Shareholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Share Repurchase Program

In November 2016, our board of directors authorized a share repurchase program and as of September 30, 2020 had authorized the repurchase of ordinary shares having an aggregate purchase price of up to $1.5 billion, exclusive of any brokerage commissions. Under this program, which has no expiration date, we may repurchase ordinary shares from time to time on the open market.  The timing and amount of repurchases will depend on a variety of factors, including the price of our ordinary shares, alternative investment opportunities, restrictions under the amended credit agreement, corporate and regulatory requirements and market conditions. The share repurchase program may be modified, suspended or discontinued at any time without prior notice. During the three months ended September 30, 2020, we did not repurchase any of our ordinary shares. In the nine months ended September 30, 2020, we spent a total of $146.5 million to purchase 1.2 million of our ordinary shares under the share repurchase program at an average total purchase price, including commissions, of $121.98 per share. All ordinary shares repurchased were canceled. As of September 30, 2020, the remaining amount authorized under the share repurchase program was $431.2 million.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss as of September 30, 2020 and December 31, 2019 were as follows (in thousands): 

	Net Unrealized Gain (Loss) From Hedging Activities		Foreign Currency Translation Adjustments		Total Accumulated Other Comprehensive Loss
Balance at December 31, 2019	$	(1,325)	$	(222,068)	$	(223,393)
Other comprehensive income (loss) before reclassifications	(4,515)		37,879		33,364
Amounts reclassified from accumulated other comprehensive loss	2,228		—		2,228
Other comprehensive income (loss), net	(2,287)		37,879		35,592
Balance at September 30, 2020	$	(3,612)	$	(184,189)	$	(187,801)

During the nine months ended September 30, 2020, other comprehensive income reflects foreign currency translation adjustments, primarily due to the strengthening of the euro against the U.S. dollar, and the net unrealized loss on derivatives that qualify as cash flow hedges.