Equity (Tables)

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Schedule of share repurchase activity

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Number of shares repurchased (1)	5,999		11,087		423,706		223,511
Cash paid for repurchased shares (in thousands) (2)	$	698	$	1,719	$	73,862	$	46,558

(1) The average purchase price for repurchased shares was $116.29 and $155.37 for the three months ended June 30, 2020 and 2019, respectively, and $150.72 and $141.20 for the six months ended June 30, 2020 and 2019, respectively. The repurchased shares during the six months ended June 30, 2020 included purchases for both stock-based compensation awards and open market purchases. All of the shares repurchased during the six months ended June 30, 2019 related to the settlement of the Company's stock-based compensation awards.

(2) The cash paid for repurchased shares during the six months ended June 30, 2020 included open market purchases with trade dates in December 2019 that settled in January 2020.

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 June 30, 2020

	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – March 31, 2020	$	(91,896)	$	(8,505)	$	(68,571)	$	(168,972)
Other comprehensive income (loss) activity during the period:
Change in AOCI/L before reclassifications to income	(9,935)		—		23,817		13,882
Reclassifications from AOCI/L to income (2), (3)	12,835		80		—		12,915
Other comprehensive income (loss) for the period	2,900		80		23,817		26,797
Balance – June 30, 2020	$	(88,996)	$	(8,425)	$	(44,754)	$	(142,175)

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)

Six Months Ended June 30, 2020

	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – December 31, 2019	$	(47,164)	$	(8,584)	$	(22,190)	$	(77,938)
Other comprehensive income (loss) activity during the period:
Change in AOCI/L before reclassifications to income	(56,989)		—		(22,564)		(79,553)
Reclassifications from AOCI/L to income (2), (3)	15,157		159		—		15,316
Other comprehensive income (loss) for the period	(41,832)		159		(22,564)		(64,237)
Balance – June 30, 2020	$	(88,996)	$	(8,425)	$	(44,754)	$	(142,175)

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)

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

(2)$10.3 million and $7.3 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Other expense, net and Interest expense, net, respectively, for the three months ended June 30, 2020. $10.3 million and $10.5 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Other expense, net and Interest expense, net, respectively for the six months ended June 30, 2020. The reclassifications related to interest rate swaps (cash flow hedges) were recorded as interest expense, net for the three and six months ended June 30, 2019. See Note 7 — Debt and Note 10 — Derivatives and Hedging for information regarding the cash flow hedges.

(3)The reclassifications related to defined benefit pension plans were recorded in Other expense, net. See Note 12 – Employee Benefits for information regarding the Company’s defined benefit pension plans.

The estimated net amount of the existing losses on the Company's interest rate swaps that are reported in accumulated other comprehensive loss at June 30, 2020 that is expected to be reclassified into earnings within the next 12 months is $28.7 million.