XML 31 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity

The components of accumulated other comprehensive loss, net of tax, were as follows:
 
March 31,
 
December 31,
 
2018
 
2017
Foreign currency translation
$
(40.0
)
 
$
(87.7
)
Translation loss on net investment hedge, net of income taxes of $(27.9) and $(23.1), respectively
(56.3
)
 
(39.9
)
Translation loss on long-term intercompany loans
(121.2
)
 
(128.8
)
Unrealized gain on investments, net of income taxes of $3.4 for 2017
—

 
15.3

Defined benefit pension plans, net of income taxes of $(27.6) and $(27.8), respectively
(49.9
)
 
(50.5
)
Retiree health care plan, net of income taxes of $2.0 for both 2018 and 2017
3.3

 
3.4

 Accumulated other comprehensive loss
$
(264.1
)
 
$
(288.2
)


As of January 1, 2018, we adopted the new accounting guidance on financial instruments. The new guidance requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net earnings. Upon adoption, we reclassified $15.3, the cumulative unrealized gain on our Swiss franchise's investment portfolio as of December 31, 2017, from accumulated other comprehensive loss to retained earnings. Going forward, we will recognize all the changes in fair value on the investment portfolio in the current period earnings as opposed to other comprehensive loss.

Noncontrolling Interests

Noncontrolling interests, included in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries for which we have a controlling financial interest.
Net earnings attributable to these noncontrolling interests were $1.2 and $2.2 for the three months ended March 31, 2018 and 2017, respectively, which were presented as expenses in interest and other expenses in our Consolidated Statements of Operations.
Dividends

On May 4, 2018 and May 2, 2017, the Board of Directors declared a semi-annual cash dividend of $1.01 and $0.93 per share, respectively. The 2018 dividends will be payable on June 15, 2018 to shareholders of record on June 1, 2018. The 2017 dividends were paid on June 15, 2017 to shareholders of record on June 1, 2017.

Share Repurchases

In July 2016, the Board of Directors authorized the repurchase of 6.0 million shares of our common stock. Share repurchases may be made from time to time through a variety of methods, including open market purchases, block transactions, privately negotiated transactions or similar facilities. During the first quarter of 2018, we repurchased 0.4 million shares at a cost of $50.1. During the first quarter of 2017, we repurchased 0.6 million shares at a cost of $57.0. As of March 31, 2018, there were 2.4 million shares remaining authorized for repurchase.