Preferred Stock, Common Stock and Other Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Preferred Stock, Common Stock and Other Stockholders' Equity

Preferred Stock, Common Stock and Other Stockholders' Equity

12. Preferred Stock, Common Stock and Other Stockholders’ Equity

Common Stock

As of December 31, 2019, the number of authorized shares of common stock was 280,000,000, of which 84,633,845 shares were outstanding, 3,518,000 shares were reserved for future issuance through our Long-Term Incentive Plan, and 1,652,000 shares were reserved for future issuance through the ESPP. Pursuant to the ESPP, Holdings’ common stock may be issued from authorized and unissued shares, treasury shares or shares purchased on the open market.

On June 7, 2016, Holdings announced that its Board of Directors approved a new stock repurchase program that permitted Holdings to repurchase an incremental $500.0 million in shares of Holdings’ common stock (the "June 2016 Stock Repurchase Plan"). Holdings fully utilized the availability under the June 2016 Stock Repurchase Plan by May 2017. Throughout the program, Holdings repurchased 8,392,000 shares at a cumulative cost of approximately $500.0 million and an average price per share of $59.58.

On March 30, 2017, Holdings announced that its Board of Directors approved a new stock repurchase plan that permits Holdings to repurchase an incremental $500 million in shares of Holdings’ common stock (the "March 2017 Stock Repurchase Plan"). As of February 18, 2020, Holdings had repurchased 4,604,000 shares at a cumulative cost of approximately $268.3 million and an average price per share of $58.27 under the March 2017 Stock Repurchase Plan, leaving approximately $231.7 million available for permitted repurchases.

During the years ended December 31, 2019, 2018 and 2017, Holdings’ Board of Directors declared and paid quarterly cash dividends per share of common stock as follows:

	Dividends
	Paid
	Per Share
2019:
Fourth Quarter	$	0.83
Third Quarter	$	0.82
Second Quarter	$	0.82
First Quarter	$	0.82
2018:
Fourth Quarter	$	0.82
Third Quarter	$	0.78
Second Quarter	$	0.78
First Quarter	$	0.78
2017:
Fourth Quarter	$	0.70
Third Quarter	$	0.64
Second Quarter	$	0.64
First Quarter	$	0.64

Preferred Stock

As of December 31, 2019, the number of authorized shares of preferred stock was 5,000,000, none of which have been issued or reserved for future issuance. The authorization of preferred shares empowers Holdings’ Board of Directors, without further stockholder approval, to issue preferred shares with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights of the holders of Holdings’ common stock. If issued, the preferred stock could also dilute the holders of Holdings’ common stock and could be used to discourage, delay or prevent a change of control.

Accumulated Other Comprehensive (Loss) Income

The balances for each component of accumulated other comprehensive (loss) income are as follows:

									Accumulated
	Cumulative								Other
	Translation		Cash Flow		Defined Benefit		Income		Comprehensive
(Amounts in thousands)	Adjustment		Hedges		Plans		Taxes		Loss
Balance as of December 31, 2016	$	(31,942)	$	(826)	$	(43,960)	$	9,544	$	(67,184)
Net current period change		3,120		57		1,136		(2,106)		2,207
Amounts reclassified from AOCI		—		769		865		(538)		1,096
Balance as of December 31, 2017	$	(28,822)	$	—	$	(41,959)	$	6,900	$	(63,881)
Net current period change		1,470		—		167		(351)		1,286
Amounts reclassified from AOCI		—		—		721		(185)		536
Effects of Adoption of ASU 2018-02		—		—		—		(9,439)		(9,439)
Balances at December 31, 2018	$	(27,352)	$	—	$	(41,071)	$	(3,075)	$	(71,498)
Net current period change		5,168		(484)		(9,006)		1,283		(3,039)
Amounts reclassified from AOCI		—		(1,046)		795		78		(173)
Balances at December 31, 2019	$	(22,184)	$	(1,530)	$	(49,282)	$	(1,714)	$	(74,710)

The Company had the following reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31, 2019, 2018 and 2017:

		Amount of Reclassification from AOCI
		Year Ended December 31,
Component of AOCI	Location of Reclassification into Income	2019		2018		2017
Amortization of loss on interest rate hedge	Interest expense	$	(1,046)	$	—	$	769
	Income tax benefit		276		—		(279)
	Net of tax	$	(770)	$	—	$	490
Amortization of deferred actuarial loss and prior service cost	Operating expenses	$	795	$	721	$	865
	Income tax expense		(198)		(185)		(259)
	Net of tax	$	597	$	536	$	606
Total reclassifications		$	(173)	$	536	$	1,096