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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2016
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 March 31, 2016 and December 31, 2015.
The changes in common shares issued and held in treasury are summarized below:
 
Issued
 
Held in Treasury
 
Outstanding
Common shares at December 31, 2015
123.9

 
(22.6
)
 
101.3

Common stock issued under employee stock plans
0.8

 
—

 
0.8

Common shares at March 31, 2016
124.7

 
(22.6
)
 
102.1


 
Share Repurchase Program

As of March 31, 2016 and December 31, 2015, the Company had outstanding authorization from the Board of Directors to purchase up to $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, the Company suspended its share repurchases. The Company does not anticipate resuming its share repurchase activity until it approaches its targeted ratio of total debt to consolidated trailing 12 month 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
 
 
Accumulated
Other
Comprehensive
Earnings (Loss)
Balance at December 31, 2015 (b)
$
(293.0
)
 
$
(74.4
)
 
 
$
(367.4
)
  Other comprehensive earnings before reclassifications
134.9

 


 
 
134.9

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

 
3.4

 
 
3.4

  Tax effect of adjustments
(28.1
)
 
(1.1
)
 
 
(29.2
)
Balance at March 31, 2016
$
(186.2
)
 
$
(72.1
)
 
 
$
(258.3
)

(a) The amortization of prior service cost is included in the computation of net periodic benefit cost. See Note 10 (Pension and Post-retirement Plans) below for additional information regarding the Company's net periodic benefit cost.
(b) The December 31, 2015 foreign currency translation adjustment reflects the changes recorded due to the cumulative translation adjustment of allocating the intangible assets associated with the Acquisition.