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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2025
Stockholders' Equity Note [Abstract] |
PREFERRED SSTOCK 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 (Common Stock). 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 March 31, 2025, and December 31, 2024. The changes in the Company’s shares of Common Stock outstanding are summarized below:
| Three Months Ended March 31, 2025 |  |  |  |
Beginning balance | 83.4 |  |  |  |  |
Shares issued under employee stock plans | 0.4 |  |  |  |  |
Ending balance | 83.8 |  |  |  |  |
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 within the Condensed Consolidated Balance Sheets unless subject to limitation or the balance in Additional paid-in-capital is exhausted. Remaining amounts are recognized as a reduction in Retained earnings within the Company’s Condensed Consolidated Balance Sheets. During each of the three months ended March 31, 2025 and 2024 the Company did not repurchase any shares of its Common Stock. At March 31, 2025, the Company had outstanding authorization from its board of directors (Board) to purchase up to $1,280.4 maximum value of the Company’s Common Stock. Dividends During the three months ended March 31, 2025, and 2024, a cash dividend of $0.72 per share of Common Stock was declared and paid. On April 10, 2025, the Company announced a cash dividend of $0.72 per share of Common Stock, or approximately $61.2 in the aggregate. The dividend will be paid on June 11, 2025, to stockholders of record of all issued and outstanding shares of Common Stock as of the close of business on May 29, 2025. The declaration and payment of any future dividends will be at the discretion of the 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 (Loss)
Balance at December 31, 2024 | $ | (264.7) |  |  | $ | 3.1 |  |  |  |  | $ | (261.6) |
Current year adjustments | 69.7 |  |  | 0.4 |  |  |  |  | 70.1 |
Tax effect of adjustments | — |  |  | (0.1) |  |  |  |  | (0.1) |
Balance at March 31, 2025 | $ | (195.0) |  |  | $ | 3.4 |  |  |  |  | $ | (191.6) |

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