EQUITY

Changes in common shares and treasury stock were as follows:



(Dollars and shares in millions)	Common Shares Issued	Treasury Stock	Cost of Treasury Stock
Balance as of January 1, 2016	191.4	4.9	$	362.6
Stock-based compensation	0.2	—	—
Balance as of March 31, 2016	191.6	4.9	$	362.6

Balance as of January 1, 2015	207.2	4.9	$	362.6
Stock-based compensation	0.3	—	—
Balance as of March 31, 2015	207.5	4.9	$	362.6

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 September 10, 2013, MJN’s board of directors approved a share repurchase authorization of up to $500.0 million of the Company’s common stock (the “2013 Authorization”). The authorization does not have an expiration date. During the first quarter of 2016, the Company did not repurchase any shares pursuant to the 2013 Authorization.

On October 20, 2015, MJN’s board of directors approved a new share repurchase authorization of an additional $1,500.0 million of the Company’s common stock (the “2015 Authorization”). On October 22, 2015, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Goldman, Sachs & Co. (“Goldman”) to repurchase $1,000.0 million (the “Repurchase Price”) of the Company’s common stock. Under the terms of the ASR Agreement, 10,725,552 shares of common stock were received and retired by the Company on October 27, 2015 (which shares are equivalent to 85% of the number of shares of Company common stock that could be purchased with an amount of cash equal to the Repurchase Price based on the closing price of the Company’s common stock on October 22, 2015). The payments to Goldman were recorded as a reduction to shareholders’ equity consisting of a $1,000.0 million reduction to retained earnings, reflecting the value of the 10,725,552 shares received upon initial settlement and a $150.0 million decrease reflecting the value of the stock held back by Goldman pending final settlement of the ASR Agreement. At final settlement, which will occur during the second quarter of 2016, Goldman may be required to deliver additional shares of common stock to the Company, or, under certain circumstances, the Company may be required to deliver shares of its common stock or may elect to make a cash payment to Goldman, based on the average of the daily volume-weighted average prices of the Company’s common stock during the term of the ASR Agreement, subject, in part, to certain maximum and minimum prices. The ASR Agreement was primarily funded by the 2020 Notes and 2025 Notes issuance. See Note 14 for discussion on the Company’s debt.

The Company had a redeemable noncontrolling interest related to its subsidiary in Argentina from March 2012 through June 2015. On June 30, 2015, the noncontrolling partner exercised its single trigger put option and MJN acquired an additional 10% of the outstanding capital stock of the local entity, thereby increasing MJN’s ownership interest to 90%. At that time, the remaining noncontrolling interest was recharacterized from redeemable noncontrolling interest outside of equity to noncontrolling interests within equity on the balance sheet.

Changes in accumulated other comprehensive loss by component were as follows:



(Dollars in millions)	Foreign Currency Translation Adjustments			Deferred Gains/(Losses) on Derivatives Qualifying as Hedges				Pension and Other Post-employment Benefits			Total			Noncontrolling Interest					Redeemable Noncontrolling Interest
Balance as of January 1, 2016	$	(329.8	)	$	(17.2	)		$	(0.8	)	$	(347.8	)	$	(12.7	)			$	—

Deferred Gains/(Losses)	6.7			(11.6		)					(4.9		)	(0.8		)	(1	)
Reclassification Adjustment for (Gains)/Losses Included in Net Earnings				(5.5		)					(5.5		)
Tax Benefit/(Expense)	0.2			3.8							4.0

Balance as of March 31, 2016	$	(322.9	)	$	(30.5	)		$	(0.8	)	$	(354.2	)	$	(13.5	)			$	—

Balance as of January 1, 2015	$	(180.4	)	$	(17.8	)		$	(0.7	)	$	(198.9	)	$	1.9				$	(21.6	)

Deferred Gains/(Losses)	(37.1		)	7.4			(2)				(29.7		)				(1	)	(0.6		)
Reclassification Adjustment for (Gains)/Losses Included in Net Earnings				(1.9		)					(1.9		)
Tax Benefit/(Expense)	0.2			(1.5		)					(1.3		)

Balance as of March 31, 2015	$	(217.3	)	$	(13.8	)		$	(0.7	)	$	(231.8	)	$	1.9				$	(22.2	)

⁽¹⁾Represents foreign currency translation adjustments.

⁽²⁾ See Note 15 for additional information related to interest rate forward swaps.

Reclassification adjustments out of accumulated other comprehensive loss were as follows:



	Three Months Ended March 31,
	Affected Statement of Earnings Lines
(Dollars in millions)	Cost of Products Sold						Tax Benefit/(Expense)						Net
	2016			2015			2016			2015			2016			2015
Deferred Gains/(Losses) on Derivatives Qualifying as Hedges:
Forward Exchange Contracts	$	6.3		$	2.4		$	(0.6	)	$	(0.6	)	$	5.7		$	1.8
Commodity Contracts	(0.4		)	(0.1		)	0.2			0.1			(0.2		)	—
Interest Rate Forward Swap	(0.4		)	(0.4		)	0.1			0.1			(0.3		)	(0.3		)
Total Reclassifications	$	5.5		$	1.9		$	(0.3	)	$	(0.4	)	$	5.2		$	1.5