Share Repurchase Program and Treasury Stock

3 Months Ended

Mar. 31, 2013

Share Repurchase Program and Treasury Stock [Abstract]

Treasury Stock [Text Block]

SHARE REPURCHASE PROGRAM AND TREASURY STOCK

The Company has a $2.25 billion share repurchase program, of which there is $365.1 million remaining to repurchase common shares as of March 31, 2013. 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 20.5 million shares since the inception of the program through March 31, 2013.

During the three months ended March 31, 2013 and 2012, the Company spent $72.3 million and $63.7 million on the repurchase of 341,109 shares and 361,777 shares at an average price per share of $211.94 and $176.11, respectively. The Company reissued 117,014 shares and 220,078 shares held in treasury for the exercise of stock options and restricted stock units during the three months ended March 31, 2013 and 2012, respectively.