Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Equity

Equity

Share Repurchase Authorization

In 2015, the Company’s Board of Directors (the “Board”) authorized a share repurchase program to repurchase up to $1.2 billion of the Company’s common stock. The Board authorized incremental share repurchases of up to an aggregate additional $3.5 billion of the Company’s common stock during 2021, 2022, and 2023. As of March 31, 2024, $831.3 million remained available under the share repurchase program. The Company may repurchase its common stock from time-to-time in amounts, at prices and in the manner that the Company deems appropriate, subject to the availability of stock, prevailing market conditions, the trading price of the stock, the Company’s financial performance and other conditions. Repurchases may be made through open market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended), accelerated share repurchases, private transactions or other transactions and will be funded by cash on hand and borrowings. Repurchases may also be made from time-to-time in connection with the settlement of the Company’s stock-based compensation awards.

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

	Three Months Ended
	March 31,
	2024		2023
Number of shares repurchased (1)	489,734		327,680
Cash paid for repurchased shares (in thousands) (2)	$	225,124	$	106,850

(1)The average purchase price for repurchased shares was $459.69 and $332.18 for the three months ended March 31, 2024 and 2023, respectively. The repurchased shares during the three months ended March 31, 2024 and 2023 included purchases for both open market purchases and stock-based compensation award settlements.

(2)The cash paid for repurchased shares during the three months ended March 31, 2023 excluded $2.0 million of open market purchases with trade dates in March 2023 that settled in April 2023.

Accumulated Other Comprehensive Loss, net (“AOCL”)

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 March 31, 2024

	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – December 31, 2023	$	(24,162)	$	(5,731)	$	(46,438)	$	(76,331)
Other comprehensive income (loss) activity during the period:
Change in AOCL before reclassifications to income	—		—		(9,707)		(9,707)
Reclassifications from AOCL to income (2), (3)	3,601		51		—		3,652
Other comprehensive income (loss), net	3,601		51		(9,707)		(6,055)
Balance – March 31, 2024	$	(20,561)	$	(5,680)	$	(56,145)	$	(82,386)

Three Months Ended March 31, 2023

	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – December 31, 2022	$	(39,248)	$	(4,247)	$	(58,115)	$	(101,610)
Other comprehensive income (loss) activity during the period:
Change in AOCL before reclassifications to income	—		—		1,832		1,832
Reclassifications from AOCL to income (2), (3)	3,834		34		—		3,868
Other comprehensive income (loss), net	3,834		34		1,832		5,700
Balance – March 31, 2023	$	(35,414)	$	(4,213)	$	(56,283)	$	(95,910)

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

(2)$4.8 million and $5.1 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, 2024 and 2023, 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 (expense), net.

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 March 31, 2024 that is expected to be reclassified into earnings within the next 12 months is $18.7 million.