PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2020

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 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, 2020 and 2019. 

The changes in common shares issued and held in treasury are summarized below:

Common Shares Issued
	2020	2019	2018
Common stock issued at January 1	97.2	122.4	125.1
Common stock issued under employee stock plans	0.9	1.2	1.6
Common stock issued upon conversion of zero-coupon subordinated notes	—	0.1	—
Retirement of treasury stock	—	(23.6)	—
Purchase of common stock	(0.6)	(2.9)	(4.3)
Common stock issued at December 31	97.5	97.2	122.4

Common Shares Held in Treasury
	2020	2019	2018
Common shares held in treasury at January 1	—	23.5	23.2
Surrender of restricted stock and performance share awards	—	0.1	0.3
Retirement of treasury shares	—	(23.6)	—
Common shares held in treasury at December 31	—	—	23.5

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

During 2020, the Company purchased 0.6 shares of its common stock at an average price of $178.85 for a total cost of $100.0. 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. At the end of 2020, the Company had outstanding authorization from its board of directors to purchase $800.0 of Company common stock. The repurchase authorization has no expiration date. The Company reinstated its share repurchase program in October 2020 following the temporary suspension of stock repurchases beginning in March 2020 due to the COVID-19 pandemic.

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, 2018	$	(389.8)	$	(73.3)	$	(463.1)
Current year adjustments	104.4		(22.5)		81.9
Amounts reclassified from accumulated other comprehensive earnings (a)	—		5.1		5.1
Tax effect of adjustments	—		3.7		3.7
Balance at December 31, 2019	(285.4)		(87.0)		(372.4)
Current year adjustments	264.1		(72.9)		191.2
Amounts reclassified from accumulated other comprehensive earnings (a)	—		7.2		7.2
Tax effect of adjustments	—		12.1		12.1
Balance at December 31, 2020	$	(21.3)	$	(140.6)	$	(161.9)

(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.