 per share of common stock in each of March and June of 2022 totaling $102.4 million. We paid quarterly cash dividends of $0.16 per share of common stock in each of March and June of 2021 totaling $82.1 million.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss balances, net of tax, consists of the following (in millions):

	Interest Rate Swap			Foreign Currency Translation			Defined Benefit Obligation			Accumulated Other Comprehensive Loss
Balance, December 31, 2021	$	(4.8	)	$	(237.4	)	$	0.2		$	(242.0	)
Net current period other comprehensive income (loss)		1.5			(263.4	)		(1.1	)		(263.0	)
Balance, June 30, 2022	$	(3.3	)	$	(500.8	)	$	(0.9	)	$	(505.0	)

Adjustments to accumulated other comprehensive loss are as follows (in millions):

	Three Months Ended June 30,												Six Months Ended June 30,
	2022						2021						2022						2021
	Pretax			Tax Effect			Pretax			Tax Effect			Pretax			Tax Effect			Pretax			Tax Effect
Interest Rate Swap
Unrealized gains (losses) on interest rate swaps	$	(0.3	)	$	(0.1	)	$	(1.0	)	$	—		$	2.9		$	(0.5	)	$	1.2		$	(0.2	)
Reclassification of losses into net earnings on interest rate swaps		0.7			—			0.8			—			(0.9	)		—			(0.7	)		—
Net change in cash flow hedges		0.4			(0.1	)		(0.2	)		—			2.0			(0.5	)		0.5			(0.2	)
Defined Benefit Pension
Unrealized net losses on defined benefit pension plan		—			—			0.1			—			(0.3	)		(0.8	)		0.1			—
Net change in defined benefit pension		—			—			0.1			—			(0.3	)		(0.8	)		0.1			—
Foreign Currency Translation
Current period translation adjustments		(246.8	)		11.7			3.6			(1.7	)		(276.5	)		13.1			9.9			0.4
Net cumulative translation adjustments		(246.8	)		11.7			3.6			(1.7	)		(276.5	)		13.1			9.9			0.4
Total other comprehensive (loss) income	$	(246.4	)	$	11.6		$	3.5		$	(1.7	)	$	(274.8	)	$	11.8		$	10.5		$	0.2