Share Repurchase Program and Treasury Stock

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

SHARE REPURCHASE PROGRAM AND TREASURY STOCK

SHARE REPURCHASE PROGRAM AND TREASURY STOCK

In November 2018, the Company's Board of Directors authorized an additional $2 billion to the share repurchase program, which has $1.7 billion of remaining availability as of June 30, 2019. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. 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 28.1 million shares since the inception of the program in 2004 through June 30, 2019. During the six months ended June 30, 2019 and 2018, the Company spent $372.5 million and $237.5 million on the repurchase of 539,326 shares and 396,218 shares at an average price per share of $690.66 and $599.40, respectively. The Company also reissued 226,595 shares and 68,653 shares held in treasury for the exercise of stock options and restricted stock units during the six months ended June 30, 2019 and 2018, respectively.