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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity The following table presents the changes in shareholders’ equity for the six months ended June 30, 2024:
| 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, 2023 | 75.3 |  |  | $ | 18.8 |  |  | $ | 120.2 |  |  | 1.8 |  |  | $ | (637.6) |  |  | $ | 3,523.4 |  |  | $ | (143.8) |  |  | $ | 2,881.0 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 115.3 |  |  | — |  |  | 115.3 |
Activity related to stock-based compensation | — |  |  | — |  |  | (65.0) |  |  | (0.2) |  |  | 79.4 |  |  | — |  |  | — |  |  | 14.4 |
Shares purchased under share repurchase program | — |  |  | — |  |  | — |  |  | 0.7 |  |  | (267.0) |  |  | — |  |  | — |  |  | (267.0) |
Dividends declared ($0.20 per share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14.6) |  |  | — |  |  | (14.6) |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (48.5) |  |  | (48.5) |
Balance, March 31, 2024 | 75.3 |  |  | $ | 18.8 |  |  | $ | 55.2 |  |  | 2.3 |  |  | $ | (825.2) |  |  | $ | 3,624.1 |  |  | $ | (192.3) |  |  | $ | 2,680.6 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 111.3 |  |  | — |  |  | 111.3 |
Activity related to stock-based compensation | — |  |  | — |  |  | (21.7) |  |  | (0.1) |  |  | 32.8 |  |  | — |  |  | — |  |  | 11.1 |
Shares purchased under share repurchase program | — |  |  | — |  |  | — |  |  | 0.5 |  |  | (187.1) |  |  | — |  |  | — |  |  | (187.1) |
Dividends declared ($0.20 per share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14.5) |  |  | — |  |  | (14.5) |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (24.6) |  |  | (24.6) |
Balance, June 30, 2024 | 75.3 |  |  | $ | 18.8 |  |  | $ | 33.5 |  |  | 2.7 |  |  | $ | (979.5) |  |  | $ | 3,720.9 |  |  | $ | (216.9) |  |  | $ | 2,576.8 |
The following table presents the changes in shareholders’ equity for the six months ended June 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 |

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