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PREFERRED STOCK AND COMMON SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2022
Stockholders' Equity Note [Abstract]  
Changes in common shares issued and held in treasury
The changes in common shares issued are summarized below:
Issued and Outstanding
Common shares at December 31, 202193.1 
Shares issued under employee stock plans0.4 
Shares repurchased(0.6)
Common shares at March 31, 202292.9 
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
The components of accumulated other comprehensive earnings (loss) are as follows:
Foreign Currency Translation AdjustmentsNet Benefit Plan AdjustmentsAccumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2021$(125.9)$(66.0)$(191.9)
Current year adjustments(74.6)3.8 (70.8)
Amounts reclassified from accumulated other comprehensive income— (1.6)(1.6)
Tax effect of adjustments— (0.6)(0.6)
Balance as of March 31, 2022$(200.5)$(64.4)$(264.9)
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 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 March 31, 2022, and December 31, 2021.
The changes in common shares issued are summarized below:
Issued and Outstanding
Common shares at December 31, 202193.1 
Shares issued under employee stock plans0.4 
Shares repurchased(0.6)
Common shares at March 31, 202292.9 
Share Repurchase Program
During the fourth quarter of 2021, the Company commenced an Accelerated Share Repurchase (ASR) program. At inception, the Company paid $1,000.0 and received 2.7 shares based on a calculation using 80% of the shares calculated at the price at the inception of the ASR agreements with two different banks, Goldman Sachs & Co. LLC (Goldman Sachs) and Barclays Bank PLC (Barclays). The initial shares received under the ASR were removed from the outstanding share count in 2021. In March 2022, the Company received 0.6 shares of its common stock, arising from a partial acceleration with Barclays and a final settlement from Goldman Sachs, based on the average daily volume weighted average price per share of $277.40. On April 1, 2022, the Company received 0.2 shares of its common stock for final settlement from Barclays based on the average volume-weighted average price per share of $275.51. As of March 31, 2022, 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.
Dividends
On December 9, 2021, the Company announced that it was initiating a quarterly dividend in the second quarter of 2022. On April 7, 2022, the Company announced a cash dividend of $0.72 per share of common stock for the second quarter, or approximately $67.6 in the aggregate. The dividend will be payable on June 9, 2022, to stockholders of record of all issued and outstanding shares of common stock as of the close of business on May 19, 2022. The declaration and payment of any future dividends will be at the discretion of the Company's board of directors.
Accumulated Other Comprehensive Earnings (Loss)
The components of accumulated other comprehensive earnings (loss) are as follows:
Foreign Currency Translation AdjustmentsNet Benefit Plan AdjustmentsAccumulated Other Comprehensive Earnings (Loss)
Balance as of December 31, 2021$(125.9)$(66.0)$(191.9)
Current year adjustments(74.6)3.8 (70.8)
Amounts reclassified from accumulated other comprehensive income— (1.6)(1.6)
Tax effect of adjustments— (0.6)(0.6)
Balance as of March 31, 2022$(200.5)$(64.4)$(264.9)