Shareholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Shareholders' Equity

(12) Shareholders’ Equity

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

	June 30,			December 31,
	2022			2021
Foreign currency translation	$	(338.8	)	$	(180.8	)
Translation gain (loss) on derivative instruments, net of income taxes (benefit) of $4.3 and $(16.4), respectively		53.2			(18.4	)
Translation loss on long-term intercompany loans		(132.1	)		(133.6	)
Gain on interest rate swap		2.0			—
Defined benefit pension plans, net of income tax benefit of $(22.4) and $(22.8), respectively		(55.6	)		(56.7	)
Retiree health care plan, net of income taxes of $1.5 and $1.6, respectively		(0.2	)		0.1
Accumulated other comprehensive loss	$	(471.5	)	$	(389.4	)

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 expenses of $0.2 and a benefit of $0.2 for the three months ended June 30, 2022 and 2021, respectively, and expenses of $0.7 and a benefit of $1.1 for the six months ended June 30, 2022 and 2021, respectively.

Dividends

The Board of Directors declared a semi-annual dividend of $1.36 and $1.26 per share on May 6, 2022 and May 7, 2021, respectively. The 2022 dividends were paid on June 15, 2022 to shareholders of record as of June 1, 2022. The 2021 dividends were paid on June 15, 2021 to shareholders of record as of June 1, 2021.

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 Board authorization to purchase 6.0 million shares of our common stock. 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 first six months of 2022, we repurchased a total of 1.7 million shares comprised of 1.2 million shares under the 2019 authorization and 0.5 million shares under the 2021 authorization, at a total cost of $160.0. During the first six months of 2021, we repurchased 1.5 million shares under the 2019 authorization at a cost of $150.1. As of June 30, 2022, there were 3.5 million shares remaining authorized for repurchase under the 2021 authorization and no shares remaining authorized for repurchase under the 2019 authorization.