XML 23 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Components of Equity
 6 Months Ended
Jun. 30, 2018
Stockholders' Equity Note [Abstract]  
Components of Equity
Components of Equity
The components of equity for the six months ended June 30, 2018 and 2017 are as follows:
 
Shareholders’
equity
 
Noncontrolling
interest
 
Total
equity
Balance at December 31, 2017
$
1,991,858

 
2,515

 
1,994,373

Cumulative effect of accounting change
(22,357
)
 
(105
)
 
(22,462
)
Exercise of stock options and release of restricted awards, net of shares withheld for employee taxes
118,545

 
—

 
118,545

Shares repurchased under provisions of stock repurchase plans
(407,932
)
 
—

 
(407,932
)
Stock compensation expense
29,269

 
—

 
29,269

Net earnings
276,297

 
849

 
277,146

Other comprehensive loss
(16,748
)
 
(452
)
 
(17,200
)
Dividends paid ($0.45 per share)
$
(79,180
)
 
 
 
(79,180
)
Balance at June 30, 2018
$
1,889,752

 
2,807

 
1,892,559

 
 
 
 
 
 
Balance at December 31, 2016
$
1,844,638

 
2,575

 
1,847,213

Exercise of stock options
96,866

 
—

 
96,866

Shares repurchased under provisions of stock repurchase plans
(137,960
)
 
—

 
(137,960
)
Stock compensation expense
27,826

 
—

 
27,826

Net earnings
202,115

 
207

 
202,322

Other comprehensive income
18,085

 
11

 
18,096

Dividends paid ($0.42 per share)
$
(75,726
)
 
 
 
(75,726
)
Balance at June 30, 2017
$
1,975,844

 
2,793

 
1,978,637


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 six-month periods ended June 30, 2018 and 2017, 1,441 and 1,651 shares were repurchased at an average price of $72.21 and $55.74 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 down to 170 million shares of common stock. During the six-month period ended June 30, 2018, 4,311 shares were repurchased at an average price of $70.49 per share, compared to 831 shares at an average price of $55.27 per share during the same period in 2017.
Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented.
On May 8, 2018, the Board of Directors declared a semi-annual dividend of $0.45 per share payable on June 15, 2018 to shareholders of record as of June 1, 2018. On May 2, 2017, the Board of Directors declared a semi-annual dividend of $0.42 per share payable on June 15, 2017 to shareholders of record as of June 1, 2017.