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Equity (Tables)

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Number of shares repurchased (1)	17,167		705,800		440,873		929,311
Cash paid for repurchased shares (in thousands) (2)	$	2,255	$	94,878	$	76,117	$	141,436

(1) The average purchase price for repurchased shares was $131.35 and $134.42 for the three months ended September 30, 2020 and 2019, respectively, and $149.97 and $136.05 for the nine months ended September 30, 2020 and 2019, respectively. All of the shares repurchased during the three months ended September 30, 2020 related to the settlement of the Company’s stock-based compensation awards. The repurchased shares during the three months ended September 30, 2019 included purchases for both stock-based compensation awards and open market purchases. The repurchased shares during the nine months ended September 30, 2020 and 2019 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, 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 September 30, 2020


	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – June 30, 2020	$	(88,996)	$	(8,425)	$	(44,754)	$	(142,175)
Other comprehensive income (loss) activity during the period:
Change in AOCI/L before reclassifications to income	(1,033)		—		7,498		6,465
Reclassifications from AOCI/L to income (2), (3)	5,412		85		—		5,497
Other comprehensive income (loss) for the period	4,379		85		7,498		11,962
Balance – September 30, 2020	$	(84,617)	$	(8,340)	$	(37,256)	$	(130,213)

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)

Nine Months Ended September 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	(58,022)		—		(15,066)		(73,088)
Reclassifications from AOCI/L to income (2), (3)	20,569		244		—		20,813
Other comprehensive income (loss) for the period	(37,453)		244		(15,066)		(52,275)
Balance – September 30, 2020	$	(84,617)	$	(8,340)	$	(37,256)	$	(130,213)

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)

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

(2)$7.2 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net, for the three months ended September 30, 2020. $10.3 million and $17.7 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Other income (expense), net and Interest expense, net, respectively for the nine months ended September 30, 2020. The reclassifications related to interest rate swaps (cash flow hedges) were recorded as Interest expense, net for the three and nine months ended September 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 income (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, net at September 30, 2020 that is expected to be reclassified into earnings within the next 12 months is $28.9 million.