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Stockholders' Equity
 3 Months Ended
Mar. 31, 2024
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

 

2024

 

 

2023

 

Accumulated other comprehensive loss components:

 

 

 

 

 

 

 

 

Gains/(Losses) on investment securities:

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Revenues

 

$

2.5

 

 

$

(0.1

)

Income tax expense

 

Provision for income taxes

 

 

(0.4

)

 

 

—

 

Total reclassification adjustments related to investment securities, net of tax

 

 

 

 

2.1

 

 

 

(0.1

)

Gains on cash flow hedges:

 

 

 

 

 

 

 

 

Foreign currency contracts

 

Revenues

 

 

2.7

 

 

 

8.2

 

Total reclassification adjustments related to cash flow hedges, net of tax

 

 

 

 

2.7

 

 

 

8.2

 

Total reclassifications, net of tax

 

 

 

$

4.8

 

 

$

8.1

 

 

 

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, 2023

 

$

(33.0

)

 

$

(15.3

)

 

$

(119.0

)

 

$

(167.3

)

Unrealized gains/(losses)

 

 

(3.0

)

 

 

13.6

 

 

 

—

 

 

 

10.6

 

Tax benefit/(expense)

 

 

0.5

 

 

 

(0.1

)

 

 

—

 

 

 

0.4

 

Amounts reclassified from AOCL into earnings, net of tax

 

 

(2.1

)

 

 

(2.7

)

 

 

—

 

 

 

(4.8

)

As of March 31, 2024

 

$

(37.6

)

 

$

(4.5

)

 

$

(119.0

)

 

$

(161.1

)

 

 

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

)

 

Cash Dividends Paid

During both the three months ended March 31, 2024 and 2023, the Company's Board of Directors declared quarterly cash dividends of $0.235 per common share, representing $80.1 million and $88.0 million in total dividends, respectively, which were paid on March 29, 2024 and March 31, 2023, respectively.

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 three months ended March 31, 2024, 11.8 million shares were repurchased under this authorization for $150.0 million, excluding commissions, at an average cost of $12.66. No shares were repurchased during the three months ended March 31, 2023 under this share repurchase authorization. As of March 31, 2024, $198.2 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.