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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2018
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:
 
2018
 
2017
Issued
122.4

 
125.1

In treasury
(23.5
)
 
(23.2
)
Outstanding
98.9

 
101.9


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, 2018 and 2017. 
The changes in common shares issued and held in treasury are summarized below:
Common Shares Issued
 
 
 
 
 
 
2018
 
2017
 
2016
Common stock issued at January 1
125.1

 
125.6

 
123.9

Common stock issued under employee stock plans
1.6

 
1.7

 
1.6

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

 
0.3

 
0.4

Retirement of common stock
(4.3
)
 
(2.5
)
 
(0.3
)
Common stock issued at December 31
122.4

 
125.1

 
125.6

Common Shares Held in Treasury
 
 
 
 
 
 
2018
 
2017
 
2016
Common shares held in treasury at January 1
23.2

 
22.9

 
22.6

Surrender of restricted stock and performance share awards
0.3

 
0.3

 
0.3

Common shares held in treasury at December 31
23.5

 
23.2

 
22.9


Share Repurchase Program
During 2018, the Company purchased 4.2 shares of its common stock at a total cost of $700.0. At the end of 2018, the Company had outstanding authorization from its board of directors to purchase $443.5 of Company common stock. On February 6, 2019, the board of directors replaced the Company’s existing share repurchase plan with a new plan authorizing repurchase of up to $1.25 billion of the Company’s shares. The repurchase authorization has no expiration date.
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
Balance at December 31, 2016
(471.5
)
 
(110.4
)
 
(581.9
)
Current year adjustments
265.1

 
2.4

 
267.5

Amounts reclassified from accumulated other comprehensive income (a)
—

 
18.5

 
18.5

Tax effect of adjustments
(34.3
)
 
(3.5
)
 
(37.8
)
Balance at December 31, 2017
(240.7
)
 
(93.0
)
 
(333.7
)
Current year adjustments
(176.6
)
 
29.4

 
(147.2
)
Amounts reclassified from accumulated other comprehensive income for settlement charge
—

 
(7.5
)
 
(7.5
)
Amounts reclassified from accumulated other comprehensive income (a)
—

 
7.4

 
7.4

Tax effect of adjustments
27.5

 
(9.6
)
 
17.9

Balance at December 31, 2018
$
(389.8
)
 
$
(73.3
)
 
$
(463.1
)

(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.