Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

Note 11—Stockholders’ Equity

Dividends

In 2023, we paid a quarterly cash dividend of $0.20 per share of common stock in March and June and $0.24 per share of common stock in September and December, totaling $220.9 million. In 2022, we paid a quarterly cash dividend of $0.20 per share of common stock in March, June, September and December, totaling $203.1 million. In 2021, we paid a quarterly cash dividend of $0.16 per share of common stock in March, June and September and $0.20 per share of common stock in December, totaling $174.0 million.

Stock Repurchase Program

In each of July 2021, July 2022 and July 2023 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. Our authority to repurchase shares under the program continues until the one-year anniversary of the Board’s authorization, unless earlier terminated by the Board. During 2023, 2022 and 2021, we repurchased 8.4 million, 7.8 million and 6.8 million shares of common stock for approximately $474.1 million, $476.1 million and $487.9 million, respectively.

Other Comprehensive Loss

Accumulated other comprehensive loss balances, net of tax consist 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)		4.8			(311.6	)		(1.3	)		(308.1	)
Balance, December 31, 2022	$	—		$	(549.0	)	$	(1.1	)	$	(550.1	)
Net current period other comprehensive income (loss)		—			124.5			(0.7	)		123.8
Balance, December 31, 2023	$	—		$	(424.5	)	$	(1.8	)	$	(426.3	)

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

	Year Ended December 31, 2023						Year Ended December 31, 2022						Year Ended December 31, 2021
	Pretax			Tax Effect			Pretax			Tax Effect			Pretax			Tax Effect
Interest Rate Swap
Unrealized gains (losses) on interest rate swaps	$	—		$	—		$	8.8		$	(1.7	)	$	0.4		$	(0.3	)
Reclassification of (gains) losses into net earnings on interest rate swaps		—			—			(2.3	)		—			0.6			—
Net change in cash flow hedges		—			—			6.5			(1.7	)		1.0			(0.3	)
Defined Benefit Pension
Unrealized net (losses) gains on defined benefit pension plan		(0.9	)		0.2			(0.5	)		(0.8	)		3.4			—
Foreign Currency Translation
Current period translation adjustments		130.4			(5.9	)		(326.1	)		14.5			(45.5	)		0.4
Total other comprehensive income (loss)	$	129.5		$	(5.7	)	$	(320.1	)	$	12.0		$	(41.1	)	$	0.1