EQUITY

9 Months Ended

Sep. 30, 2011

EQUITY

EQUITY

13. EQUITY

The following table summarizes the Company’s equity and comprehensive income activity:

(In millions)	Total Equity			Total Shareholders’ Equity			Noncontrolling Interests
Balance as of January 1, 2011	$	(358.3	)	$	(367.4	)	$	9.1
Comprehensive income:
Net earnings	429.7			422.9			6.8
Other comprehensive income:
Foreign currency translation adjustment, net of tax of $4.0	(9.8		)	(10.0		)	0.2
Deferred gains (losses) on derivatives qualifying as hedges, net of tax of $(3.3)	8.0			8.0			—
Amortization of deferred losses on pension and other post retirement benefits, net of tax of $(3.3)	0.5			0.5			—
Total comprehensive income	428.4			421.4			7.0
Stock-based compensation	34.8			34.8			—
Treasury stock acquired	(81.6		)	(81.6		)	—
Cash dividends declared	(159.5		)	(159.5		)	—
Distributions to noncontrolling interests	(8.6		)	—			(8.6		)
Balance as of September 30, 2011	$	(144.8	)	$	(152.3	)	$	7.5
Balance as of January 1, 2010	$	(664.3	)	$	(674.9	)	$	10.6
Comprehensive income:
Net earnings	357.4			353.1			4.3
Other comprehensive income:
Foreign currency translation adjustment, net of tax of $(8.3)	10.7			10.7			—
Deferred gains (losses) on derivatives qualifying as hedges, net of tax of $(0.9)	2.3			2.3			—
Amortization of deferred losses on pension and other post retirement benefits, net of tax of $(3.6)	8.2			8.2			—
Total comprehensive income	378.6			374.3			4.3
Stock-based compensation	15.7			15.7			—
Treasury stock acquired	(0.2		)	(0.2		)	—
Distributions to noncontrolling interests	(6.7		)	—			(6.7		)
Cash dividends declared	(138.8		)	(138.8		)	—
Balance as of September 30, 2010	$	(415.7	)	$	(423.9	)	$	8.2

Changes in common shares and treasury stock were as follows:

(In millions)	Common Shares Issued	Treasury Stock		Cost of Treasury Stock
Balance as of January 1, 2011	204.8	(0.1	)	$	(3.2	)
Stock-based compensation	0.1	—		—
Treasury stock purchases	—	(1.2	)	(81.6		)
Balance as of September 30, 2011	204.9	(1.3	)	$	(84.8	)
Balance as of January 1, 2010	204.5	—		$	—
Stock-based compensation	0.1	—		(0.1		)
Treasury stock purchases	—	—		(0.1		)
Balance as of September 30, 2010	204.6	—		$	(0.2	)

The Company may use either authorized and unissued shares or treasury shares to meet share requirements resulting from the exercise of stock options and vesting of performance share awards and restricted stock units. Treasury stock is recognized at the cost to reacquire the shares. Shares issued from treasury are recognized using the first-in first-out method.

On March 16, 2010, MJN’s board of directors authorized the repurchase of up to $300 million of the Company’s stock. As of September 30, 2011, 1.2 million shares under the program have been repurchased at an average cost per share of $64.70.