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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2024
Stockholders' Equity Note [Abstract] |
Changes in common shares issued and held in treasury | The changes in common shares issued are summarized below:
| Issued and Outstanding |  |  |  |
Common shares at December 31, 2023 | 83.9 |  |  |  |  |
Shares issued under employee stock plans | 0.4 |  |  |  |  |
Common shares at March 31, 2024 | 84.3 |  |  |  |  |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The components of accumulated other comprehensive earnings (loss) were as follows:
| Foreign Currency Translation Adjustments |  | Net Benefit Plan Adjustments |  |  |  | Accumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2023 | $ | (47.6) |  |  | $ | (11.7) |  |  |  |  | $ | (59.3) |
Current year adjustments | (124.3) |  |  | (1.5) |  |  |  |  | (125.8) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (0.9) |  |  |  |  | (0.9) |
Tax effect of adjustments | — |  |  | 0.6 |  |  |  |  | 0.6 |
Balance as of March 31, 2024 | $ | (171.9) |  |  | $ | (13.5) |  |  |  |  | $ | (185.4) |
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 March 31, 2024, and December 31, 2023. The changes in common shares issued are summarized below:
| Issued and Outstanding |  |  |  |
Common shares at December 31, 2023 | 83.9 |  |  |  |  |
Shares issued under employee stock plans | 0.4 |  |  |  |  |
Common shares at March 31, 2024 | 84.3 |  |  |  |  |
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. As of March 31, 2024, the Company had outstanding authorization from the board of directors to purchase up to $531.5 of the Company's common stock. Dividends For the three months ended March 31, 2024, the Company paid $62.1 in common stock dividends. On April 11, 2024, the Company announced a cash dividend of $0.72 per share of common stock for the first quarter, or approximately $61.4 in the aggregate. The dividend will be payable on June 12, 2024, to stockholders of record of all issued and outstanding shares of common stock as of the close of business on May 28, 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) were as follows:
| Foreign Currency Translation Adjustments |  | Net Benefit Plan Adjustments |  |  |  | Accumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2023 | $ | (47.6) |  |  | $ | (11.7) |  |  |  |  | $ | (59.3) |
Current year adjustments | (124.3) |  |  | (1.5) |  |  |  |  | (125.8) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (0.9) |  |  |  |  | (0.9) |
Tax effect of adjustments | — |  |  | 0.6 |  |  |  |  | 0.6 |
Balance as of March 31, 2024 | $ | (171.9) |  |  | $ | (13.5) |  |  |  |  | $ | (185.4) |

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