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Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Stockholders' Equity

Note 7—Stockholders’ Equity

Stock repurchase program

In July 2023, our Board of Directors authorized a stock repurchase program, which enabled us to repurchase up to $1 billion in the aggregate of our outstanding common stock on the open market or in privately negotiated transactions until the one-year anniversary of the Board’s authorization, unless earlier terminated by the Board. In July 2024, our Board of Directors authorized a stock repurchase program, which enables us to repurchase up to $1 billion in the aggregate of our outstanding common stock on the open market or in privately negotiated transactions until the one-year anniversary of the Board’s authorization, unless earlier terminated by the Board. During the three and six months ended June 30, 2024, we repurchased 3.7 million and 4.5 million shares, respectively, of common stock for approximately $228.1 million and $281.0 million, respectively, which includes a 1% excise tax on share repurchases. During the three and six months ended June 30, 2023, we repurchased 2.0 million and 4.3 million shares, respectively, of common stock for approximately $111.9 million and $246.6 million, respectively, which includes a 1% excise tax on share repurchases. We use the cost method to account for treasury stock purchases. Under the cost method, the price paid for the stock is charged to the treasury stock account.

 

Dividends

We paid quarterly cash dividends of $0.24 per share of common stock in each of March and June 2024 totaling $119.8 million. We paid quarterly cash dividends of $0.20 per share of common stock in each of March and June 2023 totaling $101.2 million.

 

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss balances, net of tax, consist of the following (in millions):

Foreign Currency Translation

 

Defined Benefit Obligation

 

Accumulated Other Comprehensive Loss

 

Balance, December 31, 2023

 

$

(424.5

)

 

$

(1.8

)

 

$

(426.3

)

Net current period other comprehensive (loss) income

 

 

(44.9

)

 

 

0.1

 

 

 

(44.8

)

Balance, June 30, 2024

 

$

(469.4

)

 

$

(1.7

)

 

$

(471.1

)

 

Adjustments to accumulated other comprehensive loss are as follows (in millions):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

2024

 

2023

 

 

Pretax

 

Tax Effect

 

 

Pretax

 

Tax Effect

 

 

Pretax

 

Tax Effect

 

 

Pretax

 

Tax Effect

 

Defined Benefit Pension

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized net gains (losses) on defined benefit pension plan

 

$

—

 

 

$

0.1

 

 

$

(0.1

)

 

$

—

 

 

$

—

 

 

$

0.1

 

 

$

(0.1

)

 

$

0.1

 

Foreign Currency Translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current period translation adjustments

 

 

3.1

 

 

(0.4

)

 

 

69.3

 

 

 

(3.1

)

 

 

(45.5

)

 

 

0.6

 

 

 

113.6

 

 

 

(5.4

)

Total other comprehensive income (loss)

 

$

3.1

 

$

(0.3

)

 

$

69.2

 

 

$

(3.1

)

 

$

(45.5

)

 

$

0.7

 

 

$

113.5

 

 

$

(5.3

)