Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Shareholders' Equity

10. Shareholders' Equity

Cash Dividends

During the three months ended March 31, 2023, the Company's Board of Directors (the "Board") declared quarterly cash dividends of $0.14 per common share representing $8.6 million in dividends, which were paid on April 21, 2023. During the three months ended March 31, 2022, the Board declared quarterly cash dividends of $0.12 per common share representing $7.6 million in dividends, which were paid on April 8, 2022.

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, 2023	$	(179.5)	$	18.9	$	(160.6)
Other comprehensive income (loss) before reclassifications	5.7		(0.3)		5.4
Amounts reclassified from accumulated other comprehensive income (loss)	—		(1.8)		(1.8)
Balance as of March 31, 2023	$	(173.8)	$	16.7	$	(157.1)
Balance as of January 1, 2022	$	(134.0)	$	(2.7)	$	(136.7)
Other comprehensive income (loss) before reclassifications	(9.4)		(44.1)		(53.5)
Amounts reclassified from accumulated other comprehensive income (loss)	—		24.8		24.8
Balance as of March 31, 2022	$	(143.4)	$	(22.0)	$	(165.4)