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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2014
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. 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 September 30, 2014.
 
The changes in common shares issued and held in treasury are summarized below:
 
Issued
 
Held in
Treasury
 
Outstanding
Common shares at December 31, 2013
108.1

 
(22.4
)
 
85.7

Common stock issued under employee stock plans
1.6

 
—

 
1.6

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

 
—

 
0.1

Surrender of restricted stock and performance share awards
—

 
(0.1
)
 
(0.1
)
Retirement of common stock
(2.4
)
 
—

 
(2.4
)
Common shares at September 30, 2014
107.4

 
(22.5
)
 
84.9


 
Share Repurchase Program

As of December 31, 2013, the Company had outstanding authorization from the Board of Directors to purchase up to $1,058.5 of Company common stock based on settled trades as of that date. During the nine months ended September 30, 2014, the Company purchased 2.4 shares of its common stock at a total cost of $229.9. As of September 30, 2014, the Company had outstanding authorization from the Board of Directors to purchase up to $828.6 of Company common stock based on settled trades as of that date. Following the announcement of the proposed acquisition of Covance, Inc., (see Note 15 Subsequent Events below) the Company suspended its share repurchases and if the acquisition proceeds, the Company does not anticipate continuing share repurchases in the near term.

Accumulated Other Comprehensive Earnings

     The components of accumulated other comprehensive earnings are as follows:

 
Foreign
Currency
Translation
Adjustments
 
Net
Benefit
Plan
Adjustments
 
Unrealized Gains and Losses on Available for Sale Securities
 
Accumulated
Other
Comprehensive
Earnings
Balance at December 31, 2013
$
123.2

 
$
(67.1
)
 
$
10.1

 
$
66.2

 Other comprehensive earnings before reclassifications
(49.1
)
 
26.1

 
1.9

 
(21.1
)
  Amounts reclassified from accumulated other comprehensive earnings to the Condensed Consolidated Statement of Operations (a) (b)
—

 
(0.9
)
 
(20.3
)
 
(21.2
)
Tax effect of adjustments
19.0

 
(9.7
)
 
7.1

 
16.4

Balance at September 30, 2014
$
93.1

 
$
(51.6
)
 
$
(1.2
)
 
$
40.3



(a) The amortization of prior service cost is included in the computation of net periodic benefit cost. See Note 9 (Pension and Post-retirement Plans) below for additional information regarding the Company's net periodic benefit cost.
(b) The gain on sale of available for sale securities is included in Other, net on the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2014.