Shareholders' Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Share repurchase program. The Company did not repurchase shares of its common stock under the share repurchase program during the three months ended March 31, 2025. As of March 31, 2025, 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 months ended March 31, 2025 and 2024 were as follows: 

	Three months ended March 31,
	2025		2024
Cash dividends declared and paid per common share	$	0.67	$	0.66

Net (loss) income per share. Basic net (loss) 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 2024 Omnibus Incentive Plan (“Omnibus Plan”). Diluted net (loss) 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. As a result of the Company’s net loss during the three months ended March 31, 2025, outstanding stock options and certain share-based awards were not included in the computation of diluted net loss per share because the effect would have been anti-dilutive. Reconciliations of these amounts are as follows (in millions):

	Three months ended March 31,
	2025	2024
Weighted average number of common shares outstanding	56.1	56.5
Director Plan and deferred stock units	0.3	0.2
ESOP	0.5	0.2
Common shares outstanding—basic	56.9	56.9
Dilutive effect of restricted stock units	—	0.2
Dilutive effect of stock option awards	—	0.1
Common and potential common shares outstanding—diluted	56.9	57.2

During the three months ended March 31, 2025, 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 3.2 million compared to 2.0 million for the same period in 2024. As a result of the Company’s net loss during the three months ended March 31, 2025, an additional 0.2 million of outstanding stock options and certain share-based awards under the Omnibus Plan were not included in the computation of diluted net (loss) income per share because the effect would have been anti-dilutive.

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, 2024	$	(124.5)	$	(3.8)	$	2.8	$	(125.5)
Reclassification to the statement of income	—		1.5		(0.1)		1.4
Change in fair value	22.2		3.7		—		25.9
Balance as of March 31, 2025	$	(102.3)	$	1.4	$	2.7	$	(98.2)

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.