Stockholders' Equity

3 Months Ended

Mar. 31, 2023

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. During the three months ended March 31, 2023, we repurchased 2.3 million shares of common stock for approximately $134.7 million. During the three months ended March 31, 2022, we repurchased 2.3 million shares of common stock for approximately $170.9 million. 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 a quarterly cash dividend of $0.20 per share of common stock in each of March 2023 and March 2022 totaling $50.7 million and $51.1 million, respectively.

Accumulated Other Comprehensive Loss

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

	Foreign Currency Translation			Defined Benefit Obligation			Accumulated Other Comprehensive Loss
Balance, December 31, 2022	$	(549.0	)	$	(1.1	)	$	(550.1	)
Net current period other comprehensive income	$	42.0		$	0.1		$	42.1
Balance, March 31, 2023	$	(507.0	)	$	(1.0	)	$	(508.0	)

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

	Three Months Ended March 31,
	2023					2022
	Pretax		Tax Effect			Pretax			Tax Effect
Interest Rate Swap
Unrealized gains (losses) on interest rate swaps	$	—	$	—		$	3.2		$	(0.4	)
Reclassification of gains into net earnings on interest rate swaps		—		—			(1.6	)		—
Net change in cash flow hedges		—		—			1.6			(0.4	)
Defined Benefit Pension
Unrealized net gains (losses) on defined benefit pension plan		—		0.1			(0.3	)		(0.8	)
Foreign Currency Translation
Current period translation adjustments		44.2		(2.2	)		(29.8	)		1.5
Total other comprehensive income (loss)	$	44.2	$	(2.1	)	$	(28.5	)	$	0.3