Shareholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Shareholders' Equity

7. Shareholders' Equity

Cash Dividends

During the six months ended June 30, 2022, the Company's Board of Directors declared quarterly cash dividends of $0.12 per common share representing $7.6 million and $7.4 million in total dividends, which were paid on April 8, 2022 and July 1, 2022, respectively. During the six months ended June 30, 2021, quarterly cash dividends were declared of $0.12 per common share representing $7.5 million and $7.6 million in total dividends, which were paid on April 9, 2021 and July 1, 2021, respectively.

Accumulated Other Comprehensive Income (Loss)

Our Accumulated other comprehensive income (loss), consists of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and unrealized gains (losses) from derivative instruments designated as cash flow hedges. The after-tax changes in Accumulated other comprehensive income (loss) by component were as follows (in millions):

	Foreign Currency Translation Adjustments		Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2022	$	(134.0)	$	(2.7)	$	(136.7)
Other comprehensive income (loss) before reclassifications	(45.1)		(99.6)		(144.7)
Amounts reclassified from accumulated other comprehensive income (loss)	—		107.4		107.4
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	—		—		—
Balance as of June 30, 2022	$	(179.1)	$	5.1	$	(174.0)
Balance as of January 1, 2021	$	(120.3)	$	(12.3)	$	(132.6)
Other comprehensive income (loss) before reclassifications	0.8		81.2		82.0
Amounts reclassified from accumulated other comprehensive income (loss)	—		(73.4)		(73.4)
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	—		—		—
Balance as of June 30, 2021	$	(119.5)	$	(4.5)	$	(124.1)