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Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Stock Repurchase Program

Through December 31, 2020, the Company’s Board of Directors (the “Board”) has authorized an aggregate of $7.5 billion of funding for the Company’s common stock repurchase program (the “Repurchase Program”) since its establishment in March 2009. The most recent authorization occurred in January 2019 when the Board increased the authorized amount available under the Repurchase Program to $2.0 billion. As of December 31, 2020, the remaining amount of share repurchases authorized by the Board under the Repurchase Program was approximately $1.6 billion.

The following table provides the stock repurchase activities during the years ended December 31, 2020, 2019, and 2018 (in millions, except per share amounts):

			Years Ended December 31,
			2020						2019						2018
Shares repurchased			0.2						0.6						—
Average price per share			$	551.51					$	481.35					$	—
Value of shares repurchased			$	134.3					$	269.5					$	—

The Company uses the par value method of accounting for its stock repurchases. As a result of share repurchase activities during the years ended December 31, 2020, 2019, and 2018, the Company reduced common stock and additional paid-in capital by an aggregate of $8 million, $15 million, and zero, respectively, and charged $126 million, $255 million, and zero, respectively, to retained earnings.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2020, and 2019, are as follows (in millions):

			Year Ended December 31, 2020
			Gains (Losses) on Hedge Instruments						Unrealized  Gains (Losses) on Available-for-Sale Securities						Foreign Currency Translation Gains (Losses)						Employee Benefit Plans						Total
Beginning balance			$	0.7					$	20.4					$	—					$	(8.7)					$	12.4
Other comprehensive income (loss) before reclassifications			(0.8)						13.8						4.7						1.0						18.7
Reclassified from accumulated other comprehensive (loss)			(2.8)						(4.7)						—						1.3						(6.2)
Net current-period other comprehensive income (loss)			(3.6)						9.1						4.7						2.3						12.5
Ending balance			$	(2.9)					$	29.5					$	4.7					$	(6.4)					$	24.9
			Year Ended December 31, 2019
			Gains (Losses) on Hedge Instruments						Unrealized Gains (Losses) on Available-for-Sale Securities						Foreign Currency Translation Gains (Losses)						Employee Benefit Plans						Total
Beginning balance			$	0.2					$	(9.8)					$	(0.3)					$	(3.4)					$	(13.3)
Other comprehensive income (loss) before reclassifications			5.8						30.7						0.3						(5.9)						30.9
Reclassified from accumulated other comprehensive income (loss)			(5.3)						(0.5)						—						0.6						(5.2)
Net current-period other comprehensive income (loss)			0.5						30.2						0.3						(5.3)						25.7
Ending balance			$	0.7					$	20.4					$	—					$	(8.7)					$	12.4

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- References

No definition available.

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- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

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