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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Stockholders' Equity Note [Abstract]    
Changes in common shares issued and held in treasury
The changes in common shares issued are summarized below:
Issued and Outstanding
Common shares at December 31, 202288.2 
Shares issued under employee stock plans0.6 
Shares retired due to Fortrea spin(0.2)
Shares repurchased(3.7)
Common shares at September 30, 202384.9 
  
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
The components of accumulated other comprehensive earnings (loss) are as follows:
Foreign Currency Translation AdjustmentsNet Benefit Plan AdjustmentsAccumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2022$(462.3)$(30.9)$(493.2)
Fortrea Holdings Inc. spin off231.6 6.4 238.0 
Current year adjustments43.8 17.6 61.4 
Pension settlement charge— (10.8)(10.8)
Amounts reclassified from accumulated other comprehensive income— (3.4)(3.4)
Tax effect of adjustments— (0.8)(0.8)
Balance as of September 30, 2023$(186.9)$(21.9)$(208.8)
  
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Preferred Stock and Common Shareholders' Equity   PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY
The Company is authorized to issue up to 265.0 shares of common stock, par value $0.10 per share. The Company is authorized to issue up to 30.0 shares of preferred stock, par value $0.10 per share. There were no preferred shares outstanding as of September 30, 2023, and December 31, 2022.
The changes in common shares issued are summarized below:
Issued and Outstanding
Common shares at December 31, 202288.2 
Shares issued under employee stock plans0.6 
Shares retired due to Fortrea spin(0.2)
Shares repurchased(3.7)
Common shares at September 30, 202384.9 
Share Repurchase Program
On August 8, 2023, the Company entered into accelerated share repurchase agreements (collectively, the ASR Agreements) with two different banks, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC (collectively, the Financial Institutions),
to repurchase approximately $1,000.0 in the aggregate of the Company’s common stock (Common Stock), as part of the Company’s Common Stock repurchase program. The remaining repurchase authorization has no expiration date.
Under the ASR Agreements, the Company made an aggregate payment of $1,000.0 to the Financial Institutions and received an aggregate initial number of approximately 3.7 shares of Common Stock from the Financial Institutions, which were removed from the outstanding share count in connection with entering into the ASR Agreements. The 3.7 shares reflects the 80% of the shares that would ultimately be repurchased under the ASR Agreements if the price of the Common Stock established in the ASR Agreement as the inception of the ASR Agreements remains constant. The specific number of shares that the Company ultimately will repurchase under the ASR Agreements will be based generally on the average of the daily volume-weighted average price per share of the Common Stock during a repurchase period, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreements. At settlement, under certain circumstances, the Financial Institutions may be required to deliver additional shares of Common Stock to the Company, or the Company may be required, at its election, either to make cash payments or deliver shares of Common Stock to the Financial Institutions. The ASR Agreements contain provisions customary for agreements of this type, including provisions for adjustments to the transaction terms, the circumstances generally under which the ASR Agreements may be accelerated, extended or terminated early by the Financial Institutions, and various acknowledgments, representations and warranties made by the parties to one another. Repurchases and settlements under the ASR Agreements are expected to be completed by the end of December 2023.
When the Company repurchases shares of Common Stock, the amount paid to repurchase the shares in excess of the par or stated value is allocated to additional paid-in-capital unless subject to limitation or the balance in additional paid-in-capital is exhausted. Remaining amounts are recognized as a reduction in retained earnings.
As of September 30, 2023, the Company had outstanding authorization from the board of directors to purchase up to $531.5 of the Company's common stock.
Dividends
For the nine months ended September 30, 2023, the Company paid $192.9 in common stock dividends. On October 12, 2023, the Company announced a cash dividend of $0.72 per share of common stock for the fourth quarter, or approximately $62.1 in the aggregate. The dividend will be payable on December 12, 2023, to stockholders of record of all issued and outstanding shares of common stock as of the close of business on November 8, 2023. The declaration and payment of any future dividends will be at the discretion of the Company's board of directors.
Accumulated Other Comprehensive Earnings (Loss)
The components of accumulated other comprehensive earnings (loss) are as follows:
Foreign Currency Translation AdjustmentsNet Benefit Plan AdjustmentsAccumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2022$(462.3)$(30.9)$(493.2)
Fortrea Holdings Inc. spin off231.6 6.4 238.0 
Current year adjustments43.8 17.6 61.4 
Pension settlement charge— (10.8)(10.8)
Amounts reclassified from accumulated other comprehensive income— (3.4)(3.4)
Tax effect of adjustments— (0.8)(0.8)
Balance as of September 30, 2023$(186.9)$(21.9)$(208.8)