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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2013
SHAREHOLDERS’ EQUITY [Abstract] |
Stockholders' Equity Note Disclosure | SHAREHOLDERS’ EQUITY Common Stock The number of authorized shares of the Company’s common stock is 125,000,000 shares with a par value of $0.01 per share. Holders of the Company’s common stock are entitled to one vote per share. At December 31, 2013, 4,762,751 shares of the Company’s common stock were reserved for issuance pursuant to the Company’s stock option plans. Preferred Stock The Board of Directors, without further shareholder authorization, is authorized to issue up to 10,000,000 shares of preferred stock, par value $0.01 per share in one or more series and to determine and fix the rights, preferences and privileges of each series, including dividend rights and preferences over dividends on the common stock and one or more series of the preferred stock, conversion rights, voting rights (in addition to those provided by law), redemption rights and the terms of any sinking fund therefore, and rights upon liquidation, dissolution or winding up, including preferences over the common stock and one or more series of the preferred stock. The issuance of shares of preferred stock, or the issuance of rights to purchase such shares, may have the effect of delaying, deferring or preventing a change in control of the Company or an unsolicited acquisition proposal. Restricted Stock Units In 2013 and 2012, the Company granted 29,507 and 43,078 restricted stock units, respectively, to certain employees and directors. The weighted average grant-date fair value of the restricted stock units granted in 2013 and 2012 was $244.90 and $169.37 per unit, respectively, and the restricted units vest ratably primarily over a 5 years-year period. The total fair value of the restricted stock units on the date of grant of $7.2 million for 2013 and $7.3 million for 2012 will be recorded as compensation expense ratably over the vesting period. Approximately $5.5 million and $5.3 million of compensation expense was recognized during the years ended December 31, 2013 and 2012, respectively. Share Repurchase Program The Company has a $3 billion share repurchase program, which includes an additional $750 million that was authorized by the Board of Directors during 2013. The Company expects that the authorization will be utilized over the next several years. As of December 31, 2013, there were $892 million of remaining common shares authorized to be repurchased under the program. The share repurchases are expected to be funded from cash balances, borrowings and cash generated from operating activities. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity and other factors. The Company has purchased 21.5 million shares since the inception of the program through December 31, 2013. During the years ended December 31, 2013 and 2012, the Company spent $295.0 million and $278.7 million on the repurchase of 1,321,577 shares and 1,637,827 shares at an average price per share of $223.18 and $170.13, respectively. The Company reissued 398,646 shares and 457,732 shares held in treasury for the exercise of stock options and restricted stock units during 2013 and 2012, respectively. Accumulated Other Comprehensive Income (Loss) The following table presents changes in accumulated other comprehensive income by component for the period ended December 31, 2013:
| Currency Translation Adjustment, Net of Tax |  | Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax |  | Pension and Post-Retirement Benefit Related Items, Net of Tax |  | Total
Balance at December 31, 2012 | $ | 56,012 |  |  | $ | (5,438 | ) |  | $ | (148,035 | ) |  | $ | (97,461 | )
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Unrealized actuarial gains (loss), prior service costs and plan amendments | — |  |  | — |  |  | 32,752 |  |  | 32,752 |
Unrealized gains (loss) on cash flow hedging arrangements | — |  |  | (448 | ) |  | — |  |  | (448 | )
Foreign currency translation adjustment | 21,903 |  |  | (43 | ) |  | (2,010 | ) |  | 19,850 |
Amounts recognized from accumulated other comprehensive income (loss), net of tax | — |  |  | 3,496 |  |  | 6,775 |  |  | 10,271 |
Net change in other comprehensive income (loss), net of tax | 21,903 |  |  | 3,005 |  |  | 37,517 |  |  | 62,425 |
Balance at December 31, 2013 | $ | 77,915 |  |  | $ | (2,433 | ) |  | $ | (110,518 | ) |  | $ | (35,036 | )
The following table presents amounts recognized from accumulated other comprehensive income (loss) for the twelve months period ended December 31, 2013:
|  | 2013 |  | Location of Amounts Recognized in Earnings
Effective portion of losses on cash flow hedging arrangements: |  |  |  |
Interest rate swap agreements |  | $ | 3,081 |  |  | Interest expense
Foreign currency forward contracts |  | 2,013 |  |  | Cost of sales - products
Total before taxes |  | 5,094 |  |  |
Provision for taxes |  | 1,598 |  |  | Provision for taxes
Total, net of taxes |  | $ | 3,496 |  |  |
Recognition of defined benefit pension and post-retirement items: |  |  |  |
Recognition of actuarial losses, plan amendments and prior service cost, before taxes |  | $ | 10,426 |  |  | (a)
Provision for taxes |  | 3,651 |  |  | Provision for taxes
Total, net of taxes |  | $ | 6,775 |  |  |
(a) | These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 13 for additional details for the twelve months ended December 31, 2013.
Accumulated other comprehensive income (loss) consisted of the following at December 31:
| 2013 |  | 2012 |  | 2011
Currency translation adjustment, net of tax | $ | 77,915 |  |  | $ | 56,012 |  |  | $ | 40,371 |
Net unrealized (loss) gain on cash flow hedging arrangements, net of tax | (2,433 | ) |  | (5,438 | ) |  | (5,719 | )
Pension and post-retirement benefit related items | (154,068 | ) |  | (209,775 | ) |  | (176,005 | )
Deferred taxes on pension and post-retirement benefit related items | 43,550 |  |  | 61,740 |  |  | 54,415 |
Total accumulated other comprehensive income (loss) | $ | (35,036 | ) |  | $ | (97,461 | ) |  | $ | (86,938 | )

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
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