Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Stock Repurchase Program

Through December 31, 2021, the Company’s Board of Directors (the “Board”) has authorized an aggregate of $7.5 billion of funding for the Company’s common stock repurchase program (the “Repurchase Program”) since its establishment in March 2009. The most recent authorization occurred in January 2019 when the Board increased the authorized amount available under the Repurchase Program to $2.0 billion. As of December 31, 2021, the remaining amount of share repurchases authorized by the Board under the Repurchase Program was approximately $1.6 billion.

The following table provides the stock repurchase activities (in millions, except per share amounts):

	Years Ended December 31,
	2021		2020		2019
Shares repurchased	—		0.7		1.7
Average price per share	$	—	$	183.84	$	160.45
Value of shares repurchased	$	—	$	134.3	$	269.5

The Company uses the par value method of accounting for its stock repurchases. As a result of share repurchase activities during the years ended December 31, 2021, 2020, and 2019, the Company reduced common stock and additional paid-in capital by an aggregate of zero, $8 million, and $15 million, respectively, and charged zero, $126 million, and $255 million, respectively, to retained earnings.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), net of tax, are as follows (in millions):

	Year Ended December 31, 2021
	Unrealized Gains (Losses) on Hedging Instruments		Unrealized  Gains (Losses) on Available-for-Sale Securities		Foreign Currency Translation Gains (Losses)		Employee Benefit Plans		Total
Beginning balance	$	(2.9)	$	29.5	$	4.7	$	(6.4)	$	24.9
Other comprehensive income (loss) before reclassifications	12.3		(45.5)		(12.6)		0.1		(45.7)
Reclassified from accumulated other comprehensive income (loss)	(4.9)		—		—		1.5		(3.4)
Net current-period other comprehensive income (loss)	7.4		(45.5)		(12.6)		1.6		(49.1)
Ending balance	$	4.5	$	(16.0)	$	(7.9)	$	(4.8)	$	(24.2)
	Year Ended December 31, 2020
	Unrealized Gains (Losses) on Hedging Instruments		Unrealized Gains (Losses) on Available-for-Sale Securities		Foreign Currency Translation Gains (Losses)		Employee Benefit Plans		Total
Beginning balance	$	0.7	$	20.4	$	—	$	(8.7)	$	12.4
Other comprehensive income (loss) before reclassifications	(0.8)		13.8		4.7		1.0		18.7
Reclassified from accumulated other comprehensive income (loss)	(2.8)		(4.7)		—		1.3		(6.2)
Net current-period other comprehensive income (loss)	(3.6)		9.1		4.7		2.3		12.5
Ending balance	$	(2.9)	$	29.5	$	4.7	$	(6.4)	$	24.9

The income tax impacts were not material for the years ended December 31, 2021, and 2020.