Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Deficit (Tables)

v3.21.2
Shareholders' Deficit (Tables)
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Summary of Changes in Shareholders' Deficit

Changes in shareholders’ deficit for the three months ended September 30, 2021 and 2020 were as follows:

 

 

 

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

)

 

 

 

Three Months Ended September 30, 2020

 

 

 

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, 2020

 

$

0.1

 

 

$

(328.9

)

 

$

380.7

 

 

$

(246.1

)

 

$

(70.6

)

 

$

(264.8

)

Issuance of 0.8 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

 

 

 

 

 

 

 

 

15.4

 

 

 

 

 

 

 

 

 

15.4

 

Repurchases of 16.8 common shares

 

 

—

 

 

 

 

 

 

(61.4

)

 

 

 

 

 

(757.7

)

 

 

(819.1

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

138.1

 

 

 

138.1

 

Foreign currency translation adjustment, net of income taxes of $0.7

 

 

 

 

 

 

 

 

 

 

 

19.5

 

 

 

 

 

 

19.5

 

Unrealized loss on derivatives, net of income taxes of $(0.1)

 

 

 

 

 

 

 

 

 

 

 

(3.1

)

 

 

 

 

 

(3.1

)

Balance as of September 30, 2020

 

$

0.1

 

 

$

(328.9

)

 

$

335.8

 

 

$

(229.7

)

 

$

(690.2

)

 

$

(912.9

)

 

Changes in shareholders’ deficit for the nine months ended September 30, 2021 and 2020 were as follows:

 

 

 

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

)

 

 

 

Nine Months Ended September 30, 2020

 

 

 

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, 2019

 

$

0.1

 

 

$

(328.9

)

 

$

366.6

 

 

$

(212.5

)

 

$

(215.3

)

 

$

(390.0

)

Issuance of 1.5 common shares from exercise of SARs, restricted stock units, employee stock purchase plan, and other

 

 

—

 

 

 

 

 

 

2.7

 

 

 

 

 

 

 

 

 

2.7

 

Additional capital from share-based compensation

 

 

 

 

 

 

 

 

37.9

 

 

 

 

 

 

 

 

 

37.9

 

Repurchases of 17.4 common shares

 

 

—

 

 

 

 

 

 

(71.4

)

 

 

 

 

 

(773.7

)

 

 

(845.1

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

298.8

 

 

 

298.8

 

Foreign currency translation adjustment, net of income taxes of $(4.1)

 

 

 

 

 

 

 

 

 

 

 

(20.4

)

 

 

 

 

 

(20.4

)

Unrealized gain on derivatives, net of income taxes of $(0.4)

 

 

 

 

 

 

 

 

 

 

 

3.2

 

 

 

 

 

 

3.2

 

Balance as of September 30, 2020

 

$

0.1

 

 

$

(328.9

)

 

$

335.8

 

 

$

(229.7

)

 

$

(690.2

)

 

$

(912.9

)

 
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, 2021 and 2020:

 

 

 

Changes in Accumulated Other Comprehensive Loss by Component

 

 

 

Three Months Ended

 

 

 

September 30,
2021

 

 

September 30,
2020

 

 

 

Foreign Currency Translation Adjustments

 

 

Unrealized (Loss) Gain on Derivatives

 

 

Total

 

 

Foreign Currency Translation Adjustments

 

 

Unrealized Gain (Loss) on Derivatives

 

 

Total

 

 

 

(in millions)

 

Beginning balance

 

$

(189.7

)

 

$

(2.6

)

 

$

(192.3

)

 

$

(251.5

)

 

$

5.4

 

 

$

(246.1

)

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

 

 

(14.5

)

 

 

0.9

 

 

 

(13.6

)

 

 

19.5

 

 

 

0.6

 

 

 

20.1

 

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

 

 

—

 

 

 

1.1

 

 

 

1.1

 

 

 

—

 

 

 

(3.7

)

 

 

(3.7

)

Total other comprehensive (loss) income, net of reclassifications

 

 

(14.5

)

 

 

2.0

 

 

 

(12.5

)

 

 

19.5

 

 

 

(3.1

)

 

 

16.4

 

Ending balance

 

$

(204.2

)

 

$

(0.6

)

 

$

(204.8

)

 

$

(232.0

)

 

$

2.3

 

 

$

(229.7

)

 

(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, 2021 and 2020.

The following table summarizes changes in accumulated other comprehensive loss by component during the nine months ended September 30, 2021 and 2020:

 

 

 

Changes in Accumulated Other Comprehensive Loss by Component

 

 

 

Nine Months Ended

 

 

 

September 30,
2021

 

 

September 30,
2020

 

 

 

Foreign Currency Translation Adjustments

 

 

Unrealized (Loss) Gain on Derivatives

 

 

Total

 

 

Foreign Currency Translation Adjustments

 

 

Unrealized (Loss) Gain on Derivatives

 

 

Total

 

 

 

(in millions)

 

Beginning balance

 

$

(178.4

)

 

$

(3.8

)

 

$

(182.2

)

 

$

(211.6

)

 

$

(0.9

)

 

$

(212.5

)

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

 

 

(25.8

)

 

 

0.7

 

 

 

(25.1

)

 

 

(20.4

)

 

 

5.7

 

 

 

(14.7

)

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

 

 

—

 

 

 

2.5

 

 

 

2.5

 

 

 

—

 

 

 

(2.5

)

 

 

(2.5

)

Total other comprehensive (loss) income, net of reclassifications

 

 

(25.8

)

 

 

3.2

 

 

 

(22.6

)

 

 

(20.4

)

 

 

3.2

 

 

 

(17.2

)

Ending balance

 

$

(204.2

)

 

$

(0.6

)

 

$

(204.8

)

 

$

(232.0

)

 

$

2.3

 

 

$

(229.7

)

 

(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, 2021 and 2020.