Shareholders' Equity

12 Months Ended

Dec. 31, 2020

Shareholders’ Equity

Share Repurchases. On March 26, 2019, the Company announced that its Board of Directors (the “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. From May through September 2019, the Company repurchased an accumulated total of 1,732,392 outstanding Class A ordinary shares at a weighted average price of $28.86 per share, for an aggregate purchase price of approximately $50 million, exhausting the March 2019 authorization. The amounts presented for share repurchases on the Consolidated Statements of Shareholders' Equity include the applicable stamp taxes payable in the U.K. of $0.3 million.

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. The Company did not utilize the second authorization to repurchase shares in the three months ended December 31, 2019.

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 Pandemic related business update, and the share repurchase program that was approved on November 21, 2019 has expired.

Common shares. The Company had 44,539,433 and 44,676,132 shares outstanding as of December 31, 2020 and 2019, respectively.

Additional Paid-In Capital. Included in the balance of Additional paid in capital as of December 31, 2020 and 2019 are amounts related to the Convertible Notes and the related equity instruments. These amounts include: (i) the estimated fair value of the embedded option of the Convertible Notes of $71.7 million at the time of issuance, (ii) the amount paid to purchase the associated convertible note hedges of $72.6 million, (iii) the amount received for selling associated warrants of $40.5 million, and (iv) $1.6 million in debt issuance costs allocated to the equity component of the convertible note. Also included in the balance as of December 31, 2020 are the net amounts paid to settle the convertible note hedges and the associated warrants that the Company entered into in conjunction with the issuance of its Convertible Notes in 2013. These instruments were partially

settled upon the partial repurchase of the Convertible Notes in June 2020 in proportionate amounts. During the year ended December 31, 2020, the Company received $0.4 million upon settlement of convertible note hedges that were canceled and paid $1.4 million to settle the warrants that were canceled. These figures are reported together with the associated fees in the Company's Consolidated Statements of Shareholders' Equity. For additional information on the Convertible Notes and the related equity instruments, see Note 11. Current and Long-Term Debt.

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 years ended December 31, 2020, 2019, and 2018:


	Foreign Currency Translation Adjustments			Unrealized (Losses) Gains on Interest Rate Derivative and Foreign Currency Forward Contracts			Total
	(In thousands)
Total Accumulated other comprehensive loss, net as of December 31, 2017	$	(24,374)	(5)	$	(9,221)	(1)	$	(33,595)
Other comprehensive (loss) income before reclassification	(41,938)		(6)	4,725		(2)	(37,213)
Amounts reclassified from accumulated other comprehensive loss, net	—			3,931		(2)	3,931
Net current period other comprehensive (loss) income	(41,938)			8,656			(33,282)
Total Accumulated other comprehensive loss, net as of December 31, 2018	$	(66,312)	(5)	$	(565)	(1)	$	(66,877)
Other comprehensive income (loss) before reclassification	7,627		(6)	(20,311)		(3)	(12,684)
Amounts reclassified from accumulated other comprehensive loss, net	(458)		(7)	2,132		(3)	1,674
Net current period other comprehensive income (loss)	7,169			(18,179)			(11,010)
Total Accumulated other comprehensive loss, net as of December 31, 2019	$	(59,143)	(5)	$	(18,744)	(1)	$	(77,887)
Other comprehensive income (loss) before reclassification	17,571		(6)	(60,984)		(4)	(43,413)
Amounts reclassified from Accumulated other comprehensive loss, net	—			27,569		(4)	27,569
Net current period other comprehensive income (loss)	17,571			(33,415)			(15,844)
Total Accumulated other comprehensive loss, net as of December 31, 2020	$	(41,572)	(5)	$	(52,159)	(1)	$	(93,731)

(1)Net of deferred income tax expense of $3,823, $14,273, $19,112, and $16,317 as of December 31, 2020, 2019, 2018, and 2017 respectively.

(2)Net of deferred income tax expense of $1,525 and $1,270 for Other comprehensive (loss) income before reclassification and Amounts reclassified from accumulated other comprehensive loss, net, respectively, for the year ended December 31, 2018. See Note 16. Derivative Financial Instruments.

(3)Net of deferred income tax (benefit) expense of $(5,407) and $568 for Other comprehensive income (loss) before reclassification and Amounts reclassified from Accumulated other comprehensive loss, net, respectively, for the year ended December 31, 2019. See Note 16. Derivative Financial Instruments.

(4)Net of deferred income tax (benefit) expense of ($19,072) and $8,622 for Other comprehensive income (loss) before reclassification and Amounts reclassified from Accumulated other comprehensive loss, net, respectively, for the year ended December 31, 2020. See Note 16. Derivative Financial Instruments.

(5)Net of deferred income tax benefit of $3,083, $5,474, $5,232, $5,339 as of December 31, 2020, 2019, 2018, and 2017 respectively.

(6)Net of deferred income tax expense (benefit) of $2,391, $(242), and $107 for the years ended December 31, 2020, 2019, and 2018, respectively.

(7)The Company reclassified a gain of $0.5 million from Accumulated other comprehensive loss, net in 2019, upon liquidation of the Poland legal entity.

The Company records unrealized gains and losses related to designated interest rate derivative and foreign currency forward derivative contracts, net of taxes, in the Accumulated other comprehensive loss, net line within the Consolidated Balance Sheets since it is more likely than not that the Company will be able to realize the benefits associated with its net deferred tax asset positions in the future. The amounts reclassified from Accumulated other comprehensive loss, net are recognized in the Cost of ATM operating revenues, Interest expense, net, or Other income, net lines in the accompanying

Consolidated Statements of Operations in the same period or periods during which the hedged transaction affects and has been forecasted in earnings. The classification of the gain or loss is determined based on the associated hedge designation. See Note 16. Derivative Financial Instruments.

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 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 Consolidated Balance Sheets and into continuing operations as a tax expense when the Company ceases to hold any interest rate swap contracts. As of December 31, 2020, the disproportionate tax effect was $14.7 million.