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Equity | 9 Months Ended
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Sep. 30, 2023
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 $1.6 billion, $1.0 billion and $0.4 billion of the Company’s common stock during 2021, 2022, and February 2023, respectively. As of September 30, 2023, $610.8 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 |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Number of shares repurchased (1) |  | 648,616 |  |  | 375,076 |  |  | 1,400,129 |  |  | 3,783,922 |
Cash paid for repurchased shares (in thousands) (2) |  | $ | 209,367 |  |  | $ | 96,534 |  |  | $ | 447,739 |  |  | $ | 1,026,414 |
(1)The average purchase price for repurchased shares was $341.11 and $254.71 for the three months ended September 30, 2023 and 2022, respectively, and $330.50 and $272.84 for the nine months ended September 30, 2023 and 2022, respectively. The repurchased shares during the three and nine months ended September 30, 2023 and 2022 included purchases for both open market purchases and stock-based compensation award settlements. (2)The cash paid for repurchased shares during the nine months ended September 30, 2023 excluded $15.0 million of open market purchases with trade dates in September 2023 that settled in October 2023 and $2.8 million of excise tax accrued. The cash paid for repurchased shares during the nine months ended September 30, 2022 excluded $6.0 million of open market purchases with trade dates in September 2022 that settled in October 2022. The cash paid for repurchased shares during the three months ended September 30, 2023 included $3.1 million of open market purchases with trade dates in June 2023 that settled in July 2023, and excluded $15.0 million of open market purchases with trade dates in September 2023 that settled in October 2023. The cash paid for repurchased shares during the three months ended September 30, 2022 included $7.0 million of open market purchases with trade dates in June 2022 that settled in July 2022, and excluded $6.0 million of open market purchases with trade dates in September 2022 that settled in October 2022. 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 September 30, 2023
|  | Interest Rate Swaps |  | Defined Benefit Pension Plans |  | Foreign Currency Translation Adjustments |  | Total
Balance – June 30, 2023 |  | $ | (31,596) |  |  | $ | (4,180) |  |  | $ | (49,351) |  |  | $ | (85,127) |
Other comprehensive income (loss) activity during the period: |  |  |  |  |  |  |  |
Change in AOCL before reclassifications to income |  | — |  |  | — |  |  | (13,171) |  |  | (13,171) |
Reclassifications from AOCL to income (2), (3) |  | 3,707 |  |  | 33 |  |  | — |  |  | 3,740 |
Other comprehensive income (loss), net |  | 3,707 |  |  | 33 |  |  | (13,171) |  |  | (9,431) |
Balance – September 30, 2023 |  | $ | (27,889) |  |  | $ | (4,147) |  |  | $ | (62,522) |  |  | $ | (94,558) |
Three Months Ended September 30, 2022
|  | Interest Rate Swaps |  | Defined Benefit Pension Plans |  | Foreign Currency Translation Adjustments |  | Total
Balance – June 30, 2022 |  | $ | (47,084) |  |  | $ | (6,767) |  |  | $ | (50,665) |  |  | $ | (104,516) |
Other comprehensive income (loss) activity during the period: |  |  |  |  |  |  |  |
Change in AOCL before reclassifications to income |  | — |  |  | — |  |  | (29,961) |  |  | (29,961) |
Reclassifications from AOCL to income (2), (3) |  | 3,886 |  |  | 43 |  |  | — |  |  | 3,929 |
Other comprehensive income (loss), net |  | 3,886 |  |  | 43 |  |  | (29,961) |  |  | (26,032) |
Balance – September 30, 2022 |  | $ | (43,198) |  |  | $ | (6,724) |  |  | $ | (80,626) |  |  | $ | (130,548) |
Nine Months Ended September 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 |  | — |  |  | — |  |  | (4,407) |  |  | (4,407) |
Reclassifications from AOCL to income (2), (3) |  | 11,359 |  |  | 100 |  |  | — |  |  | 11,459 |
Other comprehensive income (loss), net |  | 11,359 |  |  | 100 |  |  | (4,407) |  |  | 7,052 |
Balance – September 30, 2023 |  | $ | (27,889) |  |  | $ | (4,147) |  |  | $ | (62,522) |  |  | $ | (94,558) |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |
|  | Interest Rate Swaps |  | Defined Benefit Pension Plans |  | Foreign Currency Translation Adjustments |  | Total
Balance – December 31, 2021 |  | $ | (56,323) |  |  | $ | (6,672) |  |  | $ | (18,436) |  |  | $ | (81,431) |
Other comprehensive income (loss) activity during the period: |  |  |  |  |  |  |  |
Change in AOCL before reclassifications to income |  | — |  |  | (189) |  |  | (62,190) |  |  | (62,379) |
Reclassifications from AOCL to income (2), (3) |  | 13,125 |  |  | 137 |  |  | — |  |  | 13,262 |
Other comprehensive income (loss), net |  | 13,125 |  |  | (52) |  |  | (62,190) |  |  | (49,117) |
Balance – September 30, 2022 |  | $ | (43,198) |  |  | $ | (6,724) |  |  | $ | (80,626) |  |  | $ | (130,548) |
(1)Amounts in parentheses represent debits (deferred losses). (2)$4.9 million and $5.2 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net, for the three months ended September 30, 2023 and 2022, respectively. $15.2 million and $17.5 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net, for the nine months ended September 30, 2023 and 2022, 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. 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 September 30, 2023 that is expected to be reclassified into earnings within the next 12 months is $19.3 million.

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