2.	RECONCILIATIONS OF EQUITY

Below are reconciliations of total equity, Company equity and equity attributable to noncontrolling interests for the nine months ended September 30, 2017 and 2016:

(In thousands)	Total Equity			Stepan Company Equity			Noncontrolling Interests’ Equity ⁽³⁾
Balance at January 1, 2017	$	635,916		$	634,604		$	1,312
Net income		81,661			81,694			(33	)
Dividends		(13,841	)		(13,841	)		—
Common stock purchases ⁽¹⁾		(6,255	)		(6,255	)		—
Stock option exercises		3,127			3,127			—
Defined benefit pension adjustments, net of tax		1,671			1,671			—
Translation adjustments		26,288			26,229			59
Derivative instrument activity, net of tax		(7	)		(7	)		—
Other ⁽²⁾		7,711			7,711			—
Balance at September 30, 2017	$	736,271		$	734,933		$	1,338

(In thousands)	Total Equity			Stepan Company Equity			Noncontrolling Interests’ Equity ⁽³⁾
Balance at January 1, 2016	$	558,384		$	556,984		$	1,400
Net income		77,787			77,774			13
Dividends		(12,732	)		(12,732	)		—
Common stock purchases ⁽¹⁾		(2,643	)		(2,643	)		—
Stock option exercises		3,290			3,290			—
Defined benefit pension adjustments, net of tax		1,626			1,626			—
Translation adjustments		7,685			7,722			(37	)
Derivative instrument activity, net of tax		(27	)		(27	)		—
Other ⁽²⁾⁽⁴⁾		6,362			6,362			—
Balance at September 30, 2016	$	639,732		$	638,356		$	1,376

(1)

Includes the value of shares of the Company’s common stock purchased in the open market and tendered by employees to settle statutory withholding taxes related to the receipt of performance awards, the receipt of deferred compensation distributions and the exercises of stock appreciation rights (SARs).

(2)

Primarily comprised of activity related to stock-based compensation and deferred compensation.

(3)

Reflects the noncontrolling interest in the Company’s China joint venture.

(4)

Amounts for the noted line items have been immaterially changed from the amounts originally reported as a result of the Company’s fourth quarter 2016 adoption of ASU No. 2016-9, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.