Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Deficit (Tables)

v3.19.2
Shareholders' Deficit (Tables)
6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Summary of Changes in Shareholders' Deficit

Changes in shareholders’ deficit for the three months ended June 30, 2019 and 2018 were as follows:

 

 

 

Three Months Ended June 30, 2019

 

 

 

Common Shares

 

 

Treasury Stock

 

 

Paid-in Capital in Excess of Par Value

 

 

Accumulated Other Comprehensive Loss

 

 

Accumulated Deficit

 

 

Total Shareholders' Deficit

 

 

 

(in millions)

 

Beginning balance

 

$

0.1

 

 

$

(328.9

)

 

$

333.8

 

 

$

(204.1

)

 

$

(430.0

)

 

$

(629.1

)

Issuance of 0.2 common shares from exercise of stock options, SARs, restricted stock units, employee stock purchase plan, and other

 

 

 

 

 

 

 

 

 

0.9

 

 

 

 

 

 

 

 

 

 

 

0.9

 

Additional capital from share-based compensation

 

 

 

 

 

 

 

 

 

 

9.9

 

 

 

 

 

 

 

 

 

 

 

9.9

 

Repurchases of 0.1 common shares

 

 

 

 

 

 

 

 

 

(1.4

)

 

 

 

 

 

 

 

 

 

 

(1.4

)

Reclassification from temporary equity

 

 

 

 

 

 

 

 

 

 

11.3

 

 

 

 

 

 

 

 

 

 

 

11.3

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

76.5

 

 

 

76.5

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.8

)

 

 

 

 

 

 

(1.8

)

Unrealized loss on derivatives, net of income taxes of $—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.5

)

 

 

 

 

 

 

(0.5

)

Ending balance

 

$

0.1

 

 

$

(328.9

)

 

$

354.5

 

 

$

(206.4

)

 

$

(353.5

)

 

$

(534.2

)

 

 

 

Three Months Ended June 30, 2018

 

 

 

Common Shares

 

 

Treasury Stock

 

 

Paid-in Capital in Excess of Par Value

 

 

Accumulated Other Comprehensive Loss

 

 

Accumulated Deficit

 

 

Total Shareholders' Deficit

 

 

 

(in millions)

 

Beginning balance

 

$

0.1

 

 

$

(328.9

)

 

$

425.4

 

 

$

(147.3

)

 

$

(168.3

)

 

$

(219.0

)

Issuance of 1.2 common shares from exercise of stock options, SARs, restricted stock units, employee stock purchase plan, and other

 

 

 

 

 

 

 

 

 

0.7

 

 

 

 

 

 

 

 

 

 

 

0.7

 

Additional capital from share-based compensation

 

 

 

 

 

 

 

 

 

 

10.4

 

 

 

 

 

 

 

 

 

 

 

10.4

 

Repurchases of 12.0 common shares

 

 

 

 

 

 

 

 

 

(59.0

)

 

 

 

 

 

 

(572.5

)

 

 

(631.5

)

Forward Counterparties' delivery of 8.4 common shares to the Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unwind of capped call transactions

 

 

 

 

 

 

 

 

 

 

11.9

 

 

 

 

 

 

 

 

 

 

 

11.9

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

94.4

 

 

 

94.4

 

Foreign currency translation adjustment, net of income taxes of $(3.1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50.8

)

 

 

 

 

 

 

(50.8

)

Unrealized loss on derivatives, net of income taxes of $—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.5

 

 

 

 

 

 

 

4.5

 

Ending balance

 

$

0.1

 

 

$

(328.9

)

 

$

389.4

 

 

$

(193.6

)

 

$

(646.4

)

 

$

(779.4

)

 

Changes in shareholders’ deficit for the six months ended June 30, 2019 and 2018 were as follows:

 

 

 

Six Months Ended June 30, 2019

 

 

 

Common Shares

 

 

Treasury Stock

 

 

Paid-in Capital in Excess of Par Value

 

 

Accumulated Other Comprehensive Loss

 

 

Accumulated Deficit

 

 

Total Shareholders' Deficit

 

 

 

(in millions)

 

Beginning balance

 

$

0.1

 

 

$

(328.9

)

 

$

341.5

 

 

$

(209.8

)

 

$

(526.3

)

 

$

(723.4

)

Issuance of 0.6 common shares from exercise of stock options, SARs, restricted stock units, employee stock purchase plan, and other

 

 

 

 

 

 

 

 

 

1.5

 

 

 

 

 

 

 

 

 

 

 

1.5

 

Additional capital from share-based compensation

 

 

 

 

 

 

 

 

 

 

20.5

 

 

 

 

 

 

 

 

 

 

 

20.5

 

Repurchases of 0.2 common shares

 

 

 

 

 

 

 

 

 

(9.0

)

 

 

 

 

 

 

 

 

 

 

(9.0

)

Forward Counterparties' delivery of 2.0 common shares to the Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

172.8

 

 

 

172.8

 

Foreign currency translation adjustment, net of income taxes of $(1.0)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.3

 

 

 

 

 

 

 

5.3

 

Unrealized loss on derivatives, net of income taxes of $—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.9

)

 

 

 

 

 

 

(1.9

)

Ending balance

 

$

0.1

 

 

$

(328.9

)

 

$

354.5

 

 

$

(206.4

)

 

$

(353.5

)

 

$

(534.2

)

 

 

 

Six Months Ended June 30, 2018

 

 

 

Common Shares

 

 

Treasury Stock

 

 

Paid-in Capital in Excess of Par Value

 

 

Accumulated Other Comprehensive Loss

 

 

Accumulated Deficit

 

 

Total Shareholders' Deficit

 

 

 

(in millions)

 

Beginning balance

 

$

0.1

 

 

$

(328.6

)

 

$

407.3

 

 

$

(165.4

)

 

$

(248.1

)

 

$

(334.7

)

Issuance of 3.9 common shares from exercise of stock options, SARs, restricted stock units, employee stock purchase plan, and other

 

 

 

 

 

 

 

 

 

1.2

 

 

 

 

 

 

 

 

 

 

 

1.2

 

Additional capital from share-based compensation

 

 

 

 

 

 

 

 

 

 

20.2

 

 

 

 

 

 

 

 

 

 

 

20.2

 

Repurchases of 13.1 common shares

 

 

 

 

 

(0.3

)

 

 

(108.7

)

 

 

 

 

 

 

(572.4

)

 

 

(681.4

)

Forward Counterparties' delivery of 8.4 common shares to the Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of convertible senior notes

 

 

 

 

 

 

 

 

 

 

136.5

 

 

 

 

 

 

 

 

 

 

 

136.5

 

Repurchase of convertible senior notes

 

 

 

 

 

 

 

 

 

 

(123.0

)

 

 

 

 

 

 

 

 

 

 

(123.0

)

Unwind of capped call transactions

 

 

 

 

 

 

 

 

 

 

55.9

 

 

 

 

 

 

 

 

 

 

 

55.9

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

176.5

 

 

 

176.5

 

Foreign currency translation adjustment, net of income taxes of $(2.0)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29.6

)

 

 

 

 

 

 

(29.6

)

Unrealized loss on derivatives, net of income taxes of $—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.4

 

 

 

 

 

 

 

1.4

 

Cumulative effect of accounting change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.4

)

 

 

(2.4

)

Ending balance

 

$

0.1

 

 

$

(328.9

)

 

$

389.4

 

 

$

(193.6

)

 

$

(646.4

)

 

$

(779.4

)

 

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 June 30, 2019 and 2018:

 

 

 

Changes in Accumulated Other Comprehensive Loss by Component

 

 

 

Three Months Ended

 

 

 

June 30,

2019

 

 

June 30,

2018

 

 

 

Foreign Currency Translation Adjustments

 

 

Unrealized Gain (Loss) on Derivatives

 

 

Total

 

 

Foreign Currency Translation Adjustments

 

 

Unrealized Gain (Loss) on Derivatives

 

 

Total

 

 

 

(in millions)

 

Beginning balance

 

$

(204.5

)

 

$

0.4

 

 

$

(204.1

)

 

$

(149.4

)

 

$

2.1

 

 

$

(147.3

)

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

 

 

(1.8

)

 

 

 

 

 

(1.8

)

 

 

(50.8

)

 

 

4.4

 

 

 

(46.4

)

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

 

 

 

 

 

(0.5

)

 

 

(0.5

)

 

 

 

 

 

0.1

 

 

 

0.1

 

Total other comprehensive (loss) income, net of reclassifications

 

 

(1.8

)

 

 

(0.5

)

 

 

(2.3

)

 

 

(50.8

)

 

 

4.5

 

 

 

(46.3

)

Ending balance

 

$

(206.3

)

 

$

(0.1

)

 

$

(206.4

)

 

$

(200.2

)

 

$

6.6

 

 

$

(193.6

)

 

(1)

See Note 10, 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 June 30, 2019 and 2018.

The following table summarizes changes in accumulated other comprehensive loss by component during the six months ended June 30, 2019 and 2018:

 

 

 

Changes in Accumulated Other Comprehensive Loss by Component

 

 

 

Six Months Ended

 

 

 

June 30,

2019

 

 

June 30,

2018

 

 

 

Foreign Currency Translation Adjustments

 

 

Unrealized Gain (Loss) on Derivatives

 

 

Total

 

 

Foreign Currency Translation Adjustments

 

 

Unrealized Gain (Loss) on Derivatives

 

 

Total

 

 

 

(in millions)

 

Beginning balance

 

$

(211.6

)

 

$

1.8

 

 

$

(209.8

)

 

$

(170.6

)

 

$

5.2

 

 

$

(165.4

)

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

 

 

5.3

 

 

 

(1.0

)

 

 

4.3

 

 

 

(29.6

)

 

 

0.5

 

 

 

(29.1

)

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

 

 

 

 

 

(0.9

)

 

 

(0.9

)

 

 

 

 

 

0.9

 

 

 

0.9

 

Total other comprehensive income (loss), net of reclassifications

 

 

5.3

 

 

 

(1.9

)

 

 

3.4

 

 

 

(29.6

)

 

 

1.4

 

 

 

(28.2

)

Ending balance

 

$

(206.3

)

 

$

(0.1

)

 

$

(206.4

)

 

$

(200.2

)

 

$

6.6

 

 

$

(193.6

)

 

(1)

See Note 10, 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 six months ended June 30, 2019 and 2018.