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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Stockholders' Equity | # 8. Stockholders’ Equity ## Accumulated Other Comprehensive Loss The following table details reclassifications out of Accumulated other comprehensive loss (“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 (in millions).
|  | Amounts Reclassified from AOCL to Net Income |
|  |  |  | Three Months Ended |
|  | Income Statement |  | March 31, |
Income for the period (in millions) |  | Location |  | 2025 |  |  | 2024 |
Accumulated other comprehensive loss components: |  |  |  |  |  |  |  |
Gains/(losses) on investment securities: |  |  |  |  |  |  |  |
Available-for-sale securities |  | Revenues |  | $ | 1.1 |  |  | $ | 2.5 |
Income tax expense |  | Provision for income taxes |  |  | (0.2 | ) |  |  | (0.4 | )
Total reclassification adjustments related to investment securities, net of tax |  |  |  |  | 0.9 |  |  |  | 2.1 |
Gains on cash flow hedges: |  |  |  |  |  |  |  |
Foreign currency contracts |  | Revenues |  |  | 2.6 |  |  |  | 2.7 |
Total reclassification adjustments related to cash flow hedges, net of tax |  |  |  |  | 2.6 |  |  |  | 2.7 |
Total reclassifications, net of tax |  |  |  | $ | 3.5 |  |  | $ | 4.8 |
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, 2024 |  | $ | (33.4 | ) |  | $ | 13.1 |  |  | $ | (120.2 | ) |  | $ | (140.5 | )
Unrealized gains/(losses) |  |  | 22.0 |  |  |  | (19.1 | ) |  |  | 1.1 |  |  |  | 4.0 |
Tax benefit/(expense) |  |  | (3.8 | ) |  |  | 1.9 |  |  |  | — |  |  |  | (1.9 | )
Amounts reclassified from AOCL into earnings, net of tax |  |  | (0.9 | ) |  |  | (2.6 | ) |  |  | — |  |  |  | (3.5 | )
As of March 31, 2025 |  | $ | (16.1 | ) |  | $ | (6.7 | ) |  | $ | (119.1 | ) |  | $ | (141.9 | )
|  | 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 | )
## Cash Dividends Paid During both the three months ended March 31, 2025 and 2024, the Company's Board of Directors declared quarterly cash dividends of $0.235 per common share, representing $78.8 million and $80.1 million of total dividends, respectively. # Share Repurchases On December 13, 2024, the Company's Board of Directors authorized $1.0 billion of common stock repurchases with no expiration date. During the three months ended March 31, 2025, 7.0 million shares were repurchased under this authorization for $75.0 million, excluding commissions, at an average cost of $10.76. As of March 31, 2025, $925.0 million remained available under this share repurchase authorization. During the three months ended March 31, 2024, 11.8 million shares were repurchased for $150.0 million, excluding commissions, at an average cost of $12.66, under the previous share repurchase authorization approved by the Company’s Board of Directors which expired on December 31, 2024. 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 stock awards that have vested.

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