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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure Shareholders Equity [Abstract] |
Schedule of share repurchases | The Company has made the following share repurchases (in millions):
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Total number of shares repurchased and retired | 4.4 |  |  | 3.8 |  |  | 0.6 |
Total investment | $ | 505.0 |  |  | $ | 461.6 |  |  | $ | 50.3 |
Schedule of cash dividends declared per common share | Dividends. Quarterly and total year cash dividends declared per common share for the years ended December 31, 2022, 2021, and 2020 were as follows:
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Quarterly dividend declared and paid per common share | $ | 0.64 |  |  | $ | 0.63 |  |  | $ | 0.62 |
Total dividends declared and paid per common share | $ | 2.56 |  |  | $ | 2.52 |  |  | $ | 2.48 |
Schedule of reconciliation of weighted average number of shares | Reconciliations of these amounts are as follows (in millions):
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Weighted average number of common shares outstanding | 58.9 |  |  | 61.0 |  |  | 61.5
Director Plan and deferred stock units | 0.2 |  |  | 0.2 |  |  | 0.2
ESOP | 0.2 |  |  | 0.1 |  |  | 0.2
Common shares outstanding—basic | 59.3 |  |  | 61.3 |  |  | 61.9
Dilutive effect of restricted stock awards | 0.4 |  |  | 0.7 |  |  | 0.5
Dilutive effect of stock option awards | 0.4 |  |  | 0.7 |  |  | 0.2
Common and potential common shares outstanding—diluted | 60.1 |  |  | 62.7 |  |  | 62.6
Schedule of changes in accumulated other comprehensive income (loss) balances | Changes in the accumulated other comprehensive loss balance were as follows (in millions):
| Foreign Currency Translation |  | Cash Flow Hedging Derivatives |  | Retirement Plan Activity |  | Accumulated Other Comprehensive Loss
Balance as of December 31, 2021 | $ | (69.5) |  |  | $ | (4.4) |  |  | $ | (3.5) |  |  | $ | (77.4) |
Reclassification to the statement of income | — |  | (15.0) |  |  | 0.3 |  |  | (14.7) |
Change in fair value | (25.3) |  |  | 29.9 |  |  | — |  |  | 4.6 |
Balance as of December 31, 2022 | $ | (94.8) |  |  | $ | 10.5 |  |  | $ | (3.2) |  |  | $ | (87.5) |
Schedule of gains and losses, net of tax, reclassified from accumulated other comprehensive income into the income statement for cash flow derivatives designated as hedging instruments | The table below provides the amount of gains and losses, net of tax, reclassified from accumulated other comprehensive loss into the income statement for cash flow derivatives designated as hedging instruments and retirement plan activity for the years ended December 31, 2022 and 2021 (in millions):
Derivatives in Cash Flow Hedging Relationships and Other Activity | Location of Gain (Loss) Reclassified from Accumulated OCI into Income |  | For the Years Ended December 31,
| 2022 |  | 2021
Foreign currency contracts | Other (income) expense, net |  | $ | 12.2 |  |  | $ | (0.3) |
Foreign currency contracts | Cost of sales |  | 2.1 |  |  | 0.5 |
Interest rate contracts | Interest expense |  | 1.0 |  |  | (8.1) |
Other activity | Cost of sales / operating expenses |  | (0.6) |  |  | (0.3) |
Total |  | $ | 14.7 |  |  | $ | (8.2) |

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- Definition Tabular disclosure of accelerated share repurchase (ASR) programs. An ASR is a combination of transactions that permits an entity to purchase a targeted number of shares immediately with the final purchase price of those shares determined by an average market price over a fixed period of time. An accelerated share repurchase program is intended to combine the immediate share retirement benefits of a tender offer with the market impact and pricing benefits of a disciplined daily open market stock repurchase program. ASRs can be disclosed as part of stockholders' equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 25 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=6405686&loc=d3e22802-112653 + Details
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- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
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- Definition Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
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