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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
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 |  | 2023 |  |  | 2022 |
Accumulated other comprehensive loss components: |  |  |  |  |  |  |  |
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 |  |  | 8.2 |  |  |  | 1.0 |
Interest rate contracts |  | Interest expense |  |  | — |  |  |  | (0.1 | )
Total reclassification adjustments related to cash flow hedges, net of tax |  |  |  |  | 8.2 |  |  |  | 0.9 |
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 |
Total reclassifications, net of tax |  |  |  | $ | 8.1 |  |  | $ | 18.6 |
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, 2022 |  | $ | (69.4 | ) |  | $ | 20.5 |  |  | $ | (119.0 | ) |  | $ | (167.9 | )
Unrealized gains/(losses) |  |  | 24.1 |  |  |  | (2.2 | ) |  |  | — |  |  |  | 21.9 |
Tax benefit/(expense) |  |  | (4.2 | ) |  |  | 0.1 |  |  |  | — |  |  |  | (4.1 | )
Amounts reclassified from AOCL into earnings, net of tax |  |  | 0.1 |  |  |  | (8.2 | ) |  |  | — |  |  |  | (8.1 | )
As of March 31, 2023 |  | $ | (49.4 | ) |  | $ | 10.2 |  |  | $ | (119.0 | ) |  | $ | (158.2 | )
|  | 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 | )
Cash Dividends Paid During both the three months ended March 31, 2023 and 2022, the Company's Board of Directors declared quarterly cash dividends of $0.235 per common share, representing $88.0 million and $91.7 million in total dividends, which were paid on March 31, 2023 and 2022, respectively. Share Repurchases No shares were repurchased during the three months ended March 31, 2023 under the share repurchase authorization approved by the Company's Board of Directors. During the three months ended March 31, 2022, 8.1 million shares were repurchased under this authorization for $150.0 million, excluding commissions, at an average cost of $18.46. 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, 2023, $648.2 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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