Share Repurchase Program and Treasury Stock

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

SHARE REPURCHASE PROGRAM AND TREASURY STOCK

SHARE REPURCHASE PROGRAM AND TREASURY STOCK

As of June 30, 2013, the Company had $292.5 million of remaining availability under the Company's share repurchase program. In July 2013, the Company announced that the Board of Directors has authorized a $750 million increase to the share repurchase program. The Company expects the new authorization will be utilized over the next several 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 20.8 million shares since the inception of the program through June 30, 2013.

During the six months ended June 30, 2013 and 2012, the Company spent $144.8 million and $135.8 million on the repurchase of 680,934 shares and 797,095 shares at an average price per share of $212.69 and $170.31, respectively. The Company reissued 216,176 shares and 233,146 shares held in treasury for the exercise of stock options and restricted stock units during the six months ended June 30, 2013 and 2012, respectively.