v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity Equity
Accumulated other comprehensive income (loss)
Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
(in Millions)Foreign currency adjustments
Derivative Instruments (1)
Pension and other postretirement benefits
Total
Accumulated other comprehensive income (loss), net of tax at December 31, 2025$(135.1)$(29.7)$(203.9)$(368.7)
2026 Activity
Other comprehensive income (loss) before reclassifications33.3 11.9 (0.2)45.0 
Amounts reclassified from accumulated other comprehensive income (loss)— (6.9)5.9 (1.0)
Net current period other comprehensive income (loss)$33.3 $5.0 $5.7 $44.0 
Accumulated other comprehensive income (loss), net of tax at June 30, 2026$(101.8)$(24.7)$(198.2)$(324.7)

(in Millions)Foreign currency adjustments
Derivative Instruments (1)
Pension and other postretirement benefits
Total
Accumulated other comprehensive income (loss), net of tax at December 31, 2024$(183.9)$(17.5)$(209.2)$(410.6)
2025 Activity
Other comprehensive income (loss) before reclassifications 39.6 (36.7)— 2.9 
Amounts reclassified from accumulated other comprehensive income (loss)— (1.2)5.2 4.0 
Net current period other comprehensive income (loss)$39.6 $(37.9)$5.2 $6.9 
Accumulated other comprehensive income (loss), net of tax at June 30, 2025$(144.3)$(55.4)$(204.0)$(403.7)
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(1)    See Note 17 for more information.
Reclassifications of accumulated other comprehensive income (loss)
The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the consolidated statements of income (loss) for each of the periods presented:
Details about Accumulated Other Comprehensive Income (Loss) Components
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1)
Affected Line Item in the Consolidated Statements of Income (Loss)
Three Months Ended June 30,Six Months Ended June 30,
(in Millions)2026202520262025
Derivative instruments
Gain (loss) on foreign currency contracts$7.9 $7.0 $10.9 $3.3 Costs of sales and services
Gain (loss) on foreign currency contracts— — — — Selling, general and administrative expenses
Gain (loss) on interest rate contracts(0.5)(0.5)(1.0)(1.0)Interest expense, net
Total before tax$7.4 $6.5 $9.9 $2.3 
Benefit (provision) for income taxes(2.2)(2.0)(3.0)(1.1)Benefit (provision) for income taxes
Amount included in net income (loss)$5.2 $4.5 $6.9 $1.2 
Pension and other postretirement benefits (2)
Amortization of unrecognized net actuarial and other gains (losses)$(3.1)$(3.2)$(6.2)$(6.2)Non-operating pension, postretirement and other charges (income)
Recognized (gain) loss due to curtailments, settlements, and other(0.3)(0.1)(1.2)(0.2)Non-operating pension, postretirement and other charges (income)
Total before tax$(3.4)$(3.3)$(7.4)$(6.4)
Benefit (provision) for income taxes0.7 0.6 1.5 1.2 Benefit (provision) for income taxes; Discontinued operations, net of income taxes
Amount included in net income (loss)$(2.7)$(2.7)$(5.9)$(5.2)
Total reclassifications for the period$2.5 $1.8 $1.0 $(4.0)Amount included in net income
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(1)Amounts in parentheses indicate charges to the consolidated statements of income (loss).
(2)Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 15.
Transactions with Noncontrolling Interest
During the six months ended June 30, 2025, we purchased the remaining 40 percent ownership interest in our Pakistan joint venture, for $8.6 million which increased our ownership from 60 percent to 100 percent.
Dividends and Share Repurchases
During the six months ended June 30, 2026 and 2025, we paid dividends of $20.2 million and $145.5 million, respectively. As part of a broader response to the challenges the company is facing and to further prioritize debt reduction, the Board of Directors in October 2025 made the decision to reduce the quarterly dividend to $0.08 per share. On July 16, 2026, we paid dividends totaling $10.2 million to our shareholders of record as of June 30, 2026. This amount is included in Accrued and other liabilities on the consolidated balance sheet as of June 30, 2026. Future cash dividends, as always, will depend on a variety of factors, including earnings, capital requirements, financial condition, general economic conditions and other factors considered relevant by us and is subject to final determination by our Board of Directors. Increases to the Company’s regular quarterly dividend are limited in connection with the Company's credit agreement as amended in December 2025.
In February 2022, the Board of Directors authorized the repurchase of up to $1 billion of the Company's common stock. In connection with an amendment to the Company's credit agreement in February 2025, the Company agreed that it will not repurchase shares with the exception of share repurchases under our equity compensation plans until December 31, 2028. Therefore, there were no share repurchases under the publicly announced repurchase program during the six months ended June 30, 2026. At June 30, 2026, $825 million remained unused under our Board-authorized repurchase program. This repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market conditions and other factors. We also reacquire shares from time to time from employees in connection with the vesting, exercise and forfeiture of awards under our equity compensation plans. Share repurchases in excess of issuances are subject to a 1 percent excise tax imposed by the 2022 Inflation Reduction Act. This tax is included as part of the cost basis of the shares acquired.