| Summary of Changes in Shareholders' Deficit |
Changes in shareholders’ deficit for the three months ended September 30, 2022 and 2021 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 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 June 30, 2022 |
|
$ |
0.1 |
|
|
$ |
(328.9 |
) |
|
$ |
185.8 |
|
|
$ |
(243.1 |
) |
|
$ |
(1,029.3 |
) |
|
$ |
(1,415.4 |
) |
Issuance of 0.1 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other |
|
|
— |
|
|
|
|
|
|
1.2 |
|
|
|
|
|
|
|
|
|
1.2 |
|
Additional capital from share-based compensation |
|
|
|
|
|
|
|
|
11.4 |
|
|
|
|
|
|
|
|
|
11.4 |
|
Repurchases of — common shares |
|
|
— |
|
|
|
|
|
|
(0.1 |
) |
|
|
|
|
|
— |
|
|
|
(0.1 |
) |
Retirement of treasury stock |
|
|
|
|
|
328.9 |
|
|
|
(17.3 |
) |
|
|
|
|
|
(311.6 |
) |
|
|
— |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82.2 |
|
|
|
82.2 |
|
Foreign currency translation adjustment, net of income taxes of $0.6 |
|
|
|
|
|
|
|
|
|
|
|
(39.6 |
) |
|
|
|
|
|
(39.6 |
) |
Unrealized loss on derivatives, net of income taxes of $— |
|
|
|
|
|
|
|
|
|
|
|
(1.6 |
) |
|
|
|
|
|
(1.6 |
) |
Balance as of September 30, 2022 |
|
$ |
0.1 |
|
|
$ |
— |
|
|
$ |
181.0 |
|
|
$ |
(284.3 |
) |
|
$ |
(1,258.7 |
) |
|
$ |
(1,361.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 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 June 30, 2021 |
|
$ |
0.1 |
|
|
$ |
(328.9 |
) |
|
$ |
306.1 |
|
|
$ |
(192.3 |
) |
|
$ |
(1,076.2 |
) |
|
$ |
(1,291.2 |
) |
Issuance of 0.1 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other |
|
|
— |
|
|
|
|
|
|
1.2 |
|
|
|
|
|
|
|
|
|
1.2 |
|
Additional capital from share-based compensation |
|
|
|
|
|
|
|
|
14.4 |
|
|
|
|
|
|
|
|
|
14.4 |
|
Repurchases of 3.5 common shares |
|
|
— |
|
|
|
|
|
|
(9.6 |
) |
|
|
|
|
|
(153.1 |
) |
|
|
(162.7 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
117.4 |
|
|
|
117.4 |
|
Foreign currency translation adjustment, net of income taxes of $(0.6) |
|
|
|
|
|
|
|
|
|
|
|
(14.5 |
) |
|
|
|
|
|
(14.5 |
) |
Unrealized gain on derivatives, net of income taxes of $— |
|
|
|
|
|
|
|
|
|
|
|
2.0 |
|
|
|
|
|
|
2.0 |
|
Balance as of September 30, 2021 |
|
$ |
0.1 |
|
|
$ |
(328.9 |
) |
|
$ |
312.1 |
|
|
$ |
(204.8 |
) |
|
$ |
(1,111.9 |
) |
|
$ |
(1,333.4 |
) |
Changes in shareholders’ deficit for the nine months ended September 30, 2022 and 2021 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 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 1.1 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other |
|
|
— |
|
|
|
|
|
|
3.4 |
|
|
|
|
|
|
|
|
|
3.4 |
|
Additional capital from share-based compensation |
|
|
|
|
|
|
|
|
37.5 |
|
|
|
|
|
|
|
|
|
37.5 |
|
Repurchases of 4.1 common shares |
|
|
— |
|
|
|
|
|
|
(24.0 |
) |
|
|
|
|
|
(122.6 |
) |
|
|
(146.6 |
) |
Retirement of treasury stock |
|
|
|
|
|
328.9 |
|
|
|
(17.3 |
) |
|
|
|
|
|
(311.6 |
) |
|
|
— |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
266.9 |
|
|
|
266.9 |
|
Foreign currency translation adjustment, net of income taxes of $0.2 |
|
|
|
|
|
|
|
|
|
|
|
(67.1 |
) |
|
|
|
|
|
(67.1 |
) |
Unrealized loss on derivatives, net of income taxes of $— |
|
|
|
|
|
|
|
|
|
|
|
(5.4 |
) |
|
|
|
|
|
(5.4 |
) |
Cumulative effect of accounting change relating to adoption of ASU 2020-06 |
|
|
|
|
|
|
|
|
(136.7 |
) |
|
|
|
|
|
77.6 |
|
|
|
(59.1 |
) |
Balance as of September 30, 2022 |
|
$ |
0.1 |
|
|
$ |
— |
|
|
$ |
181.0 |
|
|
$ |
(284.3 |
) |
|
$ |
(1,258.7 |
) |
|
$ |
(1,361.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 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 1.6 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other |
|
|
— |
|
|
|
|
|
|
3.2 |
|
|
|
|
|
|
|
|
|
3.2 |
|
Additional capital from share-based compensation |
|
|
|
|
|
|
|
|
42.3 |
|
|
|
|
|
|
|
|
|
42.3 |
|
Repurchases of 18.8 common shares |
|
|
— |
|
|
|
|
|
|
(75.7 |
) |
|
|
|
|
|
(833.5 |
) |
|
|
(909.2 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
409.0 |
|
|
|
409.0 |
|
Foreign currency translation adjustment, net of income taxes of $0.9 |
|
|
|
|
|
|
|
|
|
|
|
(25.8 |
) |
|
|
|
|
|
(25.8 |
) |
Unrealized gain on derivatives, net of income taxes of $— |
|
|
|
|
|
|
|
|
|
|
|
3.2 |
|
|
|
|
|
|
3.2 |
|
Balance as of September 30, 2021 |
|
$ |
0.1 |
|
|
$ |
(328.9 |
) |
|
$ |
312.1 |
|
|
$ |
(204.8 |
) |
|
$ |
(1,111.9 |
) |
|
$ |
(1,333.4 |
) |
|
| 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 September 30, 2022 and 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Accumulated Other Comprehensive Loss by Component |
|
|
|
Three Months Ended |
|
|
|
September 30,
2022 |
|
|
September 30,
2021 |
|
|
|
Foreign Currency Translation Adjustments |
|
|
Unrealized Loss on Derivatives |
|
|
Total |
|
|
Foreign Currency Translation Adjustments |
|
|
Unrealized (Loss) Gain on Derivatives |
|
|
Total |
|
|
|
(in millions) |
|
Beginning balance |
|
$ |
(239.1 |
) |
|
$ |
(4.0 |
) |
|
$ |
(243.1 |
) |
|
$ |
(189.7 |
) |
|
$ |
(2.6 |
) |
|
$ |
(192.3 |
) |
Other comprehensive (loss) income before reclassifications, net of tax |
|
|
(39.6 |
) |
|
|
(2.6 |
) |
|
|
(42.2 |
) |
|
|
(14.5 |
) |
|
|
0.9 |
|
|
|
(13.6 |
) |
Amounts reclassified from accumulated other comprehensive loss to income, net of tax(1) |
|
|
— |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
— |
|
|
|
1.1 |
|
|
|
1.1 |
|
Total other comprehensive (loss) income, net of reclassifications |
|
|
(39.6 |
) |
|
|
(1.6 |
) |
|
|
(41.2 |
) |
|
|
(14.5 |
) |
|
|
2.0 |
|
|
|
(12.5 |
) |
Ending balance |
|
$ |
(278.7 |
) |
|
$ |
(5.6 |
) |
|
$ |
(284.3 |
) |
|
$ |
(204.2 |
) |
|
$ |
(0.6 |
) |
|
$ |
(204.8 |
) |
(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 September 30, 2022 and 2021.
The following table summarizes changes in accumulated other comprehensive loss by component during the nine months ended September 30, 2022 and 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Accumulated Other Comprehensive Loss by Component |
|
|
|
Nine Months Ended |
|
|
|
September 30,
2022 |
|
|
September 30,
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 (loss) income before reclassifications, net of tax |
|
|
(67.1 |
) |
|
|
(6.5 |
) |
|
|
(73.6 |
) |
|
|
(25.8 |
) |
|
|
0.7 |
|
|
|
(25.1 |
) |
Amounts reclassified from accumulated other comprehensive loss to income, net of tax(1) |
|
|
— |
|
|
|
1.1 |
|
|
|
1.1 |
|
|
|
— |
|
|
|
2.5 |
|
|
|
2.5 |
|
Total other comprehensive (loss) income, net of reclassifications |
|
|
(67.1 |
) |
|
|
(5.4 |
) |
|
|
(72.5 |
) |
|
|
(25.8 |
) |
|
|
3.2 |
|
|
|
(22.6 |
) |
Ending balance |
|
$ |
(278.7 |
) |
|
$ |
(5.6 |
) |
|
$ |
(284.3 |
) |
|
$ |
(204.2 |
) |
|
$ |
(0.6 |
) |
|
$ |
(204.8 |
) |
(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 nine months ended September 30, 2022 and 2021.
|