Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Share repurchase program. During the six months ended June 30, 2024, the Company paid $82.3 million to repurchase approximately 1.0 million shares of its common stock. As of June 30, 2024, the Board of Directors has authorized the Company to repurchase up to an additional $1,109.3 million of the Company’s common stock.

Dividends. Cash dividends declared and paid per common share for the three and six months ended June 30, 2024 and 2023 were as follows: 

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Cash dividends declared and paid per common share	$	0.66	$	0.65	$	1.32	$	1.30

Net income per share. Basic net income per share was computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during each period, including shares earned under the Deferred Compensation Plan for Directors (“Director Plan”), the ESOP and deferred stock units under the 2007 Omnibus Incentive Plan (“Omnibus Plan”). Diluted net income per share was computed under the treasury stock method and was calculated to compute the dilutive effect of outstanding stock options and certain share-based awards issued under the Omnibus Plan. Reconciliations of these amounts are as follows (in millions):

	Three months ended June 30,		Six months ended June 30,
	2024	2023	2024	2023
Weighted average number of common shares outstanding	56.1	56.8	56.3	56.9
Director Plan and deferred stock units	0.3	0.2	0.2	0.2
ESOP	0.2	0.2	0.2	0.2
Common shares outstanding—basic	56.6	57.2	56.7	57.3
Dilutive effect of restricted stock units	0.2	0.3	0.2	0.3
Dilutive effect of stock option awards	0.1	0.3	0.1	0.3
Common and potential common shares outstanding—diluted	56.9	57.8	57.0	57.9

During the three and six months ended June 30, 2024, the number of options that were not included in the computation of diluted net income per share because the option exercise price was greater than the market price, and therefore the effect would have been anti-dilutive, was 2.9 million and 2.4 million, compared to 1.8 million and 1.7 million for the comparable periods in 2023.

Accumulated other comprehensive loss. Changes in the accumulated other comprehensive loss balance were as follows (in millions):

	Foreign Currency Translation		Cash Flow Hedging Derivatives		Retirement Plan Activity		Accumulated Other Comprehensive Loss
Balance as of December 31, 2023	$	(62.6)	$	1.7	$	3.4	$	(57.5)
Reclassification to the statement of income	—		(10.8)		(0.3)		(11.1)
Change in fair value	(27.9)		8.4		—		(19.5)
Balance as of June 30, 2024	$	(90.5)	$	(0.7)	$	3.1	$	(88.1)

See Note 10 for the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive loss into the statements of income for cash flow derivatives designated as hedging instruments.