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Equity (Tables)
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Dividend History
 
Year Ended December 31,
 
2016
 
2015
 
2014
Quarterly dividend rate
$
0.36

 
$
0.33

 
$
0.30

Annualized dividend rate
$
1.44

 
$
1.32

 
$
1.20

Dividends paid (in millions)
$
380

 
$
363

 
$
326
Share Repurchases
Share repurchases were as follows: 
(in millions, except average price)
Year Ended December 31,
 
2016
 
2015
 
2014
Total number of shares purchased 1
9.7

 
10.1

 
4.4

Average price paid per share 2, 3
$
113.36

 
$
99.00

 
$
79.06

Total cash utilized 2
$
1,097

 
$
1,000

 
$
352

1 
2016 includes shares received as part of our accelerated share repurchase agreement as described in more detail below.
2 
In December of 2015, 0.3 million shares were repurchased for approximately $26 million, which settled in January of 2016. Excluding these 0.3 million shares, the average price paid per share was $98.98. In December of 2013, 0.1 million shares were repurchased for approximately $10 million, which settled in January of 2014. Cash used for financing activities only reflects those shares which settled during the year ended December 31, 2016, 2015 and 2014 resulting in $1,123 million, $974 million and $362 million of cash used to repurchase shares, respectively.
3 
On June 25, 2014, we repurchased 0.5 million shares of the Company's common stock from the personal holdings of Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company, at a discount of 0.35% from the June 24, 2014 New York Stock Exchange closing price. We repurchased these shares with cash for $41 million at an average price of $82.66 per share. See Note 14 — Related Party Transactions for further information.
Redeemable Noncontrolling Interest Rollforward
Changes to redeemable noncontrolling interest during the year ended December 31, 2016 were as follows:
(in millions)
 
Balance as of December 31, 2015
$
920

Net income attributable to noncontrolling interest
109

Distributions to noncontrolling interest
(102
)
Redemption value adjustment
153

Balance as of December 31, 2016
$
1,080
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss
The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2016:
(in millions)
Foreign Currency Translation Adjustment
 
Pension and Postretirement Benefit Plans
 
Unrealized Gain (Loss) on Forward Exchange Contracts
 
Accumulated Other Comprehensive Loss
Balance as of December 31, 2015
$
(193
)
 
$
(406
)
 
$
(1
)
 
$
(600
)
Other comprehensive income before reclassifications
(139
)
 
(47
)
 
7

 
(179
)
Reclassifications from accumulated other comprehensive loss to net earnings
—

 
10

1 

(4
)
2 

6

Net other comprehensive income
(139
)
 
(37
)
 
3

 
(173
)
Balance as of December 31, 2016
$
(332
)
 
$
(443
)
 
$
2

 
$
(773
)
1 
See Note 7 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.
2 
See Note 6 — Derivative Instruments for additional details of items reclassed from accumulated other comprehensive loss to net earnings.