Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Shareholders' Equity

(11) Shareholders’ Equity

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

	June 30,			December 31,
	2024			2023
Foreign currency translation	$	(339.7	)	$	(261.2	)
Translation loss on long-term intercompany loans, net of income taxes of $19.1 on both dates		(133.5	)		(133.6	)
Gain (loss) on derivative instruments, net of income tax benefit of $(9.7) and $(22.7), respectively		7.7			(37.6	)
Gain on interest rate swap, net of income taxes of $0.3 on both dates		0.9			1.1
Defined benefit pension plans, net of income tax benefit of $(22.6) and $(23.0), respectively		(36.8	)		(36.0	)
Retiree health care plan, net of income taxes of $1.9 and $2.0, respectively		1.0			1.3
Accumulated other comprehensive loss	$	(500.4	)	$	(466.0	)

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. During the three and six months ended June 30, 2024, we recorded income of $0.1 and $0.0, respectively. During both the three and six months ended June 30, 2023 we recorded expenses of $0.1.

The Board of Directors declared a semi-annual dividend of $1.54 and $1.47 per share on May 3, 2024 and May 5, 2023, respectively. The 2024 dividends were paid on June 14, 2024 to shareholders of record as of June 3, 2024. The 2023 dividends were paid on June 15, 2023 to shareholders of record as of June 1, 2023.

In August 2023 and August 2021, the Board of Directors authorized the repurchase of 5.0 million shares and 4.0 million shares of our common stock, respectively. We conduct share repurchases from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the six months ended June 30, 2024, we repurchased a total of 1.0 million shares under the 2023 authorization at a cost of $77.0. During the six months ended June 30, 2023, we repurchased a total of 1.1 million shares under the 2021 authorization at a cost of $81.9, including 25,000 shares at a cost of $2.0 that were repurchased but not yet settled. As of June 30, 2024, there were 3.6 million shares remaining authorized for repurchase under the 2023 authorization and no shares remaining authorized for repurchase under the 2021 authorization.