Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

Note 7—Stockholders’ Equity

Stock repurchase program

In both 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 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. During the three months ended March 31, 2024 and 2023, we repurchased 0.8 million and 2.3 million shares, respectively, of common stock for approximately $52.9 million and $134.7 million, respectively, which includes a 1% excise tax on share repurchases. 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 $0.24 per share of common stock in March 2024 totaling $59.7 million. We paid a quarterly cash dividend of $0.20 per share of common stock in March 2023 totaling $50.7 million.

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, 2023	$	(424.5	)	$	(1.8	)	$	(426.3	)
Net current period other comprehensive loss		(47.6	)		—			(47.6	)
Balance, March 31, 2024	$	(472.1	)	$	(1.8	)	$	(473.9	)

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

	Three Months Ended March 31,
	2024					2023
	Pretax			Tax Effect		Pretax		Tax Effect
Defined Benefit Pension
Unrealized net gains on defined benefit pension plan	$	—		$	—	$	—	$	0.1
Foreign Currency Translation
Current period translation adjustments		(48.6	)		1.0		44.2		(2.2	)
Total other comprehensive (loss) income	$	(48.6	)	$	1.0	$	44.2	$	(2.1	)