PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY

PREFERRED STOCK AND COMMON SHAREHOLDERS’ EQUITYThe 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, 2021 and 2020. 

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

Common Shares Issued
	2021	2020	2019
Common stock issued at January 1	97.5	97.2	122.4
Common stock issued under employee stock plans	0.8	0.9	1.2
Common stock issued upon conversion of zero-coupon subordinated notes	—	—	0.1
Retirement of treasury stock	—	—	(23.6)
Purchase of common stock	(5.2)	(0.6)	(2.9)
Common stock issued at December 31	93.1	97.5	97.2

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 December 8, 2021, the board of directors adopted a new share repurchase plan authorizing up to $2,500.0 of the Company's shares in addition to the remaining amount outstanding under the previous plan. On December 13, 2021, the Company entered into accelerated share repurchase agreements (collectively, the ASR Agreements) with two different banks, Goldman Sachs & Co. LLC and Barclays Bank PLC (collectively, the Financial Institutions), to repurchase $1,000.0 in the aggregate of the Company’s common stock (Common Stock), as part of the Company’s Common Stock repurchase program. The remaining repurchase authorization has no expiration date.

During 2021, the Company repurchased 5.2 shares of its common stock at an average price of $282.05 for a total cost of $1,668.5, which included $1,000.0 paid in respect of an ASR for which the Company received 80% of the shares calculated at the price at the inception of the Agreements. At final settlement, the Company may be entitled to receive additional shares of its common stock from the Financial Institutions or it may be required to make a payment. If the Company are obligated to make a payment, it may elect to satisfy such obligation in cash or shares of its common stock. The specific number of shares that the Company ultimately will repurchase under the ASR Agreements will be based generally on the average of the daily volume-weighted average price per share of the Common Stock during a repurchase period, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreements. The ASR Agreements contain provisions customary for agreements of this type, including provisions for adjustments to the transaction terms, the circumstances generally under which the ASR Agreements may be accelerated, extended or terminated early by the Financial Institutions and various acknowledgments, representations and warranties made by the parties to one another. The initial shares received under the ASR have been removed from the outstanding share count and the final settlement is expected to be completed by the end of April 2022.

When the Company repurchases shares, 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 2021, the Company had outstanding authorization from the board of directors to purchase up to $1,631.5 of the Company's common stock. 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, 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)
Current year adjustments	(104.6)		101.7		(2.9)
Pension settlement charge	—		(3.7)		(3.7)
Amounts reclassified from accumulated other comprehensive earnings (a)	—		(6.3)		(6.3)
Tax effect of adjustments	—		(17.1)		(17.1)
Balance at December 31, 2021	$	(125.9)	$	(66.0)	$	(191.9)

(a) The amortization of prior service cost is included in the computation of net periodic benefit cost. Refer to Note 15 Pension and Postretirement Plans for additional information regarding the Company's net periodic benefit cost.