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Stockholders' Equity | 9 Months Ended
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Sep. 30, 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 |  |  | Nine Months Ended |
|  | Income Statement |  | September 30, |  |  | September 30, |
Income for the period (in millions) |  | Location |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Accumulated other comprehensive loss components: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses on investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities |  | Revenues |  | $ | (3.6 | ) |  | $ | (8.4 | ) |  | $ | (3.7 | ) |  | $ | (8.5 | )
Income tax benefit |  | Provision for income taxes |  |  | 0.6 |  |  |  | 1.6 |  |  | $ | 0.6 |  |  |  | 1.6 |
Total reclassification adjustments related to investment securities, net of tax |  |  |  |  | (3.0 | ) |  |  | (6.8 | ) |  |  | (3.1 | ) |  |  | (6.9 | )
Gains on cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | Revenues |  |  | 4.6 |  |  |  | 17.5 |  |  |  | 20.6 |  |  |  | 32.4 |
Interest rate contracts |  | Interest expense |  |  | 0.1 |  |  |  | — |  |  |  | 0.1 |  |  |  | (0.1 | )
Income tax expense |  | Provision for income taxes |  |  | — |  |  |  | (0.2 | ) |  |  | (0.2 | ) |  |  | (0.2 | )
Total reclassification adjustments related to cash flow hedges, net of tax |  |  |  |  | 4.7 |  |  |  | 17.3 |  |  |  | 20.5 |  |  |  | 32.1 |
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 |  |  |  | $ | 1.7 |  |  | $ | 10.5 |  |  | $ | 17.4 |  |  | $ | 43.0 |
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 | )
Unrealized losses |  |  | (13.8 | ) |  |  | (3.1 | ) |  |  | — |  |  |  | (16.9 | )
Tax benefit/(expense) |  |  | 2.4 |  |  |  | (0.1 | ) |  |  | — |  |  |  | 2.3 |
Amounts reclassified from AOCL into earnings, net of tax |  |  | — |  |  |  | (7.6 | ) |  |  | — |  |  |  | (7.6 | )
As of June 30, 2023 |  |  | (60.8 | ) |  |  | (0.6 | ) |  |  | (119.0 | ) |  |  | (180.4 | )
Unrealized gains/(losses) |  |  | (20.2 | ) |  |  | 14.8 |  |  |  | — |  |  |  | (5.4 | )
Tax benefit/(expense) |  |  | 3.5 |  |  |  | (0.1 | ) |  |  | — |  |  |  | 3.4 |
Amounts reclassified from AOCL into earnings, net of tax |  |  | 3.0 |  |  |  | (4.7 | ) |  |  | — |  |  |  | (1.7 | )
As of September 30, 2023 |  | $ | (74.5 | ) |  | $ | 9.4 |  |  | $ | (119.0 | ) |  | $ | (184.1 | )
|  | 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 | )
Unrealized gains/(losses) |  |  | (28.7 | ) |  |  | 37.3 |  |  |  | — |  |  |  | 8.6 |
Tax benefit/(expense) |  |  | 5.0 |  |  |  | (0.3 | ) |  |  | — |  |  |  | 4.7 |
Amounts reclassified from AOCL into earnings, net of tax |  |  | — |  |  |  | (13.9 | ) |  |  | — |  |  |  | (13.9 | )
As of June 30, 2022 |  |  | (44.9 | ) |  |  | 47.1 |  |  |  | (119.0 | ) |  |  | (116.8 | )
Unrealized gains/(losses) |  |  | (44.7 | ) |  |  | 43.4 |  |  |  | — |  |  |  | (1.3 | )
Tax benefit/(expense) |  |  | 7.9 |  |  |  | (0.5 | ) |  |  | — |  |  |  | 7.4 |
Amounts reclassified from AOCL into earnings, net of tax |  |  | 6.8 |  |  |  | (17.3 | ) |  |  | — |  |  |  | (10.5 | )
As of September 30, 2022 |  | $ | (74.9 | ) |  | $ | 72.7 |  |  | $ | (119.0 | ) |  | $ | (121.2 | )
Cash Dividends Paid In each of the first three quarters of 2023 and 2022, the Company's Board of Directors declared quarterly cash dividends of $0.235 per common share, representing $263.3 million and $273.2 million in total dividends, respectively. $87.3 million was paid on September 29, 2023, $88.0 million was paid on June 30, 2023, $88.0 million was paid on March 31, 2023, $90.7 million was paid on September 30, 2022, $90.8 million was paid on June 30, 2022, and $91.7 million was paid on March 31, 2022. Share Repurchases On February 10, 2022, the Company's Board of Directors authorized $1.0 billion of common stock repurchases through December 31, 2024. During the nine months ended September 30, 2023 and 2022, 7.8 million and 9.6 million shares were repurchased under this authorization for $100.0 million and $176.8 million, respectively, excluding commissions, at an average cost of $12.88 and $18.45, respectively. As of September 30, 2023, $548.2 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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