Equity (Tables)

6 Months Ended

Jun. 30, 2024

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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Number of shares repurchased (1)	778,575		423,833		1,268,309		751,513
Cash paid for repurchased shares (in thousands) (2)	$	339,593	$	131,522	$	564,717	$	238,372

(1)The average purchase price for repurchased shares was $442.60 and $312.95 for the three months ended June 30, 2024 and 2023, respectively, and $449.19 and $321.34 for the six months ended June 30, 2024 and 2023, respectively. The repurchased shares during the three and six months ended June 30, 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 six months ended June 30, 2024 excluded $5.0 million of open market purchases with trade dates in June 2024 that settled in July 2024 and excise tax accrued. The cash paid for repurchased shares during the six months ended June 30, 2023 excluded $3.1 million of open market purchases with trade dates in June 2023 that settled in July 2023 and excise tax accrued. The cash paid for repurchased shares during the three months ended June 30, 2024 excluded $5.0 million of open market purchases with trade dates in June 2024 that settled in July 2024 and excise tax accrued. The cash paid for repurchased shares during the three months ended June 30, 2023 included $2.0 million of open market purchases with trade dates in March 2023 that settled in April 2023, and excluded $3.1 million of open market purchases with trade dates in June 2023 that settled in July 2023 and excise tax accrued.

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 June 30, 2024

	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – March 31, 2024	$	(20,561)	$	(5,680)	$	(56,145)	$	(82,386)
Other comprehensive income (loss) activity during the period:
Change in AOCL before reclassifications to income	—		—		(2,967)		(2,967)
Reclassifications from AOCL to income (2), (3)	3,649		51		—		3,700
Other comprehensive income (loss), net	3,649		51		(2,967)		733
Balance – June 30, 2024	$	(16,912)	$	(5,629)	$	(59,112)	$	(81,653)

Three Months Ended June 30, 2023

	Interest Rate Swaps		Defined Benefit Pension Plans		Foreign Currency Translation Adjustments		Total
Balance – March 31, 2023	$	(35,414)	$	(4,213)	$	(56,283)	$	(95,910)
Other comprehensive income (loss) activity during the period:
Change in AOCL before reclassifications to income	—		—		6,932		6,932
Reclassifications from AOCL to income (2), (3)	3,818		33		—		3,851
Other comprehensive income (loss), net	3,818		33		6,932		10,783
Balance – June 30, 2023	$	(31,596)	$	(4,180)	$	(49,351)	$	(85,127)

Six Months Ended June 30, 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	—		—		(12,674)		(12,674)
Reclassifications from AOCL to income (2), (3)	7,250		102		—		7,352
Other comprehensive income (loss), net	7,250		102		(12,674)		(5,322)
Balance – June 30, 2024	$	(16,912)	$	(5,629)	$	(59,112)	$	(81,653)

Six Months Ended June 30, 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	—		—		8,764		8,764
Reclassifications from AOCL to income (2), (3)	7,652		67		—		7,719
Other comprehensive income (loss), net	7,652		67		8,764		16,483
Balance – June 30, 2023	$	(31,596)	$	(4,180)	$	(49,351)	$	(85,127)

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

(2)$4.9 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 June 30, 2024 and 2023, respectively. $9.7 million and $10.2 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net, for the six months ended June 30, 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, net.