XML 30 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equity
6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Equity
Note 11Equity
Share Activity
During the three and six month periods ended June 30, 2018, the Company repurchased approximately 0.7 million and 2.7 million shares of its common stock, respectively, for an aggregate purchase price of $29.9 million and $128.3 million, respectively. Of the total repurchased shares, 2.0 million were repurchased in the first quarter of 2018 for $98.4 million under a now completed share repurchase program that was established in 2016. The remaining 0.7 million shares were repurchased in the second quarter of 2018 under a new $100 million share repurchase program that was authorized by the Company’s Board of Directors in March 2018 (the “2018 Share Repurchase Program”), under which approximately $70 million is available as of June 30, 2018 for future share repurchases.
Under the 2018 Share Repurchase Program, which does not have an expiration date, the Company may repurchase shares of its common stock from time to time in open market transactions or in privately-negotiated transactions in accordance with applicable securities laws. The timing and the amount of any repurchases will be determined based on market conditions, legal requirements, cash flow and liquidity needs and other factors. The share repurchase program may be modified or suspended at any time at the Company’s discretion. Share repurchases, which are recorded at cost and are held in the Company’s treasury, are funded with available cash or with availability under the Credit Facility.
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss is composed of unrealized foreign currency gains and losses from fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar, as well as unrealized gains and losses from certain investment activities. Unrealized foreign currency activity for each of the three and six month periods ended June 30, 2018 and 2017 is primarily related to translation gains and losses resulting from the Company’s Canadian operations, and unrealized investment activity for each of the three and six month periods ended June 30, 2018 and 2017 relates to unrealized gains and losses on interest rate swaps associated with the Waha JVs.