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Components of Equity
 9 Months Ended
Sep. 30, 2015
Stockholders' Equity Note [Abstract]  
Components of Equity
Components of Equity
The components of equity for the nine months ended September 30, 2015 and 2014 are as follows:
 
Shareholders’
equity
 
Noncontrolling
interest
 
Total
equity
Balance at December 31, 2014
$
1,868,408

 
3,200

 
1,871,608

Exercise of stock options
88,851

 
—

 
88,851

Issuance of shares under stock purchase plan
25,850

 
—

 
25,850

Shares repurchased under provisions of stock repurchase plans
(415,475
)
 
—

 
(415,475
)
Stock compensation expense
32,489

 
—

 
32,489

Tax benefits from stock plans, net
1,191

 
—

 
1,191

Net earnings
342,774

 
1,623

 
344,397

Other comprehensive loss
(36,262
)
 
(819
)
 
(37,081
)
Dividends paid ($0.36 per share)
(68,781
)
 
—

 
(68,781
)
Distributions to noncontrolling interest
—

 
(857
)
 
(857
)
Balance at September 30, 2015
$
1,839,045

 
3,147

 
1,842,192

 
 
 
 
 
 
Balance at December 31, 2013
$
2,084,783

 
1,548

 
2,086,331

Exercise of stock options
34,669

 
—

 
34,669

Issuance of shares under stock purchase plan
23,800

 
—

 
23,800

Shares repurchased under provisions of stock repurchase plans
(475,160
)
 
—

 
(475,160
)
Stock compensation expense
32,220

 
—

 
32,220

Tax benefits from stock plans, net
1,031

 
—

 
1,031

Net earnings
277,507

 
1,213

 
278,720

Other comprehensive loss
(15,513
)
 
(119
)
 
(15,632
)
Dividends paid ($0.32 per share)
(62,807
)
 
—

 
(62,807
)
Purchase of noncontrolling interest
843

 
 
 
843

Distributions to noncontrolling interest
—

 
(85
)
 
(85
)
Balance at September 30, 2014
$
1,901,373

 
2,557

 
1,903,930


The Company has a Non-Discretionary Stock Repurchase Plan to repurchase shares from the proceeds of stock option exercises and employee stock purchases. During the nine month periods ended September 30, 2015 and 2014, 2,242,579 and 1,364,974 shares were repurchased at an average price of $47.93 and $42.73 per share, respectively. The Company also has a Discretionary Stock Repurchase Plan approved by the Board of Directors that authorizes management to reduce issued and outstanding stock to 180 million shares of common stock. During the nine-month periods ended September 30, 2015 and 2014, 6,395,506 and 10,057,648 shares were repurchased at an average price of $48.16 and $41.44 per share, respectively.
Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented.
On May 6, 2015, the Board of Directors declared a semi-annual cash dividend of $0.36 per share payable on June 15, 2015 to shareholders of record as of June 1, 2015. On May 7, 2014, the Board of Directors declared a semi-annual cash dividend of $0.32 per share payable on June 16, 2014 to shareholders of record as of June 2, 2014.
Subsequent to the end of the third quarter, on November 3, 2015, the Board of Directors declared a semi-annual dividend of $0.36 per share payable on December 15, 2015 to shareholders of record as of December 1, 2015.