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Equity (Tables)

9 Months Ended

Sep. 30, 2021

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,
	2021		2020		2021		2020
Number of shares repurchased (1)	1,255,218		17,167		6,624,634		440,873
Cash paid for repurchased shares (in thousands) (2)	$	355,458	$	2,255	$	1,438,808	$	76,117

(1)The average purchase price for repurchased shares was $290.54 and $131.35 for the three months ended September 30, 2021 and 2020, respectively, and $219.00 and $149.97 for the nine months ended September 30, 2021 and 2020, respectively. The repurchased shares during the three months ended September 30, 2021 included purchases for both open market purchases and stock-based compensation award settlements. 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 nine months ended September 30, 2021 and 2020 included purchases for both open market purchases and stock-based compensation award settlements.

(2)The cash paid for repurchased shares during the nine months ended September 30, 2021 included $8.0 million of open market purchases with trade dates in December 2020 that settled in January 2021 and excluded $20.0 million of open market purchases with trade dates in September 2021 that settled in October 2021. The cash paid for repurchased shares during the nine months ended September 30, 2020 included $10.0 million of 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 AOCL by component and the related amounts reclassified out of AOCL to income during the periods indicated (net of tax, in thousands) (1).

Three Months Ended September 30, 2021


	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – June 30, 2021	$	(67,377)	$	(9,102)	$	(6,499)	$	(82,978)
Other comprehensive income (loss) activity during the period:
Change in AOCL before reclassifications to income	—		—		(6,488)		(6,488)
Reclassifications from AOCL to income (2), (3)	5,529		100		—		5,629
Other comprehensive income (loss), net	5,529		100		(6,488)		(859)
Balance – September 30, 2021	$	(61,848)	$	(9,002)	$	(12,987)	$	(83,837)

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 AOCL before reclassifications to income	(1,033)		—		7,498		6,465
Reclassifications from AOCL to income (2), (3)	5,412		85		—		5,497
Other comprehensive income (loss), net	4,379		85		7,498		11,962
Balance – September 30, 2020	$	(84,617)	$	(8,340)	$	(37,256)	$	(130,213)

Nine Months Ended September 30, 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 AOCL before reclassifications to income	—		—		(1,172)		(1,172)
Reclassifications from AOCL to income (2), (3)	16,256		307		—		16,563
Other comprehensive income (loss), net	16,256		307		(1,172)		15,391
Balance at September 30, 2021	$	(61,848)	$	(9,002)	$	(12,987)	$	(83,837)

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 AOCL before reclassifications to income	(58,022)		—		(15,066)		(73,088)
Reclassifications from AOCL to income (2), (3)	20,569		244		—		20,813
Other comprehensive income (loss), net	(37,453)		244		(15,066)		(52,275)
Balance – September 30, 2020	$	(84,617)	$	(8,340)	$	(37,256)	$	(130,213)

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

(2)$7.4 million and $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, 2021 and 2020, respectively. $21.7 million and $17.7

million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net, for the nine months ended September 30, 2021 and 2020, respectively. In addition, as a result of the interest rate swaps de-designation, the Company reclassified $10.3 million to Other income (expense), net, during the three months ended June 30, 2020. See Note 8 — Debt and Note 11 — 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.