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Shareholders' Equity
6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Shareholders' Equity

(11) Shareholders’ Equity

The components of accumulated other comprehensive loss, net of tax, were as follows:

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Foreign currency translation

 

$

(285.9

)

 

$

(223.2

)

Reclassification of currency translation adjustment to income related to disposition of partially held equity interest (see Note 5)

 

 

32.5

 

 

 

-

 

Translation gain (loss) on derivative instruments, net of income taxes of $(10.9) and $(12.9), respectively

 

 

1.6

 

 

 

(4.7

)

Translation loss on long-term intercompany loans

 

 

(130.4

)

 

 

(137.2

)

Defined benefit pension plans, net of income taxes of $(23.0) and $(23.2), respectively

 

 

(37.2

)

 

 

(37.9

)

Retiree health care plan, net of income taxes of $1.9 and $2.0 for 2019 and 2018, respectively

 

 

2.9

 

 

 

3.2

 

Accumulated other comprehensive loss

 

$

(416.5

)

 

$

(399.8

)

 

Noncontrolling Interests

Noncontrolling interests, reported in total shareholders' equity in our Consolidated Balance Sheets, represent amounts related to majority-owned subsidiaries in which we have a controlling financial interest. Net earnings attributable to these noncontrolling interests are recorded in interest and other (income) expenses, net in our Consolidated Statements of Operations. We recorded expenses of $0.1 and $1.0 for the three months ended June 30, 2019 and 2018, respectively, and $1.1 and $2.2 for the six months ended June 30, 2019 and June 30, 2018, respectively. The portion of earnings attributed to the noncontrolling interest for ManpowerGroup Greater China Limited is included in the above amounts. (See Note 1 to the Consolidated Financial Statements for further information on the subsequent deconsolidation of the entity.)

Dividends

On May 10, 2019 and May 4, 2018, the Board of Directors declared a semi-annual cash dividend of $1.09 and $1.01 per share, respectively. The 2019 dividends were paid on June 14, 2019 to shareholders of record on June 3, 2019. The 2018 dividends were paid on June 15, 2018 to shareholders of record on June 1, 2018.

Share Repurchases

In August 2019, the Board of Directors authorized the repurchase of 6.0 million shares of our common stock, with terms consistent with the previous authorizations. This authorization is in addition to the August 2018 and July 2016 Board authorizations to purchase 6.0 million shares of our common stock each. 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 six months of 2019, we repurchased a total of 1.2 million shares at a cost of $101.0 under the 2018 authorization. During the first six months of 2018, we repurchased 1.0 million shares at a cost of $113.2 under the 2016 authorization. As of June 30, 2019, there were 1.9 million shares remaining authorized for repurchase under the 2018 authorization and no shares remaining authorized for repurchase under the 2016 authorization.