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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
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 at December 31, 2024, and 2023. 
The changes in the Company’s shares of Common Stock issued and held in treasury are summarized below:
Year Ended December 31,
 202420232022
Beginning balance83.9 88.2 93.1 
Shares issued under employee stock plans0.6 0.5 0.7 
Shares repurchased(1.1)(4.8)(5.6)
Ending balance83.4 83.9 88.2 
Share Repurchase Program
On July 24, 2024, the Company’s board of directors (Board) adopted a new share repurchase plan authorizing the repurchase of up to $1,000.0 maximum value of the Company’s shares in addition to the remaining amount outstanding under the previous plan. During the twelve months ended December 31, 2024, the Company purchased 1.1 shares of its Common Stock at an average price of $219.57 for a total cost of $250.1. At December 31, 2024, the Company had outstanding authorization from its Board to purchase up to $1,280.4 maximum value of the Company’s Common Stock.
On August 8, 2023, the Company entered into accelerated share repurchase agreements (collectively, the ASR Agreements) with two different banks, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC (collectively, the Financial Institutions), to repurchase approximately $1,000.0 in the aggregate of the Company’s Common Stock, as part of the Company’s Common Stock repurchase program. The remaining repurchase authorization has no expiration date.
Under the ASR Agreements, the Company made an aggregate payment of $1,000.0 to the Financial Institutions and received an aggregate initial number of approximately 3.7 shares of Common Stock from the Financial Institutions, which were removed
from the outstanding share count in connection with entering into the ASR Agreements. In December 2023, the Company received 1.1 shares of its Common Stock as a final settlement from the Financial Institutions. The average daily volume weighted-average price less discount per share was $206.85. The Company has accrued $9.0 of excise tax related to this accelerated share repurchase which was paid in April 2024. During the year ended December 31, 2023, the Company repurchased 4.8 shares of Common Stock at an average price of $206.85 per share for a total cost of $1,000.0.
During the fourth quarter of 2021, the Company’s Board adopted a share repurchase plan authorizing up to $2,500.0 of the Company’s shares in addition to the remaining amount outstanding under the previous plan.
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 in the Company’s Consolidated Balance Sheets.
Dividends
The Company started declaring quarterly cash dividends in the second quarter of 2022, with a total of $2.88 per share declared in 2024 and 2023 and $2.16 per share declared in 2022.
On January 8, 2025, the Company announced a cash dividend of $0.72 per share of Common Stock for the first quarter of 2025, or approximately $61.0 in the aggregate. The dividend will be payable on March 12, 2025, to stockholders of record of all issued and outstanding shares of Common Stock at the close of business on February 27, 2025. The declaration and payment of any future dividends will be at the discretion of the Company’s Board.
Accumulated Other Comprehensive Earnings
The components of Accumulated other comprehensive earnings are as follows:
Foreign
Currency
Translation
Adjustments		Net
Benefit
Plan
Adjustments		Accumulated
Other
Comprehensive
Earnings
Balance at December 31, 2022$(462.3)$(30.9)$(493.2)
Fortrea Holdings Inc. spin-off231.6 6.4 238.0 
Current year adjustments183.1 30.1 213.2 
Pension settlement charge— (10.9)(10.9)
Amounts reclassified from Accumulated other comprehensive earnings (a)
— (4.6)(4.6)
Tax effect of adjustments— (1.8)(1.8)
Balance at December 31, 2023$(47.6)$(11.7)$(59.3)
Current year adjustments(217.1)(2.6)(219.7)
Amounts reclassified from Accumulated other comprehensive earnings (a)
— 23.3 23.3 
Tax effect of adjustments— (5.9)(5.9)
Balance at December 31, 2024$(264.7)$3.1 $(261.6)
(a) The amortization of prior service cost is included in the computation of net periodic benefit cost.