Share Repurchase Program

3 Months Ended

Mar. 31, 2013

Share Repurchase Program [Abstract]

Treasury Stock [Text Block]

Share Repurchase Program

The Company’s Board of Directors has authorized up to $1.25 billion for share repurchases, of which$926.4 million remained available for share repurchases as of March 31, 2013. Under this program, shares repurchased are recorded as a reduction to capital in excess of par value and retained earnings in the Company’s Condensed Consolidated Balance Sheet. From inception of this share repurchase program through March 31, 2013, the Company had repurchased 7.49 million shares for $323.6 million, of which 1.76 million shares for an aggregate purchase price of $89.6 million were repurchased during the three months endedMarch 31, 2013. As part of its share repurchase program, the Company may from time-to-time enter into structured share repurchase arrangements with financial institutions. These arrangements generally require the Company to make an upfront cash payment in exchange for the right to receive shares of its common stock or cash at the expiration of the agreement, dependent upon the volume-weighted average price of the Company’s common stock at the expiration date. The initial cash principal payment, as well as the subsequent repayment of principal and return on principal, if settled in cash, are recorded as a component of capital in excess of par value in the Company’s Condensed Consolidated Balance Sheets.