Shareholder's Equity

3 Months Ended

Mar. 31, 2020

(6) Shareholders' Equity

Share Repurchases. On March 26, 2019, the Company announced that its Board had authorized a share repurchase program, enabling the repurchase of up to $50 million of its Class A ordinary shares through August 31, 2020. Share repurchases under the authorized plan could be effected on behalf of the Company through open market transactions, privately negotiated transactions, or otherwise, pursuant to SEC trading rules. The Company exhausted this authorization in September 2019. Subsequently, on November 21, 2019, the Company announced that its Board had authorized the repurchase of an additional $50 million of its Class A ordinary shares through December 31, 2020. Share repurchases under the authorized plans could be effected on behalf of the Company through open market transactions, privately negotiated transactions, or otherwise, pursuant to SEC trading rules.

During the three months ended March 31, 2020, the Company repurchased and canceled 505,699 of its outstanding Class A ordinary shares for an aggregate purchase price of $16.9 million inclusive of stamp taxes of $0.1 million. On April 1, 2020, the Company announced the suspension of its buyback program as part of its COVID-19 related business update.

Accumulated Other Comprehensive Loss, net. Accumulated other comprehensive loss, net, is a separate component of Shareholders’ equity in the accompanying Consolidated Balance Sheets. The following tables present the changes in the balances of each component of Accumulated other comprehensive loss, net, for the three months ended March 31, 2020:


	Foreign Currency Translation Adjustments			Unrealized (Losses) Gains on Interest Rate Swap and Foreign Currency Forward Contracts			Total
	(In thousands)
Total accumulated other comprehensive loss, net as of December 31, 2019	$	(59,143)	⁽¹⁾	$	(18,744)	⁽²⁾	$	(77,887)
Other comprehensive loss before reclassification	(19,620)		⁽³⁾	(42,504)		⁽⁴⁾	(62,124)
Amounts reclassified from accumulated other comprehensive loss, net	—			2,662		⁽⁴⁾	2,662
Net current period other comprehensive loss	(19,620)			(39,842)			(59,462)
Total accumulated other comprehensive loss, net as of March 31, 2020	$	(78,763)	⁽¹⁾	$	(58,586)	⁽²⁾	$	(137,349)

(1)Net of deferred income tax benefit of $6,035 and $5,474 as of March 31, 2020 and December 31, 2019, respectively.

(2)Net of deferred income tax expense of $2,171 and $14,273 as of March 31, 2020 and December 31, 2019, respectively.

(3)Net of deferred income tax benefit of $561.

(4)Net of deferred income tax benefit of $11,390 and $713 for Other comprehensive income before reclassification and Amounts reclassified from accumulated other comprehensive loss, net, respectively, as of March 31, 2020. For additional information, see Note 13. Derivative Financial Instruments.

The Company records unrealized gains and losses related to its interest rate swap contracts net of taxes, in the Accumulated other comprehensive loss, net line within the accompanying Consolidated Balance Sheets. The amounts reclassified from Accumulated other comprehensive loss, net are recognized in the Cost of ATM operating revenues, Interest expense, net, or Other expense (income) lines in the accompanying Consolidated Statements of Operations.

The Company has elected the portfolio approach for the deferred tax asset of the unrealized gains and losses related to the interest rate swap contracts in Accumulated other comprehensive loss, net within the accompanying Consolidated Balance Sheets. Under the portfolio approach, the disproportionate tax effect created when the valuation allowance was appropriately released as a tax benefit into continuing operations in 2010, will reverse out of the Accumulated other comprehensive loss, net line within the accompanying Consolidated Balance Sheets and into continuing operations as a tax expense when the Company ceases to hold any interest rate swap contracts. As of March 31, 2020, the disproportionate tax effect is $14.6 million