Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Shareholders' Equity

(11) Shareholders’ Equity

The components of accumulated other comprehensive loss, net of tax, were as follows:

	March 31,			December 31,
	2023			2022
Foreign currency translation	$	(322.7	)	$	(369.7	)
Translation loss on long-term intercompany loans, net of income taxes of $19.1 on both dates		(132.9	)		(132.8	)
Gain on derivative instruments, net of income tax benefit of $(8.1) and $(5.3), respectively		14.7			53.4
Gain on interest rate swap, net of income taxes of $0.4 on both dates		1.3			1.4
Defined benefit pension plans, net of income tax benefit of $(20.3) and $(20.4), respectively		(13.0	)		(12.2	)
Retiree health care plan, net of income taxes of $1.9 on both dates		1.0			1.2
Accumulated other comprehensive loss	$	(451.6	)	$	(458.7	)

Noncontrolling Interests

Noncontrolling interests, reported in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests are recorded in interest and other expenses, net in our Consolidated Statements of Operations. We recorded no amount for the three months ended March 31, 2023 and expenses of $0.5 for the three months ended March 31, 2022.

The Board of Directors declared a semi-annual dividend of $1.47 and $1.36 per share on May 5, 2023 and May 6, 2022, respectively. The 2023 dividends are payable on June 15, 2023 to shareholders of record as of June 1, 2023. The 2022 dividends were paid on June 15, 2022 to shareholders of record as of June 1, 2022.

Share Repurchases

In August 2021, the Board of Directors authorized the repurchase of 4.0 million shares of our common stock, with terms consistent with the previous authorizations. This authorization was in addition to the August 2019 Board authorizations to repurchase 6.0 million shares of our common stock. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the three months ended March 31, 2023, we repurchased a total of 0.4 million shares under the 2021 authorization at a cost of $30.0. During the three months ended March 31, 2022, we repurchased 0.6 million shares under the 2019 authorization at a cost of $59.9. As of March 31, 2023, there were 1.6 million shares remaining authorized for repurchase under the 2021 authorization and no shares remaining authorized for repurchase under the 2019 authorization.