Shareholders' Equity

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

The components of accumulated other comprehensive loss, net of tax, were as follows:

	March 31,			December 31,
	2017			2016
Foreign currency translation	$	(248.8	)	$	(289.1	)
Translation gain on net investment hedge, net of income taxes of $7.9 and $11.2, respectively	19.1			24.8
Translation loss on long-term intercompany loans	(130.2		)	(133.7		)
Unrealized gain on investments, net of income taxes of $4.7 and $4.2, respectively	21.0			18.6
Defined benefit pension plans, net of income taxes of $(27.7) and $(27.8), respectively	(50.1		)	(50.4		)
Retiree health care plan, net of income taxes of $2.0 and $2.1, respectively	3.6			3.7
Accumulated other comprehensive loss	$	(385.4	)	$	(426.1	)

Noncontrolling Interests

Noncontrolling interests, included in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries for which we have a controlling financial interest.

Net earnings attributable to these noncontrolling interests were $2.2 and $1.6 for the three months ended March 31, 2017 and 2016, respectively, which were recorded as expenses in interest and other expenses in our Consolidated Statements of Operations.

Dividends

On May 2, 2017 and May 3, 2016, the Board of Directors declared a semi-annual cash dividend of $0.93 and $0.86 per share, respectively. The 2017 dividends will be payable on June 15, 2017 to shareholders of record on June 1, 2017. The 2016 dividends were paid on June 15, 2016 to shareholders of record on June 1, 2016.

Share Repurchases

In both July 2016 and October 2015, the Board of Directors authorized the repurchase of 6.0 million shares of our common stock. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the first quarter of 2017, we repurchased 0.6 million shares at a cost of $57.0 under the 2016 authorization. During the first quarter of 2016, we repurchased 1.5 million shares at a cost of $117.7 under the 2015 authorization. As of March 31, 2017, there were 4.2 million shares remaining authorized for repurchase under the 2016 authorization and no shares remaining under the 2015 authorization.