Equity (Tables)

3 Months Ended

Mar. 31, 2021

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
	March 31,
	2021		2020
Number of shares repurchased (1)	2,274,710		417,707
Cash paid for repurchased shares (in thousands) (2)	$	398,450	$	73,164

(1) The average purchase price for repurchased shares was $180.44 and $151.22 for the three months ended March 31, 2021 and 2020, respectively. The repurchased shares during the three months ended March 31, 2021 and 2020 included purchases for both stock-based compensation awards and open market purchases.

(2) The cash paid for repurchased shares during the three months ended March 31, 2021 included $8.0 million of open market purchases with trade dates in December 2020 that settled in January 2021. There were $20.0 million of open market purchases with trade dates in March 2021 that settled in April 2021. The cash paid for repurchased shares during the three months ended March 31, 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 March 31, 2021

	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – December 31, 2020	$	(78,104)	$	(9,309)	$	(11,815)	$	(99,228)
Other comprehensive income (loss) activity during the period:
Change in AOCI/L before reclassifications to income	—		—		677		677
Reclassifications from AOCI/L to income (2), (3)	5,270		103		—		5,373
Other comprehensive income (loss) for the period	5,270		103		677		6,050
Balance – March 31, 2021	$	(72,834)	$	(9,206)	$	(11,138)	$	(93,178)

Three Months Ended March 31, 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	(47,054)		—		(46,381)		(93,435)
Reclassifications from AOCI/L to income (2), (3)	2,322		79		—		2,401
Other comprehensive income (loss) for the period	(44,732)		79		(46,381)		(91,034)
Balance – March 31, 2020	$	(91,896)	$	(8,505)	$	(68,571)	$	(168,972)

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

(2)$7.0 million and $3.2 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net, for the three months ended March 31, 2021 and 2020, respectively. 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.