| Shareholders' Equity Share Repurchase Program In December 2024, our Board authorized a new share repurchase program of up to $500.0 of our ordinary shares for a period of two years, from January 1, 2025 through December 31, 2026. During the six months ended June 30, 2025, we repurchased approximately 23.2 million ordinary shares for $99.5 at an average price of $4.29 per share. All repurchased shares were immediately retired and restored as authorized but unissued ordinary shares. As of June 30, 2025, we had $400.5 of availability remaining under the share repurchase program. Accumulated Other Comprehensive Loss (“AOCL”) The tables below provide information about the changes in AOCL by component and the related amounts reclassified to net earnings during the periods indicated (net of tax). | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | Hedging relationships(1) | | Defined benefit pension plans | | Foreign currency translation adjustment(2) | | AOCL | | Balance as of December 31, 2024 | $ | 10.7 | | | $ | (0.4) | | | $ | (536.6) | | | $ | (526.3) | | | Other comprehensive income (loss) before reclassifications | (1.7) | | | 0.1 | | | 114.6 | | | 113.0 | | | Reclassifications from AOCL to net earnings | (5.5) | | | — | | | (0.4) | | | (5.9) | | | Net other comprehensive income (loss) | (7.2) | | | 0.1 | | | 114.2 | | | 107.1 | | | Balance as of June 30, 2025 | $ | 3.5 | | | $ | (0.3) | | | $ | (422.4) | | | $ | (419.2) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Hedging relationships(1) | | Defined benefit pension plans | | Foreign currency translation adjustment(2) | | AOCL | | Balance as of December 31, 2023 | $ | 16.2 | | | $ | 0.4 | | | $ | (511.9) | | | $ | (495.3) | | | Other comprehensive income (loss) before reclassifications | 15.7 | | | — | | | (3.3) | | | 12.4 | | Reclassifications from AOCL to net earnings | (13.5) | | | — | | | (0.6) | | | (14.1) | | | Net other comprehensive income (loss) | 2.2 | | | — | | | (3.9) | | | (1.7) | | | Balance as of June 30, 2024 | $ | 18.4 | | | $ | 0.4 | | | $ | (515.8) | | | $ | (497.0) | | (1) Includes amounts related to our interest rate swaps designated as cash flow hedges, and for the six months ended June 30, 2025, also includes the excluded component of our cross-currency swaps designated as fair value hedges. Refer to Note 4 - Derivative Instruments for further information. | (2) Primarily includes the impact of translating foreign subsidiary assets and liabilities from their functional currency to USD, and, to a lesser extent, amounts related to our cross-currency swap designated as a net investment hedge. |
Conversion of Preferred Shares into Ordinary Shares On June 3, 2024, all outstanding shares of our 5.25% Series A Mandatory Convertible Preferred Shares (“MCPS”) automatically converted into ordinary shares. All accumulated preferred dividends were paid prior to the conversion.
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