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Shareholders' Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Shareholders' Equity

(11) Shareholders’ Equity

The components of accumulated other comprehensive loss, net of tax, were as follows:

 

 

March 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Foreign currency translation

 

$

(329.5

)

 

$

(261.2

)

Translation loss on long-term intercompany loans, net of income taxes of $19.1 on both dates

 

 

(133.5

)

 

 

(133.6

)

Gain (Loss) on derivative instruments, net of income tax benefit of $(10.8) and $(22.7), respectively

 

 

2.7

 

 

 

(37.6

)

Gain on interest rate swap, net of income taxes of $0.3 on both dates

 

 

1.0

 

 

 

1.1

 

Defined benefit pension plans, net of income tax benefit of $(23.1) and $(23.0), respectively

 

 

(37.3

)

 

 

(36.0

)

Retiree health care plan, net of income taxes of $2.0 on both dates

 

 

1.1

 

 

 

1.3

 

Accumulated other comprehensive loss

 

$

(495.5

)

 

$

(466.0

)

 

Noncontrolling interests, reported in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests are recorded in interest and other expenses, net in our Consolidated Statements of Operations. We recorded an expense of $0.1 and no amount during the three months ended March 31, 2024 and March 31, 2023, respectively.

 

The Board of Directors declared a semi-annual dividend of $1.54 and $1.47 per share on May 3, 2024 and May 5, 2023, respectively. The 2024 dividends are payable on June 14, 2024 to shareholders of record as of June 3, 2024. The 2023 dividends were paid on June 15, 2023 to shareholders of record as of June 1, 2023.

 

In August 2023 and August 2021, the Board of Directors authorized the repurchase of 5.0 million shares and 4.0 million shares of our common stock, respectively. We conduct share repurchases from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the three months ended March 31, 2024, we repurchased a total of 0.7 million shares under the 2023 authorization at a cost of $50.0. During the three months ended March 31, 2023, we repurchased a total of 0.4 million shares under the 2021 authorization at a cost of $30.0. As of March 31, 2024, there were 3.9 million shares remaining authorized for repurchase under the 2023 authorization and no shares remaining authorized for repurchase under the 2021 authorization.