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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY (Tables)
9 Months Ended
Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]  
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, 2017 and December 31, 2016.
The changes in common shares issued and held in treasury are summarized below:
 
Issued
 
Held in Treasury
 
Outstanding
Common shares at December 31, 2016
125.6

 
(22.9
)
 
102.7

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
)
Retirement of common stock
(2.1
)
 

 
(2.1
)
Common shares at September 30, 2017
125.3

 
(23.2
)
 
102.1


 Share Repurchase Program
At the end of 2016, the Company had outstanding authorization from the board of directors to purchase up to $739.5 of Company common stock. During the nine months ended September 30, 2017, the Company purchased 2.2 shares of its common stock at a total cost of $298.1 (inclusive of 0.1 shares of common stock at a cost of $6.0 representing committed purchases as of December 31, 2016 that settled in early 2017). As of September 30, 2017, the Company had outstanding authorization from the board of directors to purchase up to $447.4 of Company common stock. The repurchase authorization has no expiration.
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, 2016
$
(470.7
)
 
$
(110.4
)
 
 
$
(581.1
)
  Other comprehensive earnings before reclassifications
276.3

 
4.6

 
 
280.9

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

 
(1.2
)
 
 
(1.2
)
  Tax effect of adjustments
(39.1
)
 
(2.0
)
 
 
(41.1
)
Balance at September 30, 2017
$
(233.5
)
 
$
(109.0
)
 
 
$
(342.5
)

(a) 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.
In the first quarter of 2016, the Company finalized measurement period adjustments relating to the Covance acquisition and incorrectly recorded them retrospectively to the interim periods in 2015. The final measurement period adjustments consisted of foreign cumulative translation adjustments related to the final allocation of goodwill and intangibles to the applicable international geographies which were completed in the first quarter of 2016. In order to record these adjustments in the correct accounting period, the Company reduced the foreign currency translation adjustment by $80.4 in its first quarter 2016 Statement of Comprehensive Income, in accordance with Accounting Standards Update 2015-16 Simplifying the Accounting for Measurement-Period Adjustments. The Company concluded that the correction of this error was not material individually or in the aggregate to the prior period noted.
Changes in common shares issued and held in treasury
The changes in common shares issued and held in treasury are summarized below:
 
Issued
 
Held in Treasury
 
Outstanding
Common shares at December 31, 2016
125.6

 
(22.9
)
 
102.7

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
)
Retirement of common stock
(2.1
)
 

 
(2.1
)
Common shares at September 30, 2017
125.3

 
(23.2
)
 
102.1

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
     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, 2016
$
(470.7
)
 
$
(110.4
)
 
 
$
(581.1
)
  Other comprehensive earnings before reclassifications
276.3

 
4.6

 
 
280.9

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

 
(1.2
)
 
 
(1.2
)
  Tax effect of adjustments
(39.1
)
 
(2.0
)
 
 
(41.1
)
Balance at September 30, 2017
$
(233.5
)
 
$
(109.0
)
 
 
$
(342.5
)

(a) 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.