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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Stockholders' Equity Note [Abstract]    
Changes in common shares issued and held in treasury
The changes in common shares issued during the six months ended June 30, 2024 are summarized below:
Issued and Outstanding
Common shares at December 31, 202383.9 
Shares issued under employee stock plans0.4 
Shares repurchased(0.5)
Common shares at June 30, 202483.8 
  
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
The components of accumulated other comprehensive earnings (loss) during the six months ended June 30, 2024 were as follows:
Foreign Currency Translation AdjustmentsNet Benefit Plan AdjustmentsAccumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2023$(47.6)$(11.7)$(59.3)
Current year adjustments(131.5)(1.5)(133.0)
Amounts reclassified from accumulated other comprehensive income— (0.2)(0.2)
Tax effect of adjustments— 0.5 0.5 
Balance as of June 30, 2024$(179.1)$(12.9)$(192.0)
  
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Preferred Stock and Common Shareholders' Equity   PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY
The Company is authorized to issue up to 265.0 shares of common stock, par value $0.10 per share. The Company is authorized to issue up to 30.0 shares of preferred stock, par value $0.10 per share. There were no preferred shares outstanding as of June 30, 2024, and December 31, 2023.
The changes in common shares issued during the six months ended June 30, 2024 are summarized below:
Issued and Outstanding
Common shares at December 31, 202383.9 
Shares issued under employee stock plans0.4 
Shares repurchased(0.5)
Common shares at June 30, 202483.8 
Share Repurchase Program
When the Company repurchases shares of Common Stock, the amount paid to repurchase the shares in excess of the par or stated value is allocated to additional paid-in-capital unless subject to limitation or the balance in additional paid-in-capital is exhausted. Remaining amounts are recognized as a reduction in retained earnings.
During the six months ended June 30, 2024, the Company purchased 0.5 shares of its common stock at an average price of $202.66 for a total cost of $100.0. As of June 30, 2024, the Company had outstanding authorization from the board of directors to purchase up to $430.4 of the Company's common stock. On July 24, 2024, the Board adopted a new share repurchase plan authorizing up to $1,000.0 of the Company's shares in addition to the remaining amount outstanding under the previous plan. In aggregate, the share repurchase authorization is $1,430.4.
Dividends
For the six months ended June 30, 2024, the Company paid $122.5 in common stock dividends. On July 25, 2024, the Company announced a cash dividend of $0.72 per share of common stock for the third quarter, or approximately $61.2 in the aggregate. The dividend will be payable on September 13, 2024, to stockholders of record of all issued and outstanding shares of common stock as of the close of business on August 29, 2024. The declaration and payment of any future dividends will be at the discretion of the Company's board of directors.
Accumulated Other Comprehensive Earnings (Loss)
The components of accumulated other comprehensive earnings (loss) during the six months ended June 30, 2024 were as follows:
Foreign Currency Translation AdjustmentsNet Benefit Plan AdjustmentsAccumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2023$(47.6)$(11.7)$(59.3)
Current year adjustments(131.5)(1.5)(133.0)
Amounts reclassified from accumulated other comprehensive income— (0.2)(0.2)
Tax effect of adjustments— 0.5 0.5 
Balance as of June 30, 2024$(179.1)$(12.9)$(192.0)