Quarterly report pursuant to Section 13 or 15(d)

Shareholders' (Deficit) Equity (Tables)

v2.4.0.8
Shareholders' (Deficit) Equity (Tables)
6 Months Ended
Jun. 30, 2014
Equity [Abstract]  
Summary of Changes in Shareholders' (Deficit) Equity

Changes in shareholders’ (deficit) equity for the six months ended June 30, 2014 were as follows (in thousands):

 

Total shareholders’ equity as of December 31, 2013

   $ 551,446   

Net income

     194,160   

Issuance of common shares from exercise of stock options, SARs, restricted stock grants, and employee stock purchase plan

     2,039   

Excess tax benefit from exercise of stock options, SARs and restricted stock grants

     6,693   

Additional capital from share-based compensation

     23,398   

Repurchases of common shares, including Forward Transactions

     (1,277,929

Allocation to additional paid-in capital due to issuance of the Convertible Notes and Forward Transactions.

     249,797   

Reduction in additional paid-in capital from the Capped Call Transactions

     (123,825

Dividends paid and received, net

     (26,984

Foreign currency translation adjustment, net of income taxes

     182   

Unrealized loss on derivatives, net of income taxes

     (3,178

Unrealized gain on available-for-sale investments, net of income taxes

     133   
  

 

 

 

Total shareholders’ deficit as of June 30, 2014

   $ (404,068
  

 

 

 
Summary of Changes in Accumulated Other Comprehensive Income (Loss)

The following table summarizes changes in accumulated other comprehensive income (loss) during the three months ended June 30, 2014:

 

     Changes in Accumulated Other Comprehensive
Income (Loss) by Component

Three Months Ended June 30, 2014
 
     Foreign
Currency
Translation
Adjustments
    Unrealized
Gain (Loss) on
Derivatives
    Unrealized Gain
(Loss) on
Available-For-
Sale Investments
     Total  
     (In millions)  

Beginning Balance

   $ (27.8   $ 5.3      $ —         $ (22.5
  

 

 

   

 

 

   

 

 

    

 

 

 

Other comprehensive income (loss) before reclassifications, net of tax

     2.4        (1.6     0.2         1.0   

Amounts reclassified from accumulated other comprehensive income (loss) to income, net of tax(1)

     —          (1.2     —           (1.2
  

 

 

   

 

 

   

 

 

    

 

 

 

Total other comprehensive income (loss), net of reclassifications

     2.4        (2.8     0.2         (0.2
  

 

 

   

 

 

   

 

 

    

 

 

 

Ending balance

   $ (25.4   $ 2.5      $ 0.2       $ (22.7
  

 

 

   

 

 

   

 

 

    

 

 

 

 

(1) See Note 2, Significant Accounting Policies, and Note 9, Derivative Instruments and Hedging Activities, for information regarding the location in the condensed consolidated statements of income of gains (losses) reclassified from accumulated other comprehensive income (loss) into income during the three and six months ended June 30, 2014.

 

The following table summarizes changes in accumulated other comprehensive income (loss) during the six months ended June 30, 2014:

 

     Changes in Accumulated Other Comprehensive
Income (Loss) by Component

Six Months Ended June 30, 2014
 
     Foreign
Currency
Translation
Adjustments
    Unrealized
Gain (Loss) on
Derivatives
    Unrealized Gain
(Loss) on
Available-For-
Sale Investments
    Total  
     (In millions)  

Beginning Balance

   $ (25.6   $ 5.7      $ 0.1      $ (19.8
  

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss) before reclassifications, net of tax

     0.2        (1.7     (1.9     (3.4

Amounts reclassified from accumulated other comprehensive income (loss) to income, net of tax(1)

     —          (1.5     2.0        0.5   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss), net of reclassifications

     0.2        (3.2     0.1        (2.9
  

 

 

   

 

 

   

 

 

   

 

 

 

Ending balance

   $ (25.4   $ 2.5      $ 0.2      $ (22.7
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) See Note 2, Significant Accounting Policies, and Note 9, Derivative Instruments and Hedging Activities, for information regarding the location in the condensed consolidated statements of income of gains (losses) reclassified from accumulated other comprehensive income (loss) into income during the three and six months ended June 30, 2014.

The following table summarizes changes in accumulated other comprehensive income (loss) during the three months ended June 30, 2013:

 

     Changes in Accumulated Other Comprehensive
Income (Loss) by Component
Three Months Ended June 30, 2013
 
     Foreign
Currency
Translation
Adjustments
    Unrealized
Gain (Loss) on
Derivatives
    Total  
     (In millions)  

Beginning Balance

   $ (37.5   $ (4.2   $ (41.7
  

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss) before reclassifications, net of tax

     (9.2     4.8        (4.4

Amounts reclassified from accumulated other comprehensive income (loss) to income, net of tax(1)

     —         1.8        1.8   
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss), net of reclassifications

     (9.2     6.6        (2.6
  

 

 

   

 

 

   

 

 

 

Ending balance

   $ (46.7   $ 2.4      $ (44.3
  

 

 

   

 

 

   

 

 

 

 

(1) See Note 9, Derivative Instruments and Hedging Activities, for information regarding the location in the condensed consolidated statements of income of gains (losses) reclassified from accumulated other comprehensive income (loss) into income during the three and six months ended June 30, 2013.

 

The following table summarizes changes in accumulated other comprehensive income (loss) during the six months ended June 30, 2013:

 

     Changes in Accumulated Other Comprehensive
Income (Loss) by Component

Six Months Ended June 30, 2013
 
     Foreign
Currency
Translation
Adjustments
    Unrealized
Gain (Loss) on
Derivatives
    Total  
     (In millions)  

Beginning Balance

   $ (28.8   $ (2.9   $ (31.7
  

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss) before reclassifications, net of tax

     (17.9     2.0        (15.9

Amounts reclassified from accumulated other comprehensive income (loss) to income, net of tax(1)

     —         3.3        3.3   
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss), net of reclassifications

     (17.9     5.3        (12.6
  

 

 

   

 

 

   

 

 

 

Ending balance

   $ (46.7   $ 2.4      $ (44.3
  

 

 

   

 

 

   

 

 

 

 

(1) See Note 9, Derivative Instruments and Hedging Activities, for information regarding the location in the condensed consolidated statements of income of gains (losses) reclassified from accumulated other comprehensive income (loss) into income during the three and six months ended June 30, 2013.