Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Deficit (Tables)

v3.22.1
Shareholders' Deficit (Tables)
3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Summary of Changes in Shareholders' Deficit

Changes in shareholders’ deficit for the three months ended March 31, 2022 and 2021 were as follows:

 

 

 

Three Months Ended March 31, 2022

 

 

 

Common Shares

 

 

Treasury Stock

 

 

Paid-in Capital in Excess of Par Value

 

 

Accumulated Other Comprehensive Loss

 

 

Accumulated Deficit

 

 

Total Shareholders’ Deficit

 

 

 

(in millions)

 

Balance as of December 31, 2021

 

$

0.1

 

 

$

(328.9

)

 

$

318.1

 

 

$

(211.8

)

 

$

(1,169.0

)

 

$

(1,391.5

)

Issuance of 1.0 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other

 

 

 

 

 

 

 

 

1.1

 

 

 

 

 

 

 

 

 

1.1

 

Additional capital from share-based compensation

 

 

 

 

 

 

 

 

12.4

 

 

 

 

 

 

 

 

 

12.4

 

Repurchases of 3.0 common shares

 

 

 

 

 

 

 

 

(21.9

)

 

 

 

 

 

(94.3

)

 

 

(116.2

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

98.2

 

 

 

98.2

 

Foreign currency translation adjustment, net of income taxes of $

 

 

 

 

 

 

 

 

 

 

 

4.4

 

 

 

 

 

 

4.4

 

Unrealized loss on derivatives, net of income taxes of $

 

 

 

 

 

 

 

 

 

 

 

(2.6

)

 

 

 

 

 

(2.6

)

Cumulative effect of accounting change relating to adoption of ASU 2020-06

 

 

 

 

 

 

 

 

(136.7

)

 

 

 

 

 

77.6

 

 

 

(59.1

)

Balance as of March 31, 2022

 

$

0.1

 

 

$

(328.9

)

 

$

173.0

 

 

$

(210.0

)

 

$

(1,087.5

)

 

$

(1,453.3

)

 

 

 

Three Months Ended March 31, 2021

 

 

 

Common Shares

 

 

Treasury Stock

 

 

Paid-in Capital in Excess of Par Value

 

 

Accumulated Other Comprehensive Loss

 

 

Accumulated Deficit

 

 

Total Shareholders’ Deficit

 

 

 

(in millions)

 

Balance as of December 31, 2020

 

$

0.1

 

 

$

(328.9

)

 

$

342.3

 

 

$

(182.2

)

 

$

(687.4

)

 

$

(856.1

)

Issuance of 1.3 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other

 

 

 

 

 

 

 

 

0.9

 

 

 

 

 

 

 

 

 

0.9

 

Additional capital from share-based compensation

 

 

 

 

 

 

 

 

13.3

 

 

 

 

 

 

 

 

 

13.3

 

Repurchases of 13.4 common shares

 

 

 

 

 

 

 

 

(57.8

)

 

 

 

 

 

(587.2

)

 

 

(645.0

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

147.4

 

 

 

147.4

 

Foreign currency translation adjustment, net of income taxes of $1.5

 

 

 

 

 

 

 

 

 

 

 

(23.7

)

 

 

 

 

 

(23.7

)

Unrealized gain on derivatives, net of income taxes of $

 

 

 

 

 

 

 

 

 

 

 

0.9

 

 

 

 

 

 

0.9

 

Balance as of March 31, 2021

 

$

0.1

 

 

$

(328.9

)

 

$

298.7

 

 

$

(205.0

)

 

$

(1,127.2

)

 

$

(1,362.3

)

 

Summary of Changes in Accumulated Other Comprehensive Loss

The following table summarizes changes in accumulated other comprehensive loss by component during the three months ended March 31, 2022 and 2021:

 

 

 

Changes in Accumulated Other Comprehensive Loss by Component

 

 

 

Three Months Ended

 

 

 

March 31,
2022

 

 

March 31,
2021

 

 

 

Foreign Currency Translation Adjustments

 

 

Unrealized Loss on Derivatives

 

 

Total

 

 

Foreign Currency Translation Adjustments

 

 

Unrealized (Loss) Gain on Derivatives

 

 

Total

 

 

 

(in millions)

 

Beginning balance

 

$

(211.6

)

 

$

(0.2

)

 

$

(211.8

)

 

$

(178.4

)

 

$

(3.8

)

 

$

(182.2

)

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

 

 

4.4

 

 

 

(2.6

)

 

 

1.8

 

 

 

(23.7

)

 

 

0.6

 

 

 

(23.1

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

 

 

0.3

 

Total other comprehensive income (loss), net of reclassifications

 

 

4.4

 

 

 

(2.6

)

 

 

1.8

 

 

 

(23.7

)

 

 

0.9

 

 

 

(22.8

)

Ending balance

 

$

(207.2

)

 

$

(2.8

)

 

$

(210.0

)

 

$

(202.1

)

 

$

(2.9

)

 

$

(205.0

)

 

(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 loss into income during the three months ended March 31, 2022 and 2021.