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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 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 September 30, 2016 or 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
1.6

 
—

 
1.6

Common stock issued upon conversion of zero-coupon subordinated notes
0.2

 
—

 
0.2

Surrender of restricted stock and performance share awards
—

 
(0.3
)
 
(0.3
)
Common shares at September 30, 2016
125.7

 
(22.9
)
 
102.8


 
Share Repurchase Program
As of September 30, 2016, 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 (a)
$
(293.0
)
 
$
(74.4
)
 
$
(367.4
)
  Other comprehensive earnings before reclassifications
11.7

 
11.0

 
22.7

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

 
(11.5
)
 
(11.5
)
  Tax effect of adjustments
(29.2
)
 
7.4

 
(21.8
)
Balance at September 30, 2016
$
(310.5
)
 
$
(67.5
)
 
$
(378.0
)

(a) 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
(b) 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.