Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Dividends on our Common Stock

The Executive Committee, acting on behalf of the Board of Directors, declared the following dividends during the periods presented:

Declaration Date	Dividend Per Share		Record Date	Total Amount (in thousands)		Payment Date
Nine months ended September 30, 2016
February 8, 2016	$	0.24	March 10, 2016	$	36,174	March 30, 2016
April 26, 2016	0.24		May 26, 2016	35,773		June 16, 2016
July 27, 2016	0.26		August 25, 2016	39,062		September 15, 2016
Nine months ended September 30, 2015
February 4, 2015	$	0.18	March 10, 2015	$	22,895	March 26, 2015
April 29, 2015	0.18		May 28, 2015	23,096		June 18, 2015
July 29, 2015	0.24		August 27, 2015	31,182		September 17, 2015

In addition, in October 2016, the Executive Committee, acting on behalf of the Board of Directors, declared a quarterly cash dividend of $0.26 per share of outstanding common stock payable on December 8, 2016 to stockholders of record as of the close of business on November 17, 2016. Future declarations of dividends are subject to final determination by our Board of Directors.

Share Repurchases

In April 2012, the Executive Committee, acting on behalf of the Board of Directors, authorized a repurchase of up to 20 million outstanding shares of our common stock. In February 2015, the Executive Committee, acting on behalf of the Board of Directors, authorized an additional repurchase of up to 10 million shares of our common stock. There is no fixed termination date for the repurchases. During the nine months ended 2016, we repurchased, through open market transactions, 3.2 million shares under this authorization for the total cost of $349 million, excluding transaction costs, representing an average repurchase price of $107.55 per share. As of September 30, 2016, 8.0 million shares remain authorized for repurchase under the 2015 authorization.

Accumulated Other Comprehensive Income (Loss)

The balance for each class of accumulated other comprehensive loss as of September 30, 2016 and December 31, 2015 is as follows:

	September 30, 2016			December 31, 2015
	(In thousands)
Foreign currency translation adjustments, net of tax(1)	$	(307,332	)	$	(284,767	)
Net unrealized gain (loss) on available for sale securities, net of tax	220			(127		)
Accumulated other comprehensive loss	$	(307,112	)	$	(284,894	)

(1) Foreign currency translation adjustments, net of tax, include foreign currency transaction losses at September 30, 2016 of $13 million ($21 million before tax) and December 31, 2015 of $1 million ($2 million before tax) associated with our 2.5% Notes. The 2.5% Notes are Euro-denominated debt designated as hedges of certain of our Euro-denominated net assets. See Note 6 – Debt for more information. The remaining balance in currency translation adjustments excludes income taxes as a result of our current intention to indefinitely reinvest the earnings of our international subsidiaries outside of the United States.