Equity

Share Repurchase Program

The Company has a $1.2 billion board approved authorization to repurchase the Company's common stock, of which $1.11 billion remained available as of September 30, 2016. 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 arrangement.

The Company’s recent share repurchase activity is presented in the following table:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Number of shares repurchased (1)	9,882		210,012		542,792		5,538,612
Cash paid for repurchased shares (in thousands) (2)	$	922	$	11,558	$	52,889	$	453,000

(1) The average purchase price for repurchased shares was $93.33 and $84.17 for the three and nine months ended September 30, 2016, respectively, and $83.79 and $82.40 for the three and nine months ended September 30, 2015, respectively.

(2) The cash paid for the nine months ended September 30, 2016 includes $7.2 million for share repurchases that were executed in late December 2015 and were settled in early January 2016.

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 September 30, 2016:



	Interest Rate Swaps			Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Total
Balance - June 30, 2016	$	(12,158	)	$	(4,757	)	$	(31,088	)	$	(48,003	)
Changes during the period:
Change in AOCL/I before reclassifications to income	2,076			—			(3,032		)	(956		)
Reclassifications from AOCL/I to income during the period (2), (3)	1,138			37			—			1,175
Other comprehensive income (loss) for the period	3,214			37			(3,032		)	219
Balance – September 30, 2016	$	(8,944	)	$	(4,720	)	$	(34,120	)	$	(47,784	)

For the three months ended September 30, 2015:



	Interest Rate Swaps			Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Total
Balance – June 30, 2015	$	(2,410	)	$	(5,922	)	$	(27,285	)	$	(35,617	)
Changes during the period:
Change in AOCL/I before reclassifications to income	(7,457		)	—			(7,900		)	(15,357		)
Reclassifications from AOCL/I to income during the period (2), (3)	1,647			53			—			1,700
Other comprehensive (loss) income for the period	(5,810		)	53			(7,900		)	(13,657		)
Balance – September 30, 2015	$	(8,220	)	$	(5,869	)	$	(35,185	)	$	(49,274	)

For the nine months ended September 30, 2016:



	Interest Rate Swaps			Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Total
Balance – December 31, 2015	$	(3,079	)	$	(4,832	)	$	(36,491	)	$	(44,402	)
Changes during the period:
Change in AOCL/I before reclassifications to income	(9,376		)	—			2,371			(7,005		)
Reclassifications from AOCL/I to income during the period (2), (3)	3,511			112			—			3,623
Other comprehensive (loss) income for the period	(5,865		)	112			2,371			(3,382		)
Balance – September 30, 2016	$	(8,944	)	$	(4,720	)	$	(34,120	)	$	(47,784	)

For the nine months ended September 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/I before reclassifications to income	(9,910		)	—			(21,783		)	(31,693		)
Reclassifications from AOCL/I to income during the period (2), (3)	3,430			159			—			3,589
Other comprehensive (loss) income for the period	(6,480		)	159			(21,783		)	(28,104		)
Balance – September 30, 2015	$	(8,220	)	$	(5,869	)	$	(35,185	)	$	(49,274	)


(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.