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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2015
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:
 
2015
 
2014
Issued
123.9

 
107.1

In treasury
(22.6
)
 
(22.5
)
Outstanding
101.3

 
84.6



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, 2015 and 2014.
 
The changes in common shares issued and held in treasury are summarized below:
Common Shares Issued
 
 
 
 
 
 
2015
 
2014
 
2013
Common stock issued at January 1
107.1

 
108.1

 
115.8

Common stock issued under employee stock plans
1.5

 
1.6

 
2.6

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

 
0.1

 
0.1

Common stock issued in conjunction with the Acquisition
15.3

 
—

 
—

Retirement of common stock
—

 
(2.7
)
 
(10.4
)
Common stock issued at December 31
123.9

 
107.1

 
108.1

Common Shares Held in Treasury
 
 
 
 
 
 
2015
 
2014
 
2013
Common shares held in treasury at January 1
22.5

 
22.4

 
22.3

Surrender of restricted stock and performance share awards
0.1

 
0.1

 
0.1

Common shares held in treasury at December 31
22.6

 
22.5

 
22.4



Share Repurchase Program

As of December 31, 2015, the Company had outstanding authorization from the Board of Directors to purchase $789.5 of Company common stock based on settled trades as of these respective dates. The repurchase authorization has no expiration date. Following the announcement of the acquisition of Covance, the Company suspended its share repurchases. The Company does not anticipate resuming its share repurchase activity until it approaches its targeted leverage ratio of total debt to consolidated EBITDA of 2.5 to 1.0. However, the Company will continue to evaluate all opportunities for strategic deployment of capital in light of market conditions.





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, 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

Current year adjustments
(89.5
)
 
(12.0
)
 
2.0

 
(99.5
)
Amounts reclassified from accumulated other comprehensive income (a)
—

 
(6.6
)
 
(18.3
)
 
(24.9
)
Tax effect of adjustments
34.3

 
7.1

 
6.3

 
47.7

Balance at December 31, 2014
68.0

 
(78.6
)
 
0.1

 
(10.5
)
Current year adjustments
(370.7
)
 
19.0

 
(0.1
)
 
(351.8
)
Amounts reclassified from accumulated other comprehensive income (a) (b)
—

 
(11.3
)
 
—

 
(11.3
)
Tax effect of adjustments
90.1

 
(3.5
)
 
—

 
86.6

Balance at December 31, 2015
$
(212.6
)
 
$
(74.4
)
 
$
—

 
$
(287.0
)


(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.
(b) The realized gain from the sale of an available for sale investment and the other-than-temporary impairment on an available for sale investment are included in Other, net on the Consolidated Statement of Operations.