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Share Owners' Equity | 9 Months Ended
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Sep. 30, 2015
Share Owners' Equity |
Share Owners' Equity | 10. Share Owners’ Equity The activity in share owners’ equity for the three months ended September 30, 2015 and 2014 is as follows:
|  | Share Owners’ Equity of the Company |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |
|  |  |  |  | Capital in |  |  |  |  |  |  | Other |  | Non- |  |  |
|  | Common |  | Excess of |  | Treasury |  | Retained |  | Comprehensive |  | controlling |  | Total Share |
|  | Stock |  | Par Value |  | Stock |  | Earnings |  | Loss |  | Interests |  | Owners' Equity |
Balance on July 1, 2015 |  | $ | 2 |  | $ | 3,060 |  | $ | (577) |  | $ | 175 |  | $ | (1,677) |  | $ | 112 |  | $ | 1,095 |
Issuance of common stock (2,294 shares) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reissuance of common stock (67,313 shares) |  |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  | 2 |
Stock compensation |  |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
Net earnings |  |  |  |  |  |  |  |  |  |  |  | 17 |  |  |  |  |  | 7 |  |  | 24 |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (235) |  |  | (8) |  |  | (243) |
Distributions to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1) |  |  | (1) |
Balance on September 30, 2015 |  | $ | 2 |  | $ | 3,061 |  | $ | (575) |  | $ | 192 |  | $ | (1,912) |  | $ | 110 |  | $ | 878 |
|  | Share Owners’ Equity of the Company |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |
|  |  |  |  | Capital in |  |  |  |  |  |  | Other |  | Non- |  |  |
|  | Common |  | Excess of |  | Treasury |  | Retained |  | Comprehensive |  | controlling |  | Total Share |
|  | Stock |  | Par Value |  | Stock |  | Earnings |  | Loss |  | Interests |  | Owners' Equity |
Balance on July 1, 2014 |  | $ | 2 |  | $ | 3,059 |  | $ | (463) |  | $ | 204 |  | $ | (1,002) |  | $ | 122 |  | $ | 1,922 |
Issuance of common stock (13,253 shares) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reissuance of common stock (52,167 shares) |  |  |  |  |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  | 1 |
Stock compensation |  |  |  |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 |
Net earnings |  |  |  |  |  |  |  |  |  |  |  | 60 |  |  |  |  |  | 7 |  |  | 67 |
Other comprehensive loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (165) |  |  | (3) |  |  | (168) |
Distributions to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2) |  |  | (2) |
Balance on September 30, 2014 |  | $ | 2 |  | $ | 3,062 |  | $ | (462) |  | $ | 264 |  | $ | (1,167) |  | $ | 124 |  | $ | 1,823 |
The activity in share owners’ equity for the nine months ended September 30, 2015 and 2014 is as follows:
|  | Share Owners’ Equity of the Company |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |
|  |  |  |  | Capital in |  |  |  |  |  |  | Other |  | Non- |  |  |
|  | Common |  | Excess of |  | Treasury |  | Retained |  | Comprehensive |  | controlling |  | Total Share |
|  | Stock |  | Par Value |  | Stock |  | Earnings |  | Loss |  | Interests |  | Owners' Equity |
Balance on January 1, 2015 |  |  | 2 |  |  | 3,066 |  |  | (480) |  |  | 64 |  |  | (1,494) |  |  | 117 |  | $ | 1,275 |
Issuance of common stock (41,401 shares) |  |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
Reissuance of common stock (200,155 shares) |  |  |  |  |  |  |  |  | 5 |  |  |  |  |  |  |  |  |  |  |  | 5 |
Treasury shares purchased (4,109,256 shares) |  |  |  |  |  |  |  |  | (100) |  |  |  |  |  |  |  |  |  |  |  | (100) |
Stock compensation |  |  |  |  |  | 12 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12 |
Net earnings |  |  |  |  |  |  |  |  |  |  |  | 128 |  |  |  |  |  | 16 |  |  | 144 |
Other comprehensive loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (418) |  |  | (16) |  |  | (434) |
Distributions to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13) |  |  | (13) |
Acquisitions of noncontrolling interests |  |  |  |  |  | (18) |  |  |  |  |  |  |  |  |  |  |  | 6 |  |  | (12) |
Balance on September 30, 2015 |  | $ | 2 |  | $ | 3,061 |  | $ | (575) |  | $ | 192 |  | $ | (1,912) |  | $ | 110 |  | $ | 878 |
|  | Share Owners’ Equity of the Company |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |
|  |  |  |  | Capital in |  |  |  |  | Retained |  | Other |  | Non- |  |  |
|  | Common |  | Excess of |  | Treasury |  | Earnings |  | Comprehensive |  | controlling |  | Total Share |
|  | Stock |  | Par Value |  | Stock |  | (Loss) |  | Loss |  | Interests |  | Owners' Equity |
Balance on January 1, 2014 |  | $ | 2 |  | $ | 3,040 |  | $ | (454) |  | $ | (11) |  | $ | (1,121) |  | $ | 147 |  | $ | 1,603 |
Issuance of common stock (226,795 shares) |  |  |  |  |  | 5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5 |
Reissuance of common stock (149,234 shares) |  |  |  |  |  |  |  |  | 4 |  |  |  |  |  |  |  |  |  |  |  | 4 |
Treasury shares purchased (364,436 shares) |  |  |  |  |  |  |  |  | (12) |  |  |  |  |  |  |  |  |  |  |  | (12) |
Stock compensation |  |  |  |  |  | 17 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17 |
Net earnings |  |  |  |  |  |  |  |  |  |  |  | 275 |  |  |  |  |  | 18 |  |  | 293 |
Other comprehensive loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (46) |  |  | (4) |  |  | (50) |
Distributions to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (37) |  |  | (37) |
Balance on September 30, 2014 |  | $ | 2 |  | $ | 3,062 |  | $ | (462) |  | $ | 264 |  | $ | (1,167) |  | $ | 124 |  | $ | 1,823 |
On February 4, 2015, the Company entered into an accelerated share repurchase agreement (“ASR”) with J.P. Morgan Securities LLC (the “ASR Counterparty”) to repurchase $100 million of its common stock. The Company advanced $100 million to the ASR Counterparty on February 5, 2015, and received 3,509,496 shares, which represented eighty five percent of the total shares as calculated using the closing price on February 4, 2015. The remaining share settlement was received from the ASR Counterparty in the amount of 599,760 shares and was completed on May 26, 2015 based on the daily volume-weighted average price of the Company’s common stock during the term of the ASR. Under the terms of the ASR program, the ASR Counterparty was permitted, in accordance with the applicable requirements of the federal securities laws, to separately trade in the Company’s shares. The Company has 250,000,000 shares of common stock authorized with a par value of $.01 per share. Shares outstanding are as follows:
|  | Shares Outstanding (in thousands) |
|  | September 30, |  | December 31, |  | September 30, |
|  | 2015 |  | 2014 |  | 2014 |
Shares of common stock issued (including treasury shares) |  | 184,465 |  | 183,915 |  | 183,911 |
Treasury shares |  | 23,627 |  | 19,718 |  | 19,001 |

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