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Components of Equity
 9 Months Ended
Sep. 30, 2018
Stockholders' Equity Note [Abstract]  
Components of Equity
Components of Equity
The components of equity for the nine months ended September 30, 2018 and 2017 are as follows:
 
Shareholders’
equity
 
Noncontrolling
interest
 
Total
equity
Balance at December 31, 2017
$
1,991,858

 
2,515

 
1,994,373

Cumulative effect of accounting change
(22,357
)
 
(105
)
 
(22,462
)
Exercise of stock options and release of restricted awards, net of shares withheld for employee taxes
133,060

 
—

 
133,060

Issuance of shares under stock purchase plan
33,292

 
—

 
33,292

Shares repurchased under provisions of stock repurchase plans
(555,760
)
 
—

 
(555,760
)
Stock compensation expense
43,171

 
—

 
43,171

Net earnings
438,989

 
1,224

 
440,213

Other comprehensive loss
(27,135
)
 
(994
)
 
(28,129
)
Dividends paid ($0.45 per share)
(79,180
)
 
 
 
(79,180
)
Purchase of noncontrolling interest
(89
)
 
(524
)
 
(613
)
Distributions to noncontrolling interest
—

 
(633
)
 
(633
)
Balance at September 30, 2018
$
1,955,849

 
1,483

 
1,957,332

 
 
 
 
 
 
Balance at December 31, 2016
$
1,844,638

 
2,575

 
1,847,213

Exercise of stock options
134,014

 
—

 
134,014

Issuance of shares under stock purchase plan
28,767

 
 
 
28,767

Shares repurchased under provisions of stock repurchase plans
(340,736
)
 
—

 
(340,736
)
Stock compensation expense
39,036

 
—

 
39,036

Net earnings
322,378

 
550

 
322,928

Other comprehensive income
25,632

 
(47
)
 
25,585

Dividends paid ($0.42 per share)
$
(75,726
)
 
 
 
(75,726
)
Balance at September 30, 2017
$
1,978,003

 
3,078

 
1,981,081


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, 2018 and 2017, 2,386 and 2,902 shares were repurchased at an average price of $72.72 and $55.58 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. On November 5, 2018, the Board of Directors amended the plan to further authorize repurchases down to 160 million shares of common stock. During the nine-month period ended September 30, 2018, 5,378 shares were repurchased at an average price of $71.07 per share, compared to 3,189 shares at an average price of $56.26 per share during the same period in 2017.
Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented.
On May 8, 2018, the Board of Directors declared a semi-annual dividend of $0.45 per share payable on June 15, 2018 to shareholders of record as of June 1, 2018. On May 2, 2017, the Board of Directors declared a semi-annual dividend of $0.42 per share payable on June 15, 2017 to shareholders of record as of June 1, 2017.
Subsequent to the end of the third quarter, on November 5, 2018, the Board of Directors declared a semi-annual dividend of $0.45 per share payable on December 17, 2018 to shareholders of record as of December 3, 2018.