9. Stockholders’ EquityAccumulated Other Comprehensive LossThe following table details reclassifications out of Accumulated other comprehensive loss (“AOCL”) and into Net income. All amounts reclassified from AOCL affect the line items as indicated below and the amounts in parentheses indicate decreases to Net income in the Condensed Consolidated Statements of Income (in millions).
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Amounts Reclassified from AOCL to Net Income |
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Three Months Ended |
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Six Months Ended |
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Income Statement |
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June 30, |
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June 30, |
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Income for the period (in millions) |
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Location |
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2026 |
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2025 |
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2026 |
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2025 |
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Accumulated other comprehensive loss components: |
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Gains/(losses) on investment securities: |
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Available-for-sale securities |
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Revenues |
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$ |
— |
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$ |
— |
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$ |
(0.3 |
) |
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$ |
1.1 |
|
Income tax expense |
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Provision for income taxes |
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— |
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— |
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— |
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(0.2 |
) |
Total reclassification adjustments related to investment securities, net of tax |
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— |
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— |
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(0.3 |
) |
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0.9 |
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Gains/(losses) on cash flow hedges: |
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Foreign currency contracts |
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Revenues |
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(4.2 |
) |
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(4.1 |
) |
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(10.8 |
) |
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(1.5 |
) |
Interest rate contracts |
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Interest expense |
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(0.1 |
) |
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0.1 |
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(0.1 |
) |
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0.1 |
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Income tax benefit/(expense) |
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Provision for income taxes |
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0.4 |
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(0.4 |
) |
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0.9 |
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(0.4 |
) |
Total reclassification adjustments related to cash flow hedges, net of tax |
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(3.9 |
) |
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(4.4 |
) |
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(10.0 |
) |
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(1.8 |
) |
Total reclassifications, net of tax |
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$ |
(3.9 |
) |
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$ |
(4.4 |
) |
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$ |
(10.3 |
) |
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$ |
(0.9 |
) |
The following tables summarize the components of AOCL, net of tax in the accompanying Condensed Consolidated Balance Sheets (in millions):
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Investment |
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Hedging |
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Foreign Currency |
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Securities |
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Activities |
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Translation |
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Total |
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As of December 31, 2025 |
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$ |
1.0 |
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$ |
(37.9 |
) |
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$ |
(114.4 |
) |
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$ |
(151.3 |
) |
Unrealized gains/(losses) |
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(5.7 |
) |
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10.5 |
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(2.1 |
) |
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2.7 |
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Tax benefit/(expense) |
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1.0 |
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(0.8 |
) |
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— |
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0.2 |
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Amounts reclassified from AOCL into earnings, net of tax |
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0.3 |
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6.1 |
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— |
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6.4 |
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As of March 31, 2026 |
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(3.4 |
) |
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(22.1 |
) |
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(116.5 |
) |
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(142.0 |
) |
Unrealized gains/(losses) |
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(2.4 |
) |
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2.0 |
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(0.6 |
) |
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(1.0 |
) |
Tax benefit/(expense) |
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0.6 |
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(0.3 |
) |
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— |
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0.3 |
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Amounts reclassified from AOCL into earnings, net of tax |
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— |
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3.9 |
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— |
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3.9 |
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As of June 30, 2026 |
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$ |
(5.2 |
) |
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$ |
(16.5 |
) |
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$ |
(117.1 |
) |
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$ |
(138.8 |
) |
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Investment |
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Hedging |
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Foreign Currency |
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Securities |
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Activities |
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Translation |
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Total |
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As of December 31, 2024 |
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$ |
(33.4 |
) |
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$ |
13.1 |
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$ |
(120.2 |
) |
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$ |
(140.5 |
) |
Unrealized gains/(losses) |
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22.0 |
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(19.1 |
) |
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1.1 |
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4.0 |
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Tax benefit/(expense) |
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(3.8 |
) |
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1.9 |
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— |
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(1.9 |
) |
Amounts reclassified from AOCL into earnings, net of tax |
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(0.9 |
) |
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(2.6 |
) |
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— |
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(3.5 |
) |
As of March 31, 2025 |
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(16.1 |
) |
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(6.7 |
) |
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(119.1 |
) |
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(141.9 |
) |
Unrealized gains/(losses) |
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3.4 |
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(52.7 |
) |
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6.7 |
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(42.6 |
) |
Tax benefit/(expense) |
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(0.5 |
) |
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3.3 |
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— |
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2.8 |
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Amounts reclassified from AOCL into earnings, net of tax |
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— |
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4.4 |
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— |
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4.4 |
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As of June 30, 2025 |
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$ |
(13.2 |
) |
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$ |
(51.7 |
) |
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$ |
(112.4 |
) |
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$ |
(177.3 |
) |
Cash Dividends PaidIn both the first and second quarters of 2026 and 2025, the Company’s Board of Directors declared quarterly cash dividends of $0.235 per common share, representing $73.3 million and $76.6 million of total dividends for the three months ended June 30, 2026 and 2025, respectively, and $147.0 million and $155.4 million of total dividends for the six months ended June 30, 2026 and 2025, respectively. Share RepurchasesOn December 13, 2024, the Company’s Board of Directors authorized $1.0 billion of common stock repurchases with no expiration date. During the six months ended June 30, 2026 and 2025, 5.7 million and 14.8 million shares were repurchased under this authorization for $53.7 million and $149.7 million, respectively, excluding commissions, at an average cost of $9.35 and $10.08, respectively. As of June 30, 2026, $721.6 million remained available under this share repurchase authorization. The amounts included in the Common stock repurchased line in the Company’s Condensed Consolidated Statements of Cash Flows represent both shares authorized by the Board of Directors for repurchase under publicly announced authorizations and shares withheld from employees to cover tax withholding obligations on stock awards that have vested.
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