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Shareholders' Equity
 12 Months Ended
Dec. 31, 2014
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, 2014, 4,389,320 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.
Share Repurchase Program
The Company has a $3 billion share repurchase program, of which there were $478.4 million remaining to be repurchased under the program as of December 31, 2014. The Company expects that the authorization will be utilized over the next couple years. 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 23.1 million shares since the inception of the program through December 31, 2014. During the years ended December 31, 2014 and 2013, the Company spent $414.0 million and $295.0 million on the repurchase of 1,617,499 shares and 1,321,577 shares at an average price per share of $255.93 and $223.18, respectively. The Company reissued 373,431 shares and 398,646 shares held in treasury for the exercise of stock options and restricted stock units during 2014 and 2013, respectively.
Accumulated Other Comprehensive Income (Loss)
The following table presents changes in accumulated other comprehensive income by component for the period ended December 31, 2014 and 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
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Unrealized actuarial gains (loss), prior service costs and plan amendments
—

 
—

 
(105,230
)
 
(105,230
)
Unrealized gains (loss) on cash flow hedging arrangements
—

 
(713
)
 
—

 
(713
)
Foreign currency translation adjustment
(82,875
)
 
(55
)
 
8,089

 
(74,841
)
Amounts recognized from accumulated other comprehensive income (loss), net of tax
—

 
1,257

 
1,614

 
2,871

Net change in other comprehensive income (loss), net of tax
(82,875
)
 
489

 
(95,527
)
 
(177,913
)
Balance at December 31, 2014
$
(4,960
)
 
$
(1,944
)
 
$
(206,045
)
 
$
(212,949
)


The following table presents amounts recognized from accumulated other comprehensive income (loss) for the twelve months period ended December 31, 2014 and 2013:
 
 
2014
 
2013
 
Location of Amounts Recognized in Earnings
Effective portion of losses (gains) on cash flow hedging arrangements:
 
 
 
 
 
 
Interest rate swap agreements
 
$
3,119

 
$
3,081

 
Interest expense
Foreign currency forward contracts
 
(831
)
 
2,013

 
Cost of sales - products
Total before taxes
 
2,288

 
5,094

 
 
Provision for taxes
 
1,031

 
1,598

 
Provision for taxes
Total, net of taxes
 
$
1,257

 
$
3,496

 
 
 
 
 
 
 
 
 
Recognition of defined benefit pension and post-retirement items:
 
 
 
 
 
 
Recognition of actuarial losses, plan amendments and prior service cost, before taxes
 
$
2,877

 
$
10,426

 
(a)
Provision for taxes
 
1,263

 
3,651

 
Provision for taxes
Total, net of taxes
 
$
1,614

 
$
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 11 for additional details for the twelve months ended December 31, 2014.