Equity

6 Months Ended

Jun. 30, 2019

Stockholders' Equity Note [Abstract]

Equity

Equity

Share Repurchase Authorization

The Company has a $1.2 billion board authorization to repurchase the Company's common stock, of which $0.9 billion remained available as of June 30, 2019. The Company may repurchase its common stock from time-to-time in amounts, at prices and in the manner that 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 (which may include repurchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended), accelerated share repurchases, private transactions or other transactions and will be funded from cash on hand and borrowings. The Company’s share repurchase activity for the periods indicated is presented in the following table:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Number of shares repurchased (1)	11,087		524,435		223,511		763,703
Cash paid for repurchased shares (in thousands) (2)	$	1,719	$	67,877	$	46,558	$	96,271

(1) The average purchase price for repurchased shares was $155.37 and $131.23 for the three months ended June 30, 2019 and 2018, respectively, and $141.20 and $127.29 for the six months ended June 30, 2019 and 2018, respectively. The repurchased shares during the three and six months ended June 30, 2018 included purchases for both stock-based compensation awards and open market purchases. There were no open market purchases during 2019.

(2) The cash paid for repurchased shares during the six months ended June 30, 2019 includes open market purchases with trade dates in December 2018 that settled in January 2019.

Stockholders' Equity

The tables below provide a reconciliation of changes in the Company's Stockholders' Equity for the periods indicated (in thousands):

Three Months Ended June 30, 2019

	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss, Net			Accumulated Earnings		Treasury Stock			Total
Balance at March 31, 2019	$	82	$	1,852,618	$	(61,566	)	$	1,776,227	$	(2,710,464	)	$	856,897
Net income	—		—		—			103,406		—			103,406
Other comprehensive loss	—		—		(11,913		)	—		—			(11,913		)
Issuances under stock plans	—		3,140		—			—		875			4,015
Common share repurchases	—		—		—			—		(1,723		)	(1,723		)
Stock-based compensation expense	—		13,120		—			—		—			13,120
Balance at June 30, 2019	$	82	$	1,868,878	$	(73,479	)	$	1,879,633	$	(2,711,312	)	$	963,802

Three Months Ended June 30, 2018

	Common Stock		Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss), Net			Accumulated Earnings			Treasury Stock			Total
Balance at March 31, 2018	$	82	$	1,788,045		$	32,225		$	1,613,980		$	(2,446,761	)	$	987,571
Adoption of ASU No. 2018-02 (1)	—		—			591			(591		)	—			—
Net income	—		—			—			46,270			—			46,270
Other comprehensive loss	—		—			(56,867		)	—			—			(56,867		)
Issuances under stock plans	—		(4,312		)	—			—			3,235			(1,077		)
Common share repurchases	—		—			—			—			(68,806		)	(68,806		)
Stock-based compensation expense	—		14,342			—			—			—			14,342
Balance at June 30, 2018	$	82	$	1,798,075		$	(24,051	)	$	1,659,658		$	(2,512,332	)	$	921,432

Six Months Ended June 30, 2019

	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss, Net			Accumulated Earnings		Treasury Stock			Total
Balance at December 31, 2018	$	82	$	1,823,710	$	(39,867	)	$	1,755,432	$	(2,688,600	)	$	850,757
Net income	—		—		—			124,201		—			124,201
Other comprehensive loss	—		—		(33,612		)	—		—			(33,612		)
Issuances under stock plans	—		229		—			—		8,848			9,077
Common share repurchases	—		—		—			—		(31,560		)	(31,560		)
Stock-based compensation expense	—		44,939		—			—		—			44,939
Balance at June 30, 2019	$	82	$	1,868,878	$	(73,479	)	$	1,879,633	$	(2,711,312	)	$	963,802

Six Months Ended June 30, 2018

	Common Stock		Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss), Net			Accumulated Earnings			Treasury Stock			Total
Balance at December 31, 2017	$	82	$	1,761,383		$	1,508		$	1,647,284		$	(2,426,792	)	$	983,465
Adoption of ASU No. 2018-02 (1)	—		—			591			(591		)	—			—
Adoption of ASU No. 2016-16 (2)	—		—			—			(13,717		)	—			(13,717		)
Net income	—		—			—			26,683			—			26,683
Other comprehensive loss	—		—			(26,150		)	—			—			(26,150		)
Issuances under stock plans	—		(8,608		)	—			—			11,674			3,066
Common share repurchases	—		—			—			—			(97,214		)	(97,214		)
Stock-based compensation expense	—		45,300			—			—			—			45,300
Balance at June 30, 2018	$	82	$	1,798,075		$	(24,051	)	$	1,659,658		$	(2,512,332	)	$	921,432

(1) On April 1, 2018, the Company early adopted ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU No. 2018-02"), which resulted in a reclassification of $0.6 million of stranded tax amounts related to the U.S. Tax Cuts and Jobs Act of 2017 from Accumulated other comprehensive income (loss), net to Accumulated earnings.

(2) On January 1, 2018, the Company adopted ASU No. 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory" ("ASU No. 2016-16"). ASU No. 2016-16 accelerates the recognition of taxes on certain intra-entity transactions. As a result of the transition rules under ASU No. 2016-16, certain of the Company's balance sheet income tax accounts pertaining to pre-2018 intra-entity transfers, which aggregated $13.7 million, were reversed against accumulated earnings on January 1, 2018.

Accumulated Other Comprehensive Income (Loss), net ("AOCI/L")

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

Three Months Ended June 30, 2019

	Interest Rate Swaps			Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Total
Balance – March 31, 2019	$	(22,275	)	$	(5,696	)	$	(33,595	)	$	(61,566	)
Other comprehensive income (loss) activity during the period:
Change in AOCI/L before reclassifications to income	(23,085		)	—			12,761			(10,324		)
Reclassifications from AOCI/L to income (2), (3)	(1,630		)	41			—			(1,589		)
Other comprehensive income (loss) for the period	(24,715		)	41			12,761			(11,913		)
Balance – June 30, 2019	$	(46,990	)	$	(5,655	)	$	(20,834	)	$	(73,479	)

Three Months Ended June 30, 2018

	Interest Rate Swaps			Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Total
Balance – March 31, 2018	$	12,597		$	(5,805	)	$	25,433		$	32,225
Adoption of ASU No. 2018-02 (4)	591			—			—			591
Other comprehensive income (loss) activity during the period:
Change in AOCI/L before reclassifications to income	3,414			—			295			3,709
Reclassifications from AOCI/L to income (2), (3), (5)	(321		)	55			(60,310		)	(60,576		)
Other comprehensive income (loss) for the period	3,093			55			(60,015		)	(56,867		)
Balance – June 30, 2018	$	16,281		$	(5,750	)	$	(34,582	)	$	(24,051	)

Six Months Ended June 30, 2019

	Interest Rate Swaps			Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Total
Balance – December 31, 2018	$	(7,770	)	$	(5,738	)	$	(26,359	)	$	(39,867	)
Other comprehensive income (loss) activity during the period:
Change in AOCI/L before reclassifications to income	(35,938		)	—			5,525			(30,413		)
Reclassifications from AOCI/L to income (2), (3)	(3,282		)	83			—			(3,199		)
Other comprehensive income (loss) for the period	(39,220		)	83			5,525			(33,612		)
Balance – June 30, 2019	$	(46,990	)	$	(5,655	)	$	(20,834	)	$	(73,479	)

Six Months Ended June 30, 2018

	Interest Rate Swaps		Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Total
Balance – December 31, 2017	$	2,483	$	(5,861	)	$	4,886		1,508
Adoption of ASU No. 2018-02 (4)	591		—			—			591
Other comprehensive income (loss) activity during the period:
Change in AOCI/L before reclassifications to income	12,779		—			20,842			33,621
Reclassifications from AOCI/L to income (2), (3), (5)	428		111			(60,310		)	(59,771	)
Other comprehensive income (loss) for the period	13,207		111			(39,468		)	(26,150	)
Balance – June 30, 2018	$	16,281	$	(5,750	)	$	(34,582	)	(24,051	)

(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 6 – Debt and Note 9 – Derivatives and Hedging for information regarding the cash flow hedges.

(3) The reclassifications related to defined benefit pension plans were primarily 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.

(4) On April 1, 2018, the Company early adopted ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU No. 2018-02"), which resulted in a reclassification of $0.6 million of stranded tax amounts related to the U.S. Tax Cuts and Jobs Act of 2017 from AOCI/L to Accumulated earnings.

(5)

The reclassifications related to foreign currency translation adjustments in 2018 were recorded in Gain (loss) from divested operations. See Note 1 – Business and Basis of Presentation for information regarding our divestitures in 2018.