Equity (Tables)

9 Months Ended

Sep. 30, 2022

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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Number of shares repurchased (1)	375,076		1,255,218		3,783,922		6,624,634
Cash paid for repurchased shares (in thousands) (2)	$	96,534	$	355,458	$	1,026,414	$	1,438,808

(1)The average purchase price for repurchased shares was $254.71 and $290.54 for the three months ended September 30, 2022 and 2021, respectively, and $272.84 and $219.00 for the nine months ended September 30, 2022 and 2021, respectively. The repurchased shares during the three and nine months ended September 30, 2022 and 2021 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, 2022 excluded $6.0 million of open market purchases with trade dates in September 2022 that settled in October 2022. 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 three months ended September 30, 2022 included $7.0 million of open market purchases with trade dates in June 2022 that settled in July 2022, and excluded $6.0 million of open market purchases with trade dates in September 2022 that settled in October 2022. The cash paid for repurchased shares during the three months ended September 30, 2021 included $10.8 million of open market purchases with trade dates in June 2021 that settled in July 2021, and excluded $20.0 million of open market purchases with trade dates in September 2021 that settled in October 2021.

Schedule of the changes in Accumulated Other Comprehensive Loss 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, 2022

	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – June 30, 2022	$	(47,084)	$	(6,767)	$	(50,665)	$	(104,516)
Other comprehensive income (loss) activity during the period:
Change in AOCL before reclassifications to income	—		—		(29,961)		(29,961)
Reclassifications from AOCL to income (2), (3)	3,886		43		—		3,929
Other comprehensive income (loss), net	3,886		43		(29,961)		(26,032)
Balance – September 30, 2022	$	(43,198)	$	(6,724)	$	(80,626)	$	(130,548)

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)

Nine Months Ended September 30, 2022

	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – December 31, 2021	$	(56,323)	$	(6,672)	$	(18,436)	$	(81,431)
Other comprehensive income (loss) activity during the period:
Change in AOCL before reclassifications to income	—		(189)		(62,190)		(62,379)
Reclassifications from AOCL to income (2), (3)	13,125		137		—		13,262
Other comprehensive income (loss), net	13,125		(52)		(62,190)		(49,117)
Balance – September 30, 2022	$	(43,198)	$	(6,724)	$	(80,626)	$	(130,548)

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 – September 30, 2021	$	(61,848)	$	(9,002)	$	(12,987)	$	(83,837)

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

(2)$5.2 million and $7.4 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, 2022 and 2021, respectively. $17.5 million and $21.7 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, 2022 and 2021, respectively. 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, net.