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Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Equity Equity
The following is a summary of our capital stock activity over the past three years:
Common
Stock Shares
Treasury
Stock Shares
December 31, 2020185,983,792 56,630,209 
Stock options and awards— (300,594)
Repurchases of common stock, net— 3,954,698 
December 31, 2021185,983,792 60,284,313 
Stock options and awards— (286,805)
Repurchases of common stock, net— 875,480 
December 31, 2022185,983,792 60,872,988 
Stock options and awards— (301,008)
Repurchases of common stock, net— 651,052 
December 31, 2023185,983,792 61,223,032 
Accumulated other comprehensive income (loss)
Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
(in Millions)Foreign currency adjustments
Derivative Instruments (1)
Pension and other postretirement benefits (2)
Total
Accumulated other comprehensive income (loss), net of tax at December 31, 2020$24.0 $(71.8)$(232.9)$(280.7)
2021 Activity
Other comprehensive income (loss) before reclassifications$(86.5)$44.1 $(17.4)$(59.8)
Amounts reclassified from accumulated other comprehensive income (loss)— 5.5 9.5 15.0 
Accumulated other comprehensive income (loss), net of tax at December 31, 2021$(62.5)$(22.2)$(240.8)$(325.5)
2022 Activity
Other comprehensive income (loss) before reclassifications$(102.2)$(65.4)$(15.7)$(183.3)
Amounts reclassified from accumulated other comprehensive income (loss)4.2 35.9 9.1 49.2 
Accumulated other comprehensive income (loss), net of tax at December 31, 2022$(160.5)$(51.7)$(247.4)$(459.6)
2023 Activity
Other comprehensive income (loss) before reclassifications$29.2 $(72.4)$11.4 $(31.8)
Amounts reclassified from accumulated other comprehensive income (loss)— 73.9 11.0 84.9 
Accumulated other comprehensive income (loss), net of tax at December 31, 2023$(131.3)$(50.2)$(225.0)$(406.5)
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(1)See Note 19 to the consolidated financial statements included within this Form 10-K for more information.
(2)See Note 14 to the consolidated financial statements included within this Form 10-K for more information.
Reclassifications of accumulated other comprehensive income (loss)
The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the consolidated statements of income (loss) for each of the periods presented.
Details about Accumulated Other Comprehensive Income (Loss) Components
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1)
Affected Line Item in the Consolidated Statements of Income (Loss)
Year Ended December 31,
(in Millions)202320222021
Foreign currency translation adjustments:
Exit from Russian Operations (2)
$— $(4.2)$— Restructuring and other charges (income)
Derivative instruments:
Gain (loss) on foreign currency contracts$(110.5)$(57.5)$(4.7)Costs of sales and services
Gain (loss) on foreign currency contracts7.3 6.5 1.7 Selling, general and administrative expenses
Gain (loss) on interest rate contracts(2.4)(4.0)(4.2)Interest expense, net
Total before tax$(105.6)$(55.0)$(7.2)
31.7 19.1 1.7 Provision for income taxes
Amount included in net income$(73.9)$(35.9)$(5.5)
Pension and other postretirement benefits (3):
Amortization of prior service costs$(0.1)$(0.1)$(0.2)Selling, general and administrative expenses
Amortization of unrecognized net actuarial and other gains (losses)(13.8)(10.9)(10.8)Non-operating pension and postretirement charges (income)
Recognized loss due to curtailment and settlement— (0.5)(1.0)Non-operating pension and postretirement charges (income); Discontinued operations, net of income taxes
Total before tax$(13.9)$(11.5)$(12.0)
2.9 2.4 2.5 Provision for income taxes; Discontinued operations, net of income taxes
Amount included in net income$(11.0)$(9.1)$(9.5)
Total reclassifications for the period$(84.9)$(49.2)$(15.0)Amount included in net income
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(1)Amounts in parentheses indicate charges to the consolidated statements of income (loss).
(2)The reclassification of historical cumulative translation adjustments was the result of the exit from our Russian operations. See Note 8 within these consolidated financial statements for more information.
(3)Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 14 to the consolidated financial statements included within this Form 10-K.
Dividends and Share Repurchases
On January 18, 2024, we paid dividends totaling $72.5 million to our shareholders of record as of December 29, 2023. This amount is included in "Accrued and other liabilities" on the consolidated balance sheets as of December 31, 2023. For the years ended December 31, 2023, 2022 and 2021, we paid $290.5 million, $267.5 million and $247.2 million in dividends, respectively.
In February 2022, the Board of Directors authorized the repurchase of up to $1 billion of the Company's common stock. The $1 billion share repurchase program replaced in its entirety the previous authorization. In 2023, 651,052 shares were repurchased under the publicly announced repurchase program. At December 31, 2023, approximately $825 million remained unused under our Board-authorized repurchase program. This repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market conditions and other factors. We also reacquire shares from time to time from employees in connection with the vesting, exercise and forfeiture of awards under our equity compensation plans. Beginning January 1, 2023, share repurchases in excess of issuances are subject to a 1% excise tax imposed by the Inflation Reduction Act. This tax is included as part of the cost basis of the shares acquired and was not material during the year ended December 31, 2023.