Total Equity
Total equity is comprised of the following (in millions, except per share amounts): | | | | | | | | | September 30, 2017 |
| December 31, 2016 |
| Common stock, $.01 par value: | |
| |
| Common Stock-- authorized 200.0 shares; issued and outstanding 54.7 and 55.5 shares | $ | 0.5 |
| $ | 0.6 |
| Additional paid-in capital | 3.8 |
| 15.4 |
| Retained earnings | 1,914.3 |
| 1,879.3 |
| Accumulated other comprehensive loss: | |
| |
| Pension and post retirement benefit plan adjustment, net of tax | (175.0 | ) | (180.5 | ) | Cumulative translation adjustment | (85.5 | ) | (120.8 | ) | Unrealized gain on investment, net of tax | (0.2 | ) | (1.2 | ) | Cash flow hedge (loss) gain, net of tax | (1.9 | ) | — |
| Total Accumulated other comprehensive loss | (262.6 | ) | (302.5 | ) | Hubbell shareholders’ equity | 1,656.0 |
| 1,592.8 |
| Noncontrolling interest | 11.7 |
| 10.4 |
| TOTAL EQUITY | $ | 1,667.7 |
| $ | 1,603.2 |
|
For accounting purposes, the Company treats repurchased shares as constructively retired when acquired and accordingly charges the purchase price against Common Stock par value, Additional paid-in capital, to the extent available, and Retained earnings. As a result of this accounting treatment, during the first nine months of 2017, $72.1 million of purchase price of repurchased shares was allocated to retained earnings.
A summary of the changes in equity for the nine months ended September 30, 2017 and 2016 is provided below (in millions): | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | 2017 | 2016 | | Hubbell Shareholders’ Equity |
| Noncontrolling interest |
| Total Equity |
| Hubbell Shareholders’ Equity |
| Noncontrolling interest |
| Total Equity |
| EQUITY, JANUARY 1 | $ | 1,592.8 |
| $ | 10.4 |
| $ | 1,603.2 |
| $ | 1,740.6 |
| $ | 8.4 |
| $ | 1,749.0 |
| Total comprehensive income | 262.6 |
| 4.8 |
| 267.4 |
| 217.5 |
| 3.5 |
| 221.0 |
| Stock-based compensation | 11.9 |
| — |
| 11.9 |
| 13.1 |
| — |
| 13.1 |
| Income tax windfall from stock-based awards, net | — |
| — |
| — |
| 2.2 |
| — |
| 2.2 |
| Repurchase/surrender of shares of common stock | (96.0 | ) | — |
| (96.0 | ) | (242.9 | ) | — |
| (242.9 | ) | Issuance of shares related to directors’ deferred compensation, net | 0.4 |
| — |
| 0.4 |
| 0.4 |
| — |
| 0.4 |
| Dividends to noncontrolling interest | — |
| (3.5 | ) | (3.5 | ) | — |
| (2.8 | ) | (2.8 | ) | Cash dividends declared | (115.7 | ) | — |
| (115.7 | ) | (105.4 | ) | — |
| (105.4 | ) | EQUITY, SEPTEMBER 30 | $ | 1,656.0 |
| $ | 11.7 |
| $ | 1,667.7 |
| $ | 1,625.5 |
| $ | 9.1 |
| $ | 1,634.6 |
|
The detailed components of total comprehensive income are presented in the Condensed Consolidated Statement of Comprehensive Income. |