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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity The following table presents the changes in shareholders’ equity for the nine months ended September 30, 2023:
| Common Shares Issued |  | Common Stock |  | Capital in Excess of Par Value |  | Number of Treasury Shares |  | Treasury Stock |  | Retained earnings |  | Accumulated other comprehensive loss |  | Total
(in millions) |  |  |  |  |  |  |
Balance, December 31, 2022 | 75.3 |  |  | $ | 18.8 |  |  | $ | 232.2 |  |  | 1.2 |  |  | $ | (370.9) |  |  | $ | 2,987.8 |  |  | $ | (183.0) |  |  | $ | 2,684.9 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 140.0 |  |  | — |  |  | 140.0 |
Activity related to stock-based compensation | — |  |  | — |  |  | (50.8) |  |  | (0.3) |  |  | 61.8 |  |  | — |  |  | — |  |  | 11.0 |
Shares purchased under share repurchase program | — |  |  | — |  |  | — |  |  | 0.2 |  |  | (60.1) |  |  | — |  |  | — |  |  | (60.1) |
Dividends declared ($0.19 per share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14.2) |  |  | — |  |  | (14.2) |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14.6 |  |  | 14.6 |
Balance, March 31, 2023 | 75.3 |  |  | $ | 18.8 |  |  | $ | 181.4 |  |  | 1.1 |  |  | $ | (369.2) |  |  | $ | 3,113.6 |  |  | $ | (168.4) |  |  | $ | 2,776.2 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 155.1 |  |  | — |  |  | 155.1 |
Activity related to stock-based compensation | — |  |  | — |  |  | (23.2) |  |  | (0.2) |  |  | 41.2 |  |  | — |  |  | — |  |  | 18.0 |
Shares purchased under share repurchase program | — |  |  | — |  |  | — |  |  | 0.5 |  |  | (173.4) |  |  | — |  |  | — |  |  | (173.4) |
Dividends declared ($0.19 per share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14.1) |  |  | — |  |  | (14.1) |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (15.1) |  |  | (15.1) |
Balance, June 30, 2023 | 75.3 |  |  | $ | 18.8 |  |  | $ | 158.2 |  |  | 1.4 |  |  | $ | (501.4) |  |  | $ | 3,254.6 |  |  | $ | (183.5) |  |  | $ | 2,746.7 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 161.3 |  |  | — |  |  | 161.3 |
Activity related to stock-based compensation | — |  |  | — |  |  | (35.6) |  |  | (0.2) |  |  | 63.1 |  |  | — |  |  | — |  |  | 27.5 |
Shares purchased under share repurchase program | — |  |  | — |  |  | — |  |  | 0.1 |  |  | (27.8) |  |  | — |  |  | — |  |  | (27.8) |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (39.5) |  |  | (39.5) |
Balance, September 30, 2023 | 75.3 |  |  | $ | 18.8 |  |  | $ | 122.6 |  |  | 1.3 |  |  | $ | (466.1) |  |  | $ | 3,415.9 |  |  | $ | (223.0) |  |  | $ | 2,868.2 |
The following table presents the changes in shareholders’ equity for the nine months ended September 30, 2022:
| Common Shares Issued |  | Common Stock |  | Capital in Excess of Par Value |  | Number of Treasury Shares |  | Treasury Stock |  | Retained earnings |  | Accumulated other comprehensive loss |  | Total
(in millions) |  |  |  |  |  |  |
Balance, December 31, 2021 | 75.3 |  |  | $ | 18.8 |  |  | $ | 249.0 |  |  | 1.1 |  |  | $ | (229.5) |  |  | $ | 2,456.7 |  |  | $ | (159.6) |  |  | $ | 2,335.4 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 173.8 |  |  | — |  |  | 173.8 |
Activity related to stock-based compensation | — |  |  | — |  |  | (29.1) |  |  | (0.3) |  |  | 29.2 |  |  | — |  |  | — |  |  | 0.1 |
Shares purchased under share repurchase program | — |  |  | — |  |  | — |  |  | 0.4 |  |  | (147.1) |  |  | — |  |  | — |  |  | (147.1) |
Dividends declared ($0.18 per share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13.2) |  |  | — |  |  | (13.2) |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22.8) |  |  | (22.8) |
Balance, March 31, 2022 | 75.3 |  |  | $ | 18.8 |  |  | $ | 219.9 |  |  | 1.2 |  |  | $ | (347.4) |  |  | $ | 2,617.3 |  |  | $ | (182.4) |  |  | $ | 2,326.2 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 188.5 |  |  | — |  |  | 188.5 |
Activity related to stock-based compensation | — |  |  | — |  |  | 5.4 |  |  | — |  |  | 9.7 |  |  | — |  |  | — |  |  | 15.1 |
Shares purchased under share repurchase program | — |  |  | — |  |  | — |  |  | 0.1 |  |  | (28.6) |  |  | — |  |  | — |  |  | (28.6) |
Dividends declared ($0.18 per share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13.3) |  |  | — |  |  | (13.3) |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (63.5) |  |  | (63.5) |
Balance, June 30, 2022 | 75.3 |  |  | $ | 18.8 |  |  | $ | 225.3 |  |  | 1.3 |  |  | $ | (366.3) |  |  | $ | 2,792.5 |  |  | $ | (245.9) |  |  | $ | 2,424.4 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 120.6 |  |  | — |  |  | 120.6 |
Activity related to stock-based compensation | — |  |  | — |  |  | 5.3 |  |  | (0.1) |  |  | 10.3 |  |  | — |  |  | — |  |  | 15.6 |
Shares purchased under share repurchase program | — |  |  | — |  |  | — |  |  | 0.1 |  |  | (27.2) |  |  | — |  |  | — |  |  | (27.2) |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (62.6) |  |  | (62.6) |
Balance, September 30, 2022 | 75.3 |  |  | $ | 18.8 |  |  | $ | 230.6 |  |  | 1.3 |  |  | $ | (383.2) |  |  | $ | 2,913.1 |  |  | $ | (308.5) |  |  | $ | 2,470.8 |

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