XML 21 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
Components of Equity
 9 Months Ended
Sep. 30, 2016
Stockholders' Equity Note [Abstract]  
Components of Equity
Components of Equity
The components of equity for the nine months ended September 30, 2016 and 2015 are as follows:
 
Shareholders’
equity
 
Noncontrolling
interest
 
Total
equity
Balance at December 31, 2015
$
1,691,993

 
2,683

 
1,694,676

Exercise of stock options
119,509

 
—

 
119,509

Issuance of shares under stock purchase plan
28,136

 
—

 
28,136

Shares repurchased under provisions of stock repurchase plans
(268,097
)
 
—

 
(268,097
)
Stock compensation expense
34,264

 
—

 
34,264

Tax deficiency from stock plans, net
(2,533
)
 
—

 
(2,533
)
Net earnings
320,217

 
1,218

 
321,435

Other comprehensive loss
(406
)
 
(51
)
 
(457
)
Dividends paid ($0.40 per share)
(73,000
)
 
—

 
(73,000
)
Balance at September 30, 2016
$
1,850,083

 
3,850

 
1,853,933

 
 
 
 
 
 
Balance at December 31, 2014
$
1,868,408

 
3,200

 
1,871,608

Exercise of stock options
88,851

 
—

 
88,851

Issuance of shares under stock purchase plan
25,850

 
 
 
25,850

Shares repurchased under provisions of stock repurchase plans
(415,475
)
 
—

 
(415,475
)
Stock compensation expense
32,489

 
—

 
32,489

Tax benefits from stock plans, net
1,191

 
—

 
1,191

Net earnings
342,774

 
1,623

 
344,397

Other comprehensive loss
(36,262
)
 
(819
)
 
(37,081
)
Dividends paid ($0.36 per share)
(68,781
)
 
—

 
(68,781
)
Distributions to noncontrolling interest
—

 
(857
)
 
(857
)
Balance at September 30, 2015
$
1,839,045

 
3,147

 
1,842,192


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 nine-month periods ended September 30, 2016 and 2015, 2,822 and 2,243 shares were repurchased at an average price of $49.84 and $47.93 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 down to 170 million shares of common stock. During the nine-month periods ended September 30, 2016 and 2015, 2,579 and 6,396 shares were repurchased at an average price of $49.41 and $48.16 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 3, 2016, the Board of Directors declared a semi-annual dividend of $0.40 per share payable on June 15, 2016 to shareholders of record as of June 1, 2016. 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.
Subsequent to the end of the third quarter, on November 8, 2016, the Board of Directors declared a semi-annual dividend of $0.40 per share payable on December 15, 2016 to shareholders of record as of December 1, 2016.