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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure Shareholders Equity [Abstract] |
Schedule of share repurchases | The Company has made the following share repurchases (in millions):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Total number of shares repurchased and retired | 1.6 |  |  | 4.4 |  |  | 3.8 |
Total investment | $ | 178.6 |  |  | $ | 505.0 |  |  | $ | 461.6 |
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, 2023, 2022 and 2021 were as follows:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Quarterly dividend declared and paid per common share | $ | 0.65 |  |  | $ | 0.64 |  |  | $ | 0.63 |
Total dividends declared and paid per common share | $ | 2.60 |  |  | $ | 2.56 |  |  | $ | 2.52 |
Schedule of reconciliation of weighted average number of shares | Reconciliations of these amounts are as follows (in millions):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Weighted average number of common shares outstanding | 56.7 |  |  | 58.9 |  |  | 61.0
Director Plan and deferred stock units | 0.2 |  |  | 0.2 |  |  | 0.2
ESOP | 0.2 |  |  | 0.2 |  |  | 0.1
Common shares outstanding—basic | 57.1 |  |  | 59.3 |  |  | 61.3
Dilutive effect of restricted stock awards | 0.3 |  |  | 0.4 |  |  | 0.7
Dilutive effect of stock option awards | 0.3 |  |  | 0.4 |  |  | 0.7
Common and potential common shares outstanding—diluted | 57.7 |  |  | 60.1 |  |  | 62.7
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, 2022 | $ | (94.8) |  |  | $ | 10.5 |  |  | $ | (3.2) |  |  | $ | (87.5) |
Reclassification to the statement of income | — |  | (32.3) |  |  | (0.7) |  |  | (33.0) |
Change in fair value | 32.2 |  |  | 23.5 |  |  | 7.3 |  |  | 63.0 |
Balance as of December 31, 2023 | $ | (62.6) |  |  | $ | 1.7 |  |  | $ | 3.4 |  |  | $ | (57.5) |

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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 -Topic 505 -SubTopic 30 -Name Accounting Standards Codification -Section 25 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481138/505-30-25-5 + Details
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- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20 + Details
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- Definition Tabular disclosure of all or some of the information related to dividends declared, but not paid, as of the financial reporting date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3 + 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 -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
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