Shareholders' Equity

9 Months Ended

Sep. 30, 2020

Shareholders’ Equity

The following table presents the changes in shareholders’ equity for the nine months ended September 30, 2020:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2019	75.3	$	18.8	$	272.7	1.2	$	(118.1)	$	1,549.4	$	(149.6)	$	1,573.2
Effect of modified retrospective application of a new accounting standard (see Note 2)	—	—		—		—	—		(0.1)		—		(0.1)
Net income	—	—		—		—	—		74.3		—		74.3

Activity related to stock-based compensation	—	—		(5.1)		(0.3)	17.9		—		—		12.8
Shares purchased under share repurchase program	—	—		—		0.8	(115.5)		—		—		(115.5)

Dividends declared ($0.16 per share)	—	—		—		—	—		(11.8)		—		(11.8)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(42.7)		(42.7)
Balance, March 31, 2020	75.3	$	18.8	$	267.6	1.7	$	(215.7)	$	1,611.8	$	(192.3)	$	1,490.2
Net income	—	—		—		—	—		91.2		—		91.2

Activity related to stock-based compensation	—	—		(4.5)		(0.2)	24.9		—		—		20.4
Other comprehensive income, net of tax	—	—		—		—	—		—		4.5		4.5



Balance, June 30, 2020	75.3	$	18.8	$	263.1	1.5	$	(190.8)	$	1,703.0	$	(187.8)	$	1,606.3
Net income	—	—		—		—	—		82.3		—		82.3

Activity related to stock-based compensation	—	—		5.1		(0.1)	8.8		—		—		13.9


Dividends declared ($0.16 per share)	—	—		—		—	—		(11.9)		—		(11.9)
Other comprehensive income, net of tax	—	—		—		—	—		—		28.3		28.3
Balance, September 30, 2020	75.3	$	18.8	$	268.2	1.4	$	(182.0)	$	1,773.4	$	(159.5)	$	1,718.9

The following table presents the changes in shareholders’ equity for the nine months ended September 30, 2019:


	Common Shares Issued	Common Stock		Capital in Excess of Par Value		Number of Treasury Shares	Treasury Stock		Retained earnings		Accumulated other comprehensive loss		Total
(in millions)
Balance, December 31, 2018	75.3	$	18.8	$	282.0	1.2	$	(103.7)	$	1,353.4	$	(154.2)	$	1,396.3

Net income	—	—		—		—	—		55.4		—		55.4

Activity related to stock-based compensation	—	—		(3.5)		(0.2)	14.2		—		—		10.7
Shares purchased under share repurchase program	—	—		—		0.8	(83.1)		—		—		(83.1)

Dividends declared ($0.15 per share)	—	—		—		—	—		(10.6)		—		(10.6)
Other comprehensive income, net of tax	—	—		—		—	—		—		0.8		0.8
Balance, March 31, 2019	75.3	$	18.8	$	278.5	1.8	$	(172.6)	$	1,398.2	$	(153.4)	$	1,369.5
Net income	—	—		—		—	—		66.1		—		66.1

Activity related to stock-based compensation	—	—		(5.1)		(0.2)	24.8		—		—		19.7


Dividends declared ($0.15 per share)	—	—		—		—	—		(11.4)		—		(11.4)
Other comprehensive income, net of tax	—	—		—		—	—		—		1.2		1.2
Balance, June 30, 2019	75.3	$	18.8	$	273.4	1.6	$	(147.8)	$	1,452.9	$	(152.2)	$	1,445.1
Net income	—	—		—		—	—		56.3		—		56.3

Activity related to stock-based compensation	—	—		(4.9)		(0.3)	21.2		—		—		16.3


Dividends declared ($0.16 per share)	—	—		—		—	—		(11.9)		—		(11.9)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(18.2)		(18.2)
Balance, September 30, 2019	75.3	$	18.8	$	268.5	1.3	$	(126.6)	$	1,497.3	$	(170.4)	$	1,487.6