Shareholders' Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Shareholders' Equity

(11) Shareholders’ Equity

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

	September 30,			December 31,
	2021			2020
Foreign currency translation	$	(172.0	)	$	(72.1	)
Translation loss on derivative instruments, net of income tax benefit of $(18.8) and $(34.9), respectively		(37.1	)		(81.2	)
Translation loss on long-term intercompany loans		(127.6	)		(133.3	)
Defined benefit pension plans, net of income tax benefit of $(34.0) and $(38.2), respectively		(108.2	)		(111.4	)
Retiree health care plan, net of income taxes of $1.7 and $1.8, respectively		0.3			0.7
Accumulated other comprehensive loss	$	(444.6	)	$	(397.3	)

Noncontrolling Interests

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 in both the three months ended September 30, 2021 and 2020, and income of $1.0 and $0.9 in the nine months ended September 30, 2021 and 2020, respectively.

Dividends

The Board of Directors declared a semi-annual dividend of $1.26 and $1.09 per share, respectively, on May 7, 2021 and May 8, 2020. The 2021 dividends were paid on June 15, 2021 to shareholders of record as of June 1, 2021. The 2020 dividends were paid on June 15, 2020 to shareholders of record as of June 1, 2020.

Share Repurchases

In August 2021, the Board of Directors authorized the repurchase of 4.0 million shares of our common stock, with terms consistent with the previous authorizations. This authorization was in addition to the August 2019 and 2018 Board authorizations to purchase 6.0 million shares of our common stock each. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the nine months ended September 30, 2021, we repurchased a total of 1.5 million shares under the 2019 authorization at a cost of $150.1. During the nine months ended September 30, 2020, we repurchased a total of 0.9 million shares comprised of 0.8 million shares under the 2018 authorization and 0.1 million shares under the 2019 authorization, at a total cost of $63.8. The 2021 repurchases all occurred within the first half of 2021, and the 2020 repurchases all occurred within the first quarter of 2020. As of September 30, 2021, there were 4.0 million and 1.9 million shares remaining authorized for repurchase under the 2021 authorization and 2019 authorization, respectively, and no shares remaining authorized for repurchase under the 2018 authorization.