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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2013
Stockholders' Equity Note [Abstract]  
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITY

The Company is authorized to issue up to 265.0 shares of common stock, par value $0.10 per share. The Company’s treasury shares are recorded at aggregate cost. Common shares issued and outstanding are summarized in the following table:

 
2013
 
2012
Issued
108.1

 
115.8

In treasury
(22.4
)
 
(22.3
)
Outstanding
85.7

 
93.5



The Company is authorized to issue up to 30.0 shares of preferred stock, par value $0.10 per share. There were no preferred shares outstanding as of December 31, 2013 and 2012.
 
The changes in common shares issued and held in treasury are summarized below:

Common shares issued
 
 
 
 
 
 
2013
 
2012
 
2011
Common stock issued at January 1
115.8

 
120.0

 
124.5

Common stock issued under employee stock plans
2.6

 
1.6

 
1.9

Common stock issued upon conversion of zero-coupon subordinated notes
0.1

 
—

 
1.0

Retirement of common stock
(10.4
)
 
(5.8
)
 
(7.4
)
Common stock issued at December 31
108.1

 
115.8

 
120.0


Common shares held in treasury
 
 
 
 
 
 
2013
 
2012
 
2011
Common shares held in treasury at January 1
22.3

 
22.2

 
22.1

Surrender of restricted stock and performance share awards
0.1

 
0.1

 
0.1

Common shares held in treasury at December 31
22.4

 
22.3

 
22.2



Share Repurchase Program

During 2013, the Company purchased 10.4 shares of its common stock at a total cost of $1,015.6. As of December 31, 2013, the Company had outstanding authorization from the Board of Directors to purchase $1,058.5 of Company common stock.

Accumulated Other Comprehensive Earnings

     The components of accumulated other comprehensive earnings are as follows:

 
Foreign
Currency
Translation
Adjustments
 
Net
Benefit
Plan
Adjustments
 
Investment Adjustments
 
Interest
Rate
Swap
Adjustments
 
Accumulated
Other
Comprehensive
Earnings
Balance at December 31, 2010
$
152.8

 
$
(62.9
)
 
—

 
$
(1.4
)
 
$
88.5

Current year adjustments
(13.2
)
 
(65.3
)
 
—

 
2.4

 
(76.1
)
Amounts reclassified from accumulated other comprehensive income (a)
—

 
7.8

 
—

 
—

 
7.8

Tax effect of adjustments
3.9

 
22.4

 
—

 
(1.0
)
 
25.3

Balance at December 31, 2011
143.5

 
(98.0
)
 
—

 
—

 
45.5

Current year adjustments
31.3

 
(4.8
)
 
—

 
—

 
26.5

Amounts reclassified from accumulated other comprehensive income (a)
—

 
12.1

 
—

 
—

 
12.1

Tax effect of adjustments
(11.9
)
 
(2.8
)
 
—

 
—

 
(14.7
)
Balance at December 31, 2012
162.9

 
(93.5
)
 
—

 
—

 
69.4

Current year adjustments
(63.2
)
 
31.6

 
16.4

 
—

 
(15.2
)
Amounts reclassified from accumulated other comprehensive income (a)
—

 
10.5

 
—

 
—

 
10.5

Tax effect of adjustments
23.5

 
(15.7
)
 
(6.3
)
 
—

 
1.5

Balance at December 31, 2013
$
123.2

 
$
(67.1
)
 
$
10.1

 
$
—

 
$
66.2



(a) The amortization of prior service cost is included in the computation of net periodic benefit cost. Refer to Note 16 Pension and Postretirement Plans for additional information regarding the Company's net periodic benefit cost.