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Stockholders' Equity | 3 Months Ended
--- | ---
Mar. 31, 2022
Stockholders' Equity/(Deficit) |
Stockholders' Equity | 9. Stockholders’ Equity Accumulated Other Comprehensive Loss The following table details reclassifications out of AOCL and into Net income. All amounts reclassified from AOCL affect the line items as indicated below and the amounts in parentheses indicate decreases to Net income in the Condensed Consolidated Statements of Income.
|  | Amounts Reclassified from AOCL to Net Income |
|  |  |  | Three Months Ended |
|  | Income Statement |  | March 31, |
Income for the period (in millions) |  | Location |  | 2022 |  |  | 2021 |
Accumulated other comprehensive loss components: |  |  |  |  |  |  |  |
Gains/(losses) on investment securities: |  |  |  |  |  |  |  |
Available-for-sale securities |  | Revenues |  | $ | (0.1 | ) |  | $ | (0.1 | )
Total reclassification adjustments related to investment securities, net of tax |  |  |  |  | (0.1 | ) |  |  | (0.1 | )
Gains/(losses) on cash flow hedges: |  |  |  |  |  |  |  |
Foreign currency contracts |  | Revenues |  |  | 1.0 |  |  |  | (6.1 | )
Interest rate contracts |  | Interest expense |  |  | (0.1 | ) |  |  | (0.2 | )
Interest rate contracts |  | Other expense, net |  |  | — |  |  |  | 0.7 |
Total reclassification adjustments related to cash flow hedges, net of tax |  |  |  |  | 0.9 |  |  |  | (5.6 | )
Foreign currency translation adjustments: |  |  |  |  |  |  |  |
Foreign currency translation |  | Gain on divestiture of business |  |  | 17.8 |  |  |  | — |
Total reclassification adjustments related to foreign currency translation adjustments, net of tax |  |  |  |  | 17.8 |  |  |  | — |
Amortization of components of defined benefit plans: |  |  |  |  |  |  |  |
Actuarial loss |  | Other expense, net |  |  | — |  |  |  | (3.1 | )
Income tax benefit |  | Provision for income taxes |  |  | — |  |  |  | 0.6 |
Total reclassification adjustments related to defined benefit plans, net of tax |  |  |  |  | — |  |  |  | (2.5 | )
Total reclassifications, net of tax |  |  |  | $ | 18.6 |  |  | $ | (8.2 | )
The following tables summarize the components of AOCL, net of tax in the accompanying Condensed Consolidated Balance Sheets (in millions):
|  | Investment |  |  | Hedging |  |  | Foreign Currency |  |  |  |
|  | Securities |  |  | Activities |  |  | Translation |  |  | Total |
As of December 31, 2021 |  | $ | 30.4 |  |  | $ | 18.7 |  |  | $ | (101.2 | ) |  | $ | (52.1 | )
Unrealized gains/(losses) |  |  | (63.6 | ) |  |  | 6.2 |  |  |  | — |  |  |  | (57.4 | )
Tax benefit |  |  | 11.9 |  |  |  | — |  |  |  | — |  |  |  | 11.9 |
Amounts reclassified from AOCL into earnings, net of tax |  |  | 0.1 |  |  |  | (0.9 | ) |  |  | (17.8 | ) |  |  | (18.6 | )
As of March 31, 2022 |  | $ | (21.2 | ) |  | $ | 24.0 |  |  | $ | (119.0 | ) |  | $ | (116.2 | )
|  | Investment |  |  | Hedging |  |  | Foreign Currency |  |  | Defined Benefit |  |  |  |
|  | Securities |  |  | Activities |  |  | Translation |  |  | Pension Plan |  |  | Total |
As of December 31, 2020 |  | $ | 58.3 |  |  | $ | (30.5 | ) |  | $ | (101.2 | ) |  | $ | (86.1 | ) |  | $ | (159.5 | )
Unrealized gains/(losses) |  |  | (16.0 | ) |  |  | 24.2 |  |  |  | — |  |  |  | — |  |  |  | 8.2 |
Tax benefit/(expense) |  |  | 2.9 |  |  |  | (0.9 | ) |  |  | — |  |  |  | — |  |  |  | 2.0 |
Amounts reclassified from AOCL into earnings, net of tax |  |  | 0.1 |  |  |  | 5.6 |  |  |  | — |  |  |  | 2.5 |  |  |  | 8.2 |
As of March 31, 2021 |  | $ | 45.3 |  |  | $ | (1.6 | ) |  | $ | (101.2 | ) |  | $ | (83.6 | ) |  | $ | (141.1 | )
On July 22, 2021, the Company’s Board of Directors approved a plan to terminate and settle the Company’s frozen defined benefit pension plan. In the fourth quarter of 2021, the Company settled its defined benefit pension plan. Refer to Part II, Item 8, Financial Statements and Supplementary Data, Note 12, Employee Benefit Plans, in our Annual Report on Form 10-K for the year ended December 31, 2021 for details on the termination and settlement of the Company's frozen defined benefit pension plan. Cash Dividends Paid During both the three months ended March 31, 2022 and 2021, the Company’s Board of Directors declared quarterly cash dividends of $0.235 per common share, representing $91.7 million and $96.6 million in total dividends, which were paid on March 31, 2022 and 2021, respectively. Share Repurchases During the three months ended March 31, 2022 and 2021, 8.1 million and 3.1 million shares were repurchased for $150.0 million and $75.0 million, respectively, excluding commissions, at an average cost of $18.46 and $24.24, respectively, under the share repurchase authorizations approved by the Company's Board of Directors, including one which expired on December 31, 2021. On February 10, 2022, the Company's Board of Directors authorized $1.0 billion of common stock repurchases through December 31, 2024. As of March 31, 2022, $850.0 million remained available under this share repurchase authorization. The amounts included in the Common stock repurchased line in the Company’s Condensed Consolidated Statements of Cash Flows represent both shares authorized by the Board of Directors for repurchase under publicly announced authorizations and shares withheld from employees to cover tax withholding obligations on restricted stock units that have vested.

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