Stockholders' Equity

The Company's authorized share capital is 300,000,000 shares of common stock and 100,000,000 shares of preferred stock, of which 25,000,000 is designated Series A, 25,000,000 is designated as Series A-1 and 50,000,000 is undesignated. As of December 31, 2018 and 2017, the Company had no preferred stock issued and outstanding.

Common Stock

In December 2018, the Company entered into an equity distribution agreement with Barclays Capital Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., MUFG Securities Americas Inc. and TD Securities (USA) LLC, establishing an "at the market" equity offering program, under which the Company may offer and sell from time to time up to an aggregate of $750.0 million of its common stock in "at the market" transactions (the "2018 ATM Program"). As of December 31, 2018, no sales have been made under the 2018 ATM Program.

In August 2017, the Company entered into an equity distribution agreement with RBC Capital Market, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, establishing an "at the market" equity offering program, under which the Company may offer and sell from time to time up to an aggregate of $750.0 million of its common stock in "at the market" transactions (the "2017 ATM Program"). For the year ended December 31, 2018 and 2017, the Company sold 930,934 shares and 763,201 shares, respectively, for approximately $388.2 million and $355.1 million, respectively, net of payment of commissions to the sales agents and estimated equity offering costs. As of December 31, 2018, no shares remain available for sale under the 2017 ATM Program.

In March 2017, the Company issued and sold 6,069,444 shares of its common stock in a public offering pursuant to a registration statement and a related prospectus and prospectus supplement, in each case filed with the Securities and Exchange Commission. The shares issued and sold included the full exercise of the underwriters' option to purchase 791,666 additional shares. The Company received net proceeds of approximately $2,126.3 million, after deducting underwriting discounts and commissions and offering expenses of $58.7 million.

In April and June 2016, upon the maturity of the Company's 4.75% Convertible Subordinated Notes, holders of the Company's 4.75% Convertible Subordinated Notes converted $150.1 million principal amount of the notes into 1,981,662 shares of the Company's common stock. In June 2016, the Company also settled the capped call transaction and received 380,779 shares of common stock, which were placed in treasury and resulted in a credit of $141.7 million to additional paid-in capital at the market price of $372.10 on June 15, 2016. See convertible debt in Note 11 for additional information.

As of December 31, 2018, the Company had reserved the following authorized but unissued shares of common stock for future issuances:



Common stock options and restricted stock units	3,885,220
Common stock employee purchase plans	3,120,425
Total	7,005,645

Accumulated Other Comprehensive Loss

The components of the Company's accumulated other comprehensive loss, net of tax, consisted of the following as of December 31, 2018, 2017 and 2016 (in thousands):



	December 31, 2015			Net Change			December 31, 2016			Net Change			December 31, 2017			Net Change			Cumulative Effect Adjustment			December 31, 2018
Foreign currency translation adjustment ("CTA") gain (loss)	$	(523,709	)	$	(507,420	)	$	(1,031,129	)	$	454,269		$	(576,860	)	$	(421,743	)	$	—		$	(998,603	)
Unrealized gain (loss) on cash flow hedges⁽¹⁾	11,153			19,551			30,704			(54,895		)	(24,191		)	43,671			—			19,480
Net investment hedge CTA gain (loss)⁽¹⁾	4,484			45,505			49,989			(235,292		)	(185,303		)	219,628			—			34,325
Unrealized gain (loss) on available for sale securities⁽²⁾	(139		)	2,249			2,110			14			2,124			—			(2,124		)	—
Net actuarial gain (loss) on defined benefit plans⁽³⁾	(848		)	32			(816		)	(143		)	(959		)	55			—			(904		)
	$	(509,059	)	$	(440,083	)	$	(949,142	)	$	163,953		$	(785,189	)	$	(158,389	)	$	(2,124	)	$	(945,702	)


⁽¹⁾	Refer to Note 8 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.

⁽²⁾

Upon adoption of ASU 2016-01 during the three months ended March 31, 2018, the Company recorded a net cumulative effect adjustment of $2.1 million from accumulated other comprehensive loss to retained earnings. The realized gains and losses reclassified from accumulated other comprehensive loss to net income as a result of sale of available for sale securities were not significant for the years ended December 31, 2017 and 2016.

⁽³⁾

The Company has a defined benefit pension plan covering all employees in one country where such plans are mandated by law. The Company does not have any defined benefit plans in any other countries. The unamortized gain (loss) on defined benefit plans includes gains or losses resulting from a change in the value of either the projected benefit obligation or the plan assets resulting from a change in an actuarial assumption, net of amortization.

Changes in foreign currencies can have a significant impact to the Company's consolidated balance sheets (as evidenced above in the Company's foreign currency translation loss), as well as its consolidated results of operations, as amounts in foreign currencies are generally translated into more U.S. dollars when the U.S. dollar weakens or less U.S. dollars when the U.S. dollar strengthens. As of December 31, 2018, the U.S. dollar was generally stronger relative to certain of the currencies of the foreign countries in which the Company operates as compared to December 31, 2017. This overall strengthening of the U.S. dollar had an overall negative impact on the Company's consolidated financial position because the foreign denominations translated into less U.S. dollars as evidenced by the increase in foreign currency translation loss for the year ended December 31, 2018 as reflected in the above table. In future periods, the volatility of the U.S. dollar as compared to the other currencies in which the Company does business could have a significant impact on its consolidated financial position and results of operations including the amount of revenue that the Company reports in future periods.

Dividends

During the year ended December 31, 2018, the Company's Board of Directors declared quarterly dividends of $2.28 per share on November 1, August 8, May 2 and February 14, 2018, to stockholders of record on November 14, August 22, May 23 and February 26, 2018, respectively, and payment dates of December 12, September 19, June 20 and March 21, 2018, respectively. The Company paid a total of $727.4 million in quarterly dividends during the year ended December 31, 2018.

During the year ended December 31, 2017, the Company's Board of Directors declared quarterly dividends of $2.00 per share on November 1, August 2, April 26 and February 15, 2017, to stockholders of record on November 15, August 23, May 24 and February 27, 2017, respectively, and payment dates of December 13, September 20, June 21 and March 22, 2017, respectively. The Company paid a total of $612.1 million in quarterly dividends during the year ended December 31, 2017.

During the year ended December 31, 2016, the Company's Board of Directors declared quarterly dividends of $1.75 per share on November 2, August 3, May 4 and February 18, 2016, to stockholders of record on November 16, August 24, May 25 and March 9, 2016, respectively, and payment dates of December 14, September 14, June 15 and March 23, 2016, respectively. The Company paid a total of $492.4 million in quarterly dividends during the year ended December 31, 2016.

In addition, as of December 31, 2018, for dividends and special distributions attributed to the restricted stock units, the Company recorded a short term dividend payable of $8.8 million and a long term dividend payable of $6.5 million for the restricted stock units that have not yet vested. As of December 31, 2017, for dividends and special distributions attributed to the restricted stock units, the Company recorded a short term dividend payable of $11.2 million and a long term dividend payable of $6.7 million for the restricted stock units that have not yet vested.

For federal income tax purposes, distributions to stockholders are treated as ordinary income, capital gains, return of capital or a combination thereof. For the years ended December 31, 2018 and 2017, the quarterly dividends were classified as follows:



Record Date	Payment Date	Total Distribution		Nonqualified Ordinary Dividend		Qualified Ordinary Dividend		Return of Capital
		(per share)
Fiscal 2018
2/26/2018	3/21/2018	$	2.280000	$	2.280000	$	—	$	—
5/23/2018	6/20/2018	2.280000		2.280000		—		—
8/22/2018	9/19/2018	2.280000		2.280000		—		—
11/14/2018	12/12/2018	2.280000		2.280000		—		—
Total		$	9.120000	$	9.120000	$	—	$	—

Fiscal 2017
2/27/2017	3/22/2017	$	2.000000	$	2.000000	$	—	$	—
5/24/2017	6/21/2017	2.000000		2.000000		—		—
8/23/2017	9/20/2017	2.000000		2.000000		—		—
11/15/2017	12/13/2017	2.000000		2.000000		—		—
Total		$	8.000000	$	8.000000	$	—	$	—