| Schedule of share repurchase activity |
The Company’s share repurchase activity for the periods indicated is presented in the following table: | | | | | | | | | | Three Months Ended | | March 31, | | 2019 | | 2018 | Number of shares repurchased (1) | 212,424 |
| | 239,268 |
| Cash paid for repurchased shares (in thousands) (2) | $ | 44,839 |
| | $ | 28,394 |
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(1) The average purchase price for repurchased shares was $140.46 and $118.73 for the three months ended March 31, 2019 and 2018, respectively. All of the shares repurchased in both quarterly periods related to the settlement of the Company's stock-based compensation awards. (2) The cash paid for repurchased shares during the three months ended March 31, 2019 included open market purchases with trade dates in December 2018 that settled in January 2019.
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| Schedule of Stockholders Equity [Table Text Block] |
The following tables provide a reconciliation of changes in the Company's Stockholders' Equity for the periods indicated (in thousands):
For the three months ended March 31, 2019: | | | | | | | | | | | | | | | | | | | | | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss, Net | Accumulated Earnings | Treasury Stock | Total | Balance at December 31, 2018 | $ | 82 |
| $ | 1,823,710 |
| $ | (39,867 | ) | $ | 1,755,432 |
| $ | (2,688,600 | ) | $ | 850,757 |
| Net income | — |
| — |
| — |
| 20,795 |
| — |
| 20,795 |
| Other comprehensive loss | — |
| — |
| (21,699 | ) | — |
| — |
| (21,699 | ) | Issuances under stock plans | — |
| (2,911 | ) | — |
| — |
| 7,973 |
| 5,062 |
| Common share repurchases | — |
| — |
| — |
| — |
| (29,837 | ) | (29,837 | ) | Stock-based compensation expense | — |
| 31,819 |
| — |
| — |
| — |
| 31,819 |
| Balance at March 31, 2019 | $ | 82 |
| $ | 1,852,618 |
| $ | (61,566 | ) | $ | 1,776,227 |
| $ | (2,710,464 | ) | $ | 856,897 |
|
For the three months ended March 31, 2018: | | | | | | | | | | | | | | | | | | | | | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income, Net | Accumulated Earnings | Treasury Stock | Total | Balance at December 31, 2017 | $ | 82 |
| $ | 1,761,383 |
| $ | 1,508 |
| $ | 1,647,284 |
| $ | (2,426,792 | ) | $ | 983,465 |
| Adoption of ASU No. 2016-16 (1) | — |
| — |
| — |
| (13,717 | ) | — |
| (13,717 | ) | Net loss | — |
| — |
| — |
| (19,587 | ) | — |
| (19,587 | ) | Other comprehensive income | — |
| — |
| 30,717 |
| — |
| — |
| 30,717 |
| Issuances under stock plans | — |
| (4,296 | ) | — |
| — |
| 8,439 |
| 4,143 |
| Common share repurchases | — |
| — |
| — |
| — |
| (28,408 | ) | (28,408 | ) | Stock-based compensation expense | — |
| 30,958 |
| — |
| — |
| — |
| 30,958 |
| Balance at March 31, 2018 | $ | 82 |
| $ | 1,788,045 |
| $ | 32,225 |
| $ | 1,613,980 |
| $ | (2,446,761 | ) | $ | 987,571 |
|
(1) On January 1, 2018, the Company adopted ASU No. 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory" ("ASU No. 2016-16"). ASU No. 2016-16 accelerates the recognition of taxes on certain intra-entity transactions. As a result of the transition rules under ASU No. 2016-16, certain of the Company's balance sheet income tax accounts pertaining to pre-2018 intra-entity transfers, which aggregated $13.7 million, were reversed against accumulated earnings on January 1, 2018.
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| Schedule of the changes in Accumulated Other Comprehensive (Loss) Income by component (net of tax) |
The following tables disclose information about 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):
For the three months ended March 31, 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 | (12,853 | ) | | — |
| | (7,236 | ) | | (20,089 | ) | Reclassifications from AOCI/L to income (2), (3) | (1,652 | ) | | 42 |
| | — |
| | (1,610 | ) | Other comprehensive income (loss) for the period | (14,505 | ) | | 42 |
| | (7,236 | ) | | (21,699 | ) | Balance – March 31, 2019 | $ | (22,275 | ) | | $ | (5,696 | ) | | $ | (33,595 | ) | | $ | (61,566 | ) |
For the three months ended March 31, 2018: | | | | | | | | | | | | | | | | | | Interest Rate
Swaps | | Defined
Benefit
Pension Plans | | Foreign
Currency
Translation
Adjustments | | Total | Balance – December 31, 2017 | $ | 2,483 |
| | $ | (5,861 | ) | | $ | 4,886 |
| | $ | 1,508 |
| Other comprehensive income (loss) activity during the period: | | | | | | | | Change in AOCI/L before reclassifications to income | 9,365 |
| | — |
| | 20,547 |
| | 29,912 |
| Reclassifications from AOCI/L to income (2), (3) | 749 |
| | 56 |
| | — |
| | 805 |
| Other comprehensive income (loss) for the period | 10,114 |
| | 56 |
| | 20,547 |
| | 30,717 |
| Balance – March 31, 2018 | $ | 12,597 |
| | $ | (5,805 | ) | | $ | 25,433 |
| | $ | 32,225 |
|
| | (1) | Amounts in parentheses represent debits (deferred losses). |
| | (2) | The reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net of tax effect. See Note 6 – Debt and Note 9 – Derivatives and Hedging for information regarding the cash flow hedges. |
(3) The reclassifications related to defined benefit pension plans were primarily recorded in Selling, general and administrative expense, net of tax effect. See Note 11 – Employee Benefits for information regarding the Company’s defined benefit pension plans.
|