Equity (Tables)

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Schedule of share repurchase activity

The Company’s share repurchase activity for the periods indicated is presented in the table below.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Number of shares repurchased (1)	705,800		51,298		929,311		815,001
Cash paid for repurchased shares (in thousands) (2)	$	94,878	$	8,129	$	141,436	$	104,400

(1) The average purchase price for repurchased shares was $134.42 and $140.09 for the three months ended September 30, 2019 and 2018, respectively, and $136.05 and $128.10 for the nine months ended September 30, 2019 and 2018, respectively. The repurchased shares during the three and nine months ended September 30, 2019 and 2018 included purchases for both stock-based compensation awards and open market purchases.

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

Schedule of 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 September 30, 2019

	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss, Net			Accumulated Earnings		Treasury Stock			Total
Balance at June 30, 2019	$	82	$	1,868,878	$	(73,479	)	$	1,879,633	$	(2,711,312	)	$	963,802
Net income	—		—		—			41,388		—			41,388
Other comprehensive loss	—		—		(7,785		)	—		—			(7,785		)
Issuances under stock plans	—		3,538		—			—		633			4,171
Common share repurchases	—		—		—			—		(94,873		)	(94,873		)
Stock-based compensation expense	—		12,954		—			—		—			12,954
Balance at September 30, 2019	$	82	$	1,885,370	$	(81,264	)	$	1,921,021	$	(2,805,552	)	$	919,657

Three Months Ended September 30, 2018

	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss, Net			Accumulated Earnings		Treasury Stock			Total
Balance at June 30, 2018	$	82	$	1,798,075	$	(24,051	)	$	1,659,658	$	(2,512,332	)	$	921,432
Net income	—		—		—			11,753		—			11,753
Other comprehensive income	—		—		1,367			—		—			1,367
Issuances under stock plans	—		1,752		—			—		1,711			3,463
Common share repurchases	—		—		—			—		(7,186		)	(7,186		)
Stock-based compensation expense	—		10,718		—			—		—			10,718
Balance at September 30, 2018	$	82	$	1,810,545	$	(22,684	)	$	1,671,412	$	(2,517,807	)	$	941,548

Nine Months Ended September 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	—		—		—			165,589		—			165,589
Other comprehensive loss	—		—		(41,397		)	—		—			(41,397		)
Issuances under stock plans	—		3,767		—			—		9,481			13,248
Common share repurchases	—		—		—			—		(126,433		)	(126,433		)
Stock-based compensation expense	—		57,893		—			—		—			57,893
Balance at September 30, 2019	$	82	$	1,885,370	$	(81,264	)	$	1,921,021	$	(2,805,552	)	$	919,657

Nine Months Ended September 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	—		—			—			38,436			—			38,436
Other comprehensive loss	—		—			(24,783		)	—			—			(24,783		)
Issuances under stock plans	—		(6,856		)	—			—			13,385			6,529
Common share repurchases	—		—			—			—			(104,400		)	(104,400		)
Stock-based compensation expense	—		56,018			—			—			—			56,018
Balance at September 30, 2018	$	82	$	1,810,545		$	(22,684	)	$	1,671,412		$	(2,517,807	)	$	941,548

(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.

Schedule of the changes in Accumulated Other Comprehensive (Loss) Income by component (net of tax)

The tables below provide information about the 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 September 30, 2019

	Interest Rate Swaps			Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Total
Balance – June 30, 2019	$	(46,990	)	$	(5,655	)	$	(20,834	)	$	(73,479	)
Other comprehensive income (loss) activity during the period:
Change in AOCI/L before reclassifications to income	(10,285		)	—			3,553			(6,731		)
Reclassifications from AOCI/L to income (2), (3)	(1,094		)	41			—			(1,054		)
Other comprehensive income (loss) for the period	(11,379		)	41			3,553			(7,785		)
Balance – September 30, 2019	$	(58,369	)	$	(5,614	)	$	(17,281	)	$	(81,264	)

Three Months Ended September 30, 2018

	Interest Rate Swaps			Defined Benefit Pension Plans			Foreign Currency Translation Adjustments			Total
Balance – June 30, 2018	$	16,281		$	(5,750	)	$	(34,582	)	$	(24,051	)
Other comprehensive income (loss) activity during the period:
Change in AOCI/L before reclassifications to income	969			—			814			1,783
Reclassifications from AOCI/L to income (2), (3), (4)	(619		)	53			150			(416		)
Other comprehensive income (loss) for the period	350			53			964			1,367
Balance – September 30, 2018	$	16,631		$	(5,697	)	$	(33,618	)	$	(22,684	)

Nine Months Ended September 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	(46,224		)	—			9,078			(37,146		)
Reclassifications from AOCI/L to income (2), (3)	(4,375		)	124			—			(4,251		)
Other comprehensive income (loss) for the period	(50,599		)	124			9,078			(41,397		)
Balance – September 30, 2019	$	(58,369	)	$	(5,614	)	$	(17,281	)	$	(81,264	)

Nine Months Ended September 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 (5)	591			—			—			591
Other comprehensive income (loss) activity during the period:
Change in AOCI/L before reclassifications to income	13,748			—			21,656			35,404
Reclassifications from AOCI/L to income (2), (3), (4)	(191		)	164			(60,160		)	(60,187	)
Other comprehensive income (loss) for the period	13,557			164			(38,504		)	(24,783	)
Balance – September 30, 2018	$	16,631		$	(5,697	)	$	(33,618	)	(22,684	)

(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) 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.

(5)

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.