Share Repurchase Program and Treasury Stock

3 Months Ended

Mar. 31, 2014

Share Repurchase Program and Treasury Stock [Abstract]

Treasury Stock [Text Block]

SHARE REPURCHASE PROGRAM AND TREASURY STOCK

The Company has a $3 billion share repurchase program, of which there were $809.9 million of remaining common shares authorized to be repurchased under the program. We expect that the authorization will be utilized over the next few 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 21.8 million shares since the inception of the program through March 31, 2014. During the three months ended March 31, 2014 and 2013, the Company spent $82.5 million and $72.3 million on the repurchase of 336,188 shares and 341,109 shares at an average price per share of $245.37 and $211.94, respectively. The Company reissued 69,442 shares and 117,014 shares held in treasury for the exercise of stock options and restricted stock units during the three months ended March 31, 2014 and 2013, respectively.