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Equity | 6 Months Ended
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Jun. 30, 2021
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 additional $300.0 million and $500.0 million of the Company’s common stock in February 2021 and April 2021, respectively. $0.3 billion remained available under the share repurchase program as of June 30, 2021. 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. See Note 15 — Subsequent Event for a discussion regarding an increase in the Company’s share repurchase authorization. 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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Number of shares repurchased (1) | 3,094,706 |  |  | 5,999 |  |  | 5,369,416 |  | 423,706
Cash paid for repurchased shares (in thousands) (2) | $ | 684,900 |  |  | $ | 698 |  |  | $ | 1,083,350 |  |  | $ | 73,862 |
(1) The average purchase price for repurchased shares was $218.33 and $116.29 for the three months ended June 30, 2021 and 2020, respectively, and $202.28 and $150.72 for the six months ended June 30, 2021 and 2020, respectively. The repurchased shares during the three months ended June 30, 2021 included purchases for both stock-based compensation award settlements and open market purchases. All of the shares repurchased during the three months ended June 30, 2020 related to the settlement of the Company's stock-based compensation awards. The repurchased shares during the six months ended June 30, 2021 and 2020 included purchases for both stock-based compensation award settlements and open market purchases. (2) The cash paid for repurchased shares during the six months ended June 30, 2021 included $8.0 million of open market purchases with trade dates in December 2020 that settled in January 2021. There were $10.8 million of open market purchases with trade dates in June 2021 that settled in July 2021. The cash paid for repurchased shares during the six months ended June 30, 2020 included $10.0 million of open market purchases with trade dates in December 2019 that settled in January 2020. 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 June 30, 2021
| Interest Rate Swaps |  | Defined Benefit Pension Plans |  | Foreign Currency Translation Adjustments |  | Total
Balance – March 31, 2021 | $ | (72,834) |  |  | $ | (9,206) |  |  | $ | (11,138) |  |  | $ | (93,178) |
Other comprehensive income activity during the period: |  |  |  |  |  |  |
Change in AOCL before reclassifications to income | — |  |  | — |  |  | 4,639 |  |  | 4,639 |
Reclassifications from AOCL to income (2), (3) | 5,457 |  |  | 104 |  |  | — |  |  | 5,561 |
Other comprehensive income for the period | 5,457 |  |  | 104 |  |  | 4,639 |  |  | 10,200 |
Balance – June 30, 2021 | $ | (67,377) |  |  | $ | (9,102) |  |  | $ | (6,499) |  |  | $ | (82,978) |
Three Months Ended June 30, 2020
| Interest Rate Swaps |  | Defined Benefit Pension Plans |  | Foreign Currency Translation Adjustments |  | Total
Balance – March 31, 2020 | $ | (91,896) |  |  | $ | (8,505) |  |  | $ | (68,571) |  |  | $ | (168,972) |
Other comprehensive income (loss) activity during the period: |  |  |  |  |  |  |
Change in AOCL before reclassifications to income | (9,935) |  |  | — |  |  | 23,817 |  |  | 13,882 |
Reclassifications from AOCL to income (2), (3) | 12,835 |  |  | 80 |  |  | — |  |  | 12,915 |
Other comprehensive income for the period | 2,900 |  |  | 80 |  |  | 23,817 |  |  | 26,797 |
Balance – June 30, 2020 | $ | (88,996) |  |  | $ | (8,425) |  |  | $ | (44,754) |  |  | $ | (142,175) |
Six Months Ended June 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 activity during the period: |  |  |  |  |  |  |
Change in AOCL before reclassifications to income | — |  |  | — |  |  | 5,316 |  |  | 5,316 |
Reclassifications from AOCL to income (2), (3) | 10,727 |  |  | 207 |  |  | — |  |  | 10,934 |
Other comprehensive income for the period | 10,727 |  |  | 207 |  |  | 5,316 |  |  | 16,250 |
Balance – June 30, 2021 | $ | (67,377) |  |  | $ | (9,102) |  |  | $ | (6,499) |  |  | $ | (82,978) |
Six Months Ended June 30, 2020
| Interest Rate Swaps |  | Defined Benefit Pension Plans |  | Foreign Currency Translation Adjustments |  | Total
Balance – December 31, 2019 | $ | (47,164) |  |  | $ | (8,584) |  |  | $ | (22,190) |  |  | $ | (77,938) |
Other comprehensive (loss) income activity during the period: |  |  |  |  |  |  |
Change in AOCL before reclassifications to income | (56,989) |  |  | — |  |  | (22,564) |  |  | (79,553) |
Reclassifications from AOCL to income (2), (3) | 15,157 |  |  | 159 |  |  | — |  |  | 15,316 |
Other comprehensive (loss) income for the period | (41,832) |  |  | 159 |  |  | (22,564) |  |  | (64,237) |
Balance – June 30, 2020 | $ | (88,996) |  |  | $ | (8,425) |  |  | $ | (44,754) |  |  | $ | (142,175) |
(1)Amounts in parentheses represent debits (deferred losses). (2)$7.3 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net, for both of the three months ended June 30, 2021 and 2020. $14.3 million and $10.5 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, 2021 and 2020, respectively. $10.3 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Other (expense) income, net for both the three and six months ended June 30, 2020. 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 (expense) income, 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 June 30, 2021 that is expected to be reclassified into earnings within the next 12 months is $27.1 million.

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