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Components of Equity
 6 Months Ended
Jun. 30, 2015
Stockholders' Equity Note [Abstract]  
Components of Equity
Components of Equity
The components of equity for the six months ended June 30, 2015 and 2014 are as follows:
 
Shareholders’
equity
 
Noncontrolling
interest
 
Total
equity
Balance at December 31, 2014
$
1,868,408

 
3,200

 
1,871,608

Exercise of stock options
60,095

 
—

 
60,095

Shares repurchased under provisions of stock repurchase plans
(205,505
)
 
—

 
(205,505
)
Stock compensation expense
21,570

 
—

 
21,570

Tax benefits from stock plans, net
1,331

 
—

 
1,331

Net earnings
224,464

 
1,197

 
225,661

Other comprehensive loss
(14,961
)
 
(428
)
 
(15,389
)
Dividends paid ($0.36 per share)
(68,781
)
 
—

 
(68,781
)
Distributions to noncontrolling interest
—

 
(857
)
 
(857
)
Balance at June 30, 2015
$
1,886,621

 
3,112

 
1,889,733

 
 
 
 
 
 
Balance at December 31, 2013
$
2,084,783

 
1,548

 
2,086,331

Exercise of stock options
30,017

 
—

 
30,017

Shares repurchased under provisions of stock repurchase plans
(358,116
)
 
—

 
(358,116
)
Stock compensation expense
22,171

 
—

 
22,171

Tax benefits from stock plans, net
984

 
—

 
984

Net earnings
175,126

 
797

 
175,923

Other comprehensive income
2,656

 
63

 
2,719

Dividends paid ($0.32 per share)
(62,807
)
 
—

 
(62,807
)
Distributions to noncontrolling interest
—

 
(85
)
 
(85
)
Balance at June 30, 2014
$
1,894,814

 
2,323

 
1,897,137


The Company has a Non-Discretionary Stock Repurchase Plan to repurchase shares from the proceeds of stock option exercises and employee stock purchases. During the six month periods ended June 30, 2015 and 2014, 1,183,284 and 651,982 shares were repurchased at an average price of $47.06 and $44.26 per share, respectively. The Company also has a Discretionary Stock Repurchase Plan approved by the Board of Directors that authorizes management to reduce issued and outstanding stock to 188 million shares of common stock. On August 4, 2015, the Board of Directors amended the plan to further authorize repurchases down to 180 million shares of common stock. During the six month periods ended June 30, 2015 and 2014, 3,132,992 and 7,947,500 shares were repurchased at an average price of $47.82 and $41.43 per share, respectively.
Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented.
On May 6, 2015, the Board of Directors declared a semi-annual cash dividend of $0.36 per share payable on June 15, 2015 to shareholders of record as of June 1, 2015. On May 7, 2014, the Board of Directors declared a semi-annual cash dividend of $0.32 per share payable on June 16, 2014 to shareholders of record as of June 2, 2014.