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Shareholders' Equity
 12 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [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, 2016, 3,706,789 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 share repurchase program of which there was $983.4 million common shares remaining to be repurchased under the program as of December 31, 2016. 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 26.0 million common shares since the inception of the program in 2004 through December 31, 2016, at a total cost of $3.5 billion. During the years ended December 31, 2016 and 2015, the Company spent $500 million and $495 million on the repurchase of 1,348,507 shares and 1,556,797 shares at an average price per share of $370.75 and $317.92, respectively. The Company reissued 278,623 shares and 403,908 shares held in treasury for the exercise of stock options and restricted stock units during 2016 and 2015, respectively.
Accumulated Other Comprehensive Income (Loss)
The following table presents changes in accumulated other comprehensive income by component for the period ended December 31, 2016 and 2015:
 
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, 2014
$
(4,960
)
 
$
(1,944
)
 
$
(206,045
)
 
$
(212,949
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net unrealized actuarial gains (loss), prior service costs, and plan amendments
—

 
—

 
(21,570
)
 
(21,570
)
Net unrealized gains (loss) on cash flow hedging arrangements
—

 
13,221

 
—

 
13,221

Foreign currency translation adjustment
(52,434
)
 
—

 
5,835

 
(46,599
)
Amounts recognized from accumulated other comprehensive income (loss), net of tax
—

 
(8,261
)
 
9,509

 
1,248

Net change in other comprehensive income (loss), net of tax
(52,434
)
 
4,960

 
(6,226
)
 
(53,700
)
Balance at December 31, 2015
$
(57,394
)
 
$
3,016

 
$
(212,271
)
 
$
(266,649
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net unrealized actuarial gains (loss), prior service costs and plan amendments
—

 
—

 
(47,788
)
 
(47,788
)
Net unrealized gains (loss) on cash flow hedging arrangements
—

 
(513
)
 
—

 
(513
)
Foreign currency translation adjustment
(57,928
)
 
—

 
5,885

 
(52,043
)
Amounts recognized from accumulated other comprehensive income (loss), net of tax
—

 
(4,735
)
 
16,730

 
11,995

Net change in other comprehensive income (loss), net of tax
(57,928
)
 
(5,248
)
 
(25,173
)
 
(88,349
)
Balance at December 31, 2016
$
(115,322
)
 
$
(2,232
)
 
$
(237,444
)
 
$
(354,998
)


The following table presents amounts recognized from accumulated other comprehensive income (loss) for the twelve months period ended December 31, 2016 and 2015:
 
 
2016
 
2015
 
Location of Amounts Recognized in Earnings
Effective portion of losses (gains) on cash flow hedging arrangements:
 
 
 
 
 
 
Interest rate swap agreements
 
$
1,034

 
$
2,764

 
Interest expense
Foreign currency forward contracts
 
(6,756
)
 
(12,529
)
 
Cost of sales - products
Total before taxes
 
(5,722
)
 
(9,765
)
 
 
Provision for taxes
 
(987
)
 
(1,504
)
 
Provision for taxes
Total, net of taxes
 
$
(4,735
)
 
$
(8,261
)
 
 
 
 
 
 
 
 
 
Recognition of defined benefit pension and post-retirement items:
 
 
 
 
 
 
Recognition of actuarial losses, plan amendments, prior service cost, and settlement charge before taxes
 
$
23,925

 
$
13,018

 
(a)
Provision for taxes
 
7,195

 
3,509

 
Provision for taxes
Total, net of taxes
 
$
16,730

 
$
9,509

 
 

(a)
These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the year ended December 31, 2016.