Equity

Share Repurchase Program

On May 5, 2015, the Company’s Board of Directors authorized $1.2 billion to repurchase the Company's common stock. This authorization succeeds the Company’s prior $800.0 million share repurchase authorization, which was fully utilized. The Company may repurchase its common stock from time to time in amounts and at prices the Company deems appropriate, subject to the availability of stock, prevailing market conditions, the trading price of the stock, the Company’s financial performance and other conditions. Repurchases may be made through open market purchases, private transactions or other transactions and will be funded from cash on hand and borrowings under the Company’s credit agreement.

The Company’s recent share repurchase activity under the prior $800.0 million share repurchase authorization is presented in the following table:



	Three Months Ended
	March 31,
	2015		2014
Number of shares repurchased (1) (2)	4,084,590		2,699,714
Cash paid for repurchased shares during the quarter (in thousands) (2)	$	324,042	$	195,850


(1)	The average cost of the repurchased shares was $81.83 and $70.34 for the three months ended March 31, 2015 and 2014, respectively. The total cost of shares repurchased in the three months ended March 31, 2015 was $334.2 million.


(2)	The cash paid for the three months ended March 31, 2015 includes $2.7 million for share repurchase transactions that occurred in late December 2014 that were paid in early January 2015. It excludes $12.9 million for share repurchase transactions that occurred in late March 2015 that was paid in early April 2015.

Accumulated Other Comprehensive Loss

The following tables disclose information about changes in accumulated other comprehensive loss ("AOCL") by component and the related amounts reclassified out of AOCL to income during the years indicated (net of tax, in thousands) (1):

For the three months ended March 31, 2015:



	Interest Rate Swaps			Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Total
Balance – December 31, 2014	$	(1,740	)	$	(6,028	)	$	(13,402	)	$	(21,170	)
Changes during the period:
Change in AOCL before reclassifications to income	(1,857		)	—			(20,107		)	(21,964		)
Reclassifications from AOCL to income during the period (2), (3)	753			53			—			806
Other comprehensive (loss) income for the period	(1,104		)	53			(20,107		)	(21,158		)
Balance – March 31, 2015	$	(2,844	)	$	(5,975	)	$	(33,509	)	$	(42,328	)

For the three months ended March 31, 2014:



	Interest Rate Swap			Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Total
Balance – December 31, 2013	$	(3,903	)	$	(1,811	)	$	14,059		$	8,345
Changes during the period:
Change in AOCL before reclassifications to income	(132		)	—			(278		)	(410		)
Reclassifications from AOCL to income during the period (2), (3)	602			15			—			617
Other comprehensive income (loss) for the period	470			15			(278		)	207
Balance – March 31, 2014	$	(3,433	)	$	(1,796	)	$	13,781		$	8,552


(1)	Amounts in parentheses represent debits (deferred losses).


(2)	The reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net of tax effect. See Note 9 – Derivatives and Hedging for information regarding the hedges.


(3)	The reclassifications related to defined benefit pension plans were recorded in Selling, general and administrative expense, net of tax effect. See Note 11 – Employee Benefits for information regarding the Company’s defined benefit pension plans.