Share Repurchase Program and Treasury Stock

3 Months Ended

Mar. 31, 2016

Share Repurchase Program and Treasury Stock [Abstract]

Treasury Stock [Text Block]

SHARE REPURCHASE PROGRAM AND TREASURY STOCK

The Company has a share repurchase program of which there was $1.4 billion common shares remaining to be repurchased under the program as of March 31, 2016. The share repurchases are expected to be funded from cash generated from operating activities, borrowings and existing cash balances. Repurchases will be made through open market transactions, and the amount and timing of repurchases will depend on business and market conditions, stock price, trading restrictions, the level of acquisition activity, and other factors.

The Company has purchased 25.0 million shares since the inception of the program in 2004 through March 31, 2016. During the three months ended March 31, 2016 and 2015, the Company spent $125.0 million and $123.7 million on the repurchase of 390,337 shares and 400,845 shares at an average price per share of $320.22 and $308.69, respectively. The Company reissued 59,321 shares and 125,398 shares held in treasury for the exercise of stock options and restricted stock units during the three months ended March 31, 2016 and 2015, respectively.