Stockholders' Equity

6 Months Ended

Jun. 30, 2016

Stockholders' Equity

Note 8 – Stockholders’ Equity

Dividends on our Common Stock

The Executive Committee, acting on behalf of the Board of Directors, declared the following dividends during the periods presented:

Declaration Date	Dividend Per Share		Record Date		Total Amount (in thousands)		Payment Date
Six months ended June 30, 2016
February 8, 2016	$	0.24		March 10, 2016	$	36,174		March 30, 2016
April 26, 2016		0.24		May 26, 2016		35,773		June 16, 2016
Six months ended June 30, 2015
February 4, 2015	$	0.18		March 10, 2015	$	22,895		March 26, 2015
April 29, 2015		0.18		May 28, 2015		23,096		June 18, 2015

In addition, in July 2016, the Executive Committee, acting on behalf of the Board of Directors, declared a quarterly cash dividend of $0.26 per share of outstanding common stock payable on September 15, 2016 to stockholders of record as of the close of business on August 25, 2016. Future declarations of dividends are subject to final determination by our Board of Directors.

Share Repurchases

In April 2012, the Executive Committee, acting on behalf of the Board of Directors, authorized a repurchase of up to 20 million outstanding shares of our common stock. In February 2015, the Executive Committee, acting on behalf of the Board of Directors, authorized an additional repurchase of up to 10 million shares of our common stock. There is no fixed termination date for the repurchases. During the first half of 2016, we repurchased, through open market transactions, 2.9 million shares under this authorization for the total cost of $312 million, excluding transaction costs, representing an average repurchase price of $107.49 per share. As of June 30, 2016, 8.3 million shares remain authorized for repurchase under the 2015 authorization.

Accumulated Other Comprehensive Income (Loss)

The balance for each class of accumulated other comprehensive loss as of June 30, 2016 and December 31, 2015 is as follows:

	June 30,			December 31,
	2016			2015
	(In thousands)
Foreign currency translation adjustments, net of tax (1)	$	(299,939	)	$	(284,767	)
Net unrealized gain (loss) on available for sale securities, net of tax		373			(127	)
Accumulated other comprehensive loss	$	(299,566	)	$	(284,894	)

(1) Foreign currency translation adjustments, net of tax, include foreign currency transaction losses at June 30, 2016 of $9 million ($14 million before tax) and December 31, 2015 of $1 million ($2 million before tax) associated with our 2.5% Notes. The 2.5% Notes are Euro-denominated debt designated as hedges of certain of our Euro-denominated net assets. See Note 6 – Debt for more information. The remaining balance in currency translation adjustments excludes income taxes as a result of our current intention to indefinitely reinvest the earnings of our international subsidiaries outside of the United States.