XML 67 R19.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2019
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. Common shares issued and outstanding are summarized in the following table:
 
2019
 
2018
Issued
97.2

 
122.4

In treasury
—

 
(23.5
)
Outstanding
97.2

 
98.9


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, 2019 and 2018. 
The changes in common shares issued and held in treasury are summarized below:
Common Shares Issued
 
 
 
 
 
 
2019
 
2018
 
2017
Common stock issued at January 1
122.4

 
125.1

 
125.6

Common stock issued under employee stock plans
1.2

 
1.6

 
1.7

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

 
—

 
0.3

Retirement of treasury stock
(23.6
)
 
—

 
—

Purchase of common stock
(2.9
)
 
(4.3
)
 
(2.5
)
Common stock issued at December 31
97.2

 
122.4

 
125.1

Common Shares Held in Treasury
 
 
 
 
 
 
2019
 
2018
 
2017
Common shares held in treasury at January 1
23.5

 
23.2

 
22.9

Surrender of restricted stock and performance share awards
0.1

 
0.3

 
0.3

Retirement of treasury shares
(23.6
)
 
—

 
—

Common shares held in treasury at December 31
—

 
23.5

 
23.2


The Company’s treasury shares are recorded at aggregate cost. During 2019, the board of directors approved the retirement of all current treasury shares and future shares received in settlement of tax liabilities related to restricted stock vesting.

Share Repurchase Program
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 $1,250.0 of the Company’s shares. The repurchase authorization has no expiration date. During 2019, the Company purchased 2.9 shares of its common stock at an average price of $154.94 for a total cost of $450.0, of which $100.0 was repurchased prior to the new plan in February 2019. At the end of 2019, the Company had outstanding authorization from its board of directors to purchase $900.0 of Company common stock. When the Company repurchases shares for retirement, the amount paid to repurchase the shares in excess of the par or stated value is allocated to additional paid-in capital unless subject to limitation or the balance in additional paid-in-capital is exhausted. Remaining amounts are recognized as a reduction in retained earnings.

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, 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
)
Current year adjustments
104.4

 
(22.5
)
 
81.9

Amounts reclassified from accumulated other comprehensive income (a)
—

 
5.1

 
5.1

Tax effect of adjustments
—

 
3.7

 
3.7

Balance at December 31, 2019
$
(285.4
)
 
$
(87.0
)
 
$
(372.4
)

(a) The amortization of prior service cost is included in the computation of net periodic benefit cost. Refer to Note 17 Pension and Postretirement Plans for additional information regarding the Company's net periodic benefit cost.