Equity

(All shares reported in whole numbers)

Share Authorization

We are authorized to issue 1,000,000 shares of preferred stock, $1 per share par value. No preferred shares were issued as of December 31, 2017 or 2016. At December 31, 2017 and 2016, 500,000,000 common shares of $1 par value were authorized. We had 191,935,647 and 195,403,644 shares issued and 186,614,747 and 189,405,244 outstanding at par at December 31, 2017 and 2016, respectively.

Accumulated Other Comprehensive Income

Our components of Accumulated other comprehensive income are as follows:



	Foreign Currency Translation Adjustment			Unrealized Gains and Losses			Accumulated Other Comprehensive (Loss) Income
	(In thousands)
Balance at December 31, 2014	$	59,414		$	—		$	59,414
Activity in 2015	(53,250		)	—			(53,250		)
Net unrealized losses associated with available-for-sale securities of the trusts, net of taxes	—			(85,140		)	(85,140		)
Reclassification of net unrealized losses activity attributable to the Deferred receipts held in trust and Care trusts’ corpus, net of taxes	—			85,140			85,140
Balance at December 31, 2015	$	6,164		$	—		$	6,164
Activity in 2016	10,328			—			10,328
Net unrealized gains associated with available-for-sale securities of the trusts, net of taxes				120,573			120,573
Reclassification of net unrealized gains activity attributable to the Deferred receipts held in trust and Care trusts’ corpus, net of taxes	—			(120,573		)	(120,573		)
Balance at December 31, 2016	$	16,492		$	—		$	16,492
Activity in 2017	25,451			—			25,451
Net unrealized gains associated with available-for-sale securities of the trusts, net of taxes	—			243,677			243,677
Reclassification of net unrealized gains activity attributable to the Deferred receipts held in trust and Care trusts’ corpus, net of taxes	—			(243,677		)	(243,677		)
Balance at December 31, 2017	$	41,943		$	—		$	41,943

The assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. The U.S. dollar amount that arises from such translation, as well as exchange gains and losses on intercompany balances of a long-term investment nature, are included in the cumulative currency translation adjustments in Accumulated other comprehensive income.

Share Repurchase Program

Subject to market conditions, normal trading restrictions, and limitations in our debt covenants, we may make purchases in the open market or through privately negotiated transactions under our share repurchase program. In 2017, we repurchased 6,210,606 shares of common stock at an aggregate cost of $199.6 million, which is an average cost per share of $32.14. During 2016, we repurchased 8,811,847 shares of common stock at an aggregate cost of $227.9 million, which is an average cost per share of $25.87. During November 2016, our Board of Directors increased our share repurchase authorization to $400.0 million. After these repurchases and increase in authorization, the remaining dollar value of shares authorized to be purchased under the share repurchase program was $168.6 million at December 31, 2017.

Subsequent to December 31, 2017, we repurchased 429,859 shares for $16.7 million at an average cost per share of $38.83. In February 2018, our Board of Directors increased our repurchase authorization for up to $400.0 million.

Cash Dividends

On February 13, 2018 our Board of Directors approved a cash dividend of $0.17 per common share payable on March 30, 2018 to stockholders of record as of March 15, 2018.