Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Accumulated other comprehensive income

The change in accumulated other comprehensive income related to our interest rate derivatives, net of taxes, was as follows (in millions):

	Three months ended March 31,
	2024		2023
Accumulated gain at beginning of period	$	33.7	$	40.6
Unrealized gain (loss) in fair value of interest rate derivatives	3.9		(7.1)
Reclassifications of realized net losses to earnings	0.8		0.8
Accumulated gain at end of period	$	38.4	$	34.3

The reclassifications of realized net losses to earnings in the above table are recorded within interest expense, net.

Share repurchases

We did not repurchase any common stock during the three months ended March 31, 2024 and 2023.

On February 22, 2024, we announced that our board of directors authorized a new stock repurchase program that allows for the repurchase of up to $300.0 million of our outstanding common stock. The new program replaces the previous program and is in effect through March 1, 2025.

Dividends

During the three months ended March 31, 2024, we declared and paid the following cash dividends (amount declared and amount paid in millions):

Declaration Date	Record Date	Payment Date	Dividend Per Share		Amount Declared		Amount Paid
2/22/2024	3/15/2024	3/31/2024	$	1.60	$	45.5	$	45.1
2/22/2024	3/15/2024	3/31/2024	0.35		10.0		9.8

During the three months ended March 31, 2023, we declared and paid the following cash dividends (amount declared and amount paid in millions):

Declaration Date	Record Date	Payment Date	Dividend Per Share		Amount Declared		Amount Paid
2/22/2023	3/15/2023	3/31/2023	$	0.90	$	25.5	$	25.3
2/22/2023	3/15/2023	3/31/2023	0.33		9.4		9.2

The amount of dividends declared may vary from the amount of dividends paid in a period due to the vesting of restricted stock awards and performance share awards, which accrue dividend equivalent rights that are paid when the award vests. The payment of future dividends will be at the discretion of our board of directors and will depend on our future earnings, capital requirements, financial condition, future prospects, results of operations, contractual restrictions, legal requirements, and other factors deemed relevant by our board of directors.