Shareholders' Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Shareholders' Equity

(11) Shareholders’ Equity

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

	June 30,			December 31,
	2025			2024
Foreign currency translation	$	(196.4	)	$	(342.2	)
Translation loss on long-term intercompany loans, net of income taxes of $19.2 and $19.1, respectively		(133.9	)		(133.2	)
(Loss) gain on derivative instruments, net of income tax benefit of $(44.9) and $(0.7), respectively		(113.5	)		39.0
Gain on interest rate swap, net of income taxes of $0.2 on both dates		0.6			0.8
Defined benefit pension plans, net of income tax benefit of $(20.6) on both dates		(8.9	)		(8.9	)
Retiree health care plan, net of income taxes of $2.0 and $2.1, respectively		1.2			1.5
Accumulated other comprehensive loss	$	(450.9	)	$	(443.0	)

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. We recorded income of $0.4 and $0.1 during the three months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025 and 2024, we recorded income of $0.1 and $0.0, respectively.

The Board of Directors declared a semi-annual dividend of $0.72 and $1.54 per share on May 2, 2025 and May 3, 2024, respectively. The 2025 dividends were paid on June 16, 2025 to shareholders of record as of June 2, 2025. The 2024 dividends were paid on June 14, 2024 to shareholders of record as of June 3, 2024.

In August 2023, the Board of Directors authorized the repurchase of 5.0 million shares of our common stock. 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, 2025, we repurchased 0.7 million shares under the 2023 authorization at a cost of $37.0. During the six months ended June 30, 2024, we repurchased 1.0 million shares under the 2023 authorization at a cost of $77.0. As of June 30, 2025, there were 1.9 million shares remaining authorized for repurchase under the 2023 authorization.