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. 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 is presented in the following table:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Number of shares repurchased (1), (2)	1,244,010		1,527,084		5,328,600		4,226,798
Cash paid for repurchased shares (in thousands) (3)	$	117,400	$	111,598	$	441,442	$	307,448


(1)	The average cost of the repurchased shares was $84.03 and $82.34 for the three and six months ended June 30, 2015, respectively, and $69.59 and $70.07 for the three and six months ended June 30, 2014, respectively.


(2)	These share repurchases were completed under the Company's prior share repurchase authorization, which was fully utilized.


(3)	The cash paid for the six months ended June 30, 2015 includes $2.7 million for share repurchase transactions that occurred in late December 2014 and were paid in early January 2015.

Accumulated Other Comprehensive (Loss) Income ("AOCL/I")

The following tables disclose information about changes in AOCL/I by component and the related amounts reclassified out of AOCL/I to income during the periods indicated (net of tax, in thousands) (1):

For the three months ended June 30, 2015:



	Interest Rate Swaps			Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Total
Balance – March 31, 2015	$	(2,844	)	$	(5,975	)	$	(33,509	)	$	(42,328	)
Changes during the period:
Change in AOCL before reclassifications to income	(596		)	—			6,224			5,628
Reclassifications from AOCL to income during the period (2), (3)	1,030			53			—			1,083
Other comprehensive income for the period	434			53			6,224			6,711
Balance – June 30, 2015	$	(2,410	)	$	(5,922	)	$	(27,285	)	$	(35,617	)

For the three months ended June 30, 2014:



	Interest Rate Swap			Defined Benefit Pension Plans			Foreign Currency Translation Adjustments		Total
Balance – March 31, 2014	$	(3,433	)	$	(1,796	)	$	13,781	$	8,552
Changes during the period:
Change in AOCI before reclassifications to income	(102		)	—			876		774
Reclassifications from AOCI to income during the period (2), (3)	613			14			—		627
Other comprehensive income for the period	511			14			876		1,401
Balance – June 30, 2014	$	(2,922	)	$	(1,782	)	$	14,657	$	9,953

For the six months ended June 30, 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	(2,453		)	—			(13,883		)	(16,336		)
Reclassifications from AOCL to income during the period (2), (3)	1,783			106			—			1,889
Other comprehensive (loss) income for the period	(670		)	106			(13,883		)	(14,447		)
Balance – June 30, 2015	$	(2,410	)	$	(5,922	)	$	(27,285	)	$	(35,617	)

For the six months ended June 30, 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 AOCI before reclassifications to income	(234		)	—			598		364
Reclassifications from AOCI to income during the period (2), (3)	1,215			29			—		1,244
Other comprehensive income for the period	981			29			598		1,608
Balance – June 30, 2014	$	(2,922	)	$	(1,782	)	$	14,657	$	9,953


(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.