Share Repurchase Program and Treasury Stock

3 Months Ended

Mar. 31, 2020

Share Repurchase Program and Treasury Stock [Abstract]

Treasury Stock [Text Block]

SHARE REPURCHASE PROGRAM AND TREASURY STOCK

In November 2018, the Company's Board of Directors authorized an additional $2.0 billion to the share repurchase program which has $1.1 billion of remaining availability as of March 31, 2020. 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 28.9 million common shares since the inception of the program in 2004 through March 31, 2020. During the three months ended March 31, 2020 and 2019, the Company spent $200.0 million and $186.3 million on the repurchase of 268,161 shares and 290,429 shares at an average price per share of $745.80 and $641.27, respectively. The Company reissued 50,372 shares and 171,752 shares held in treasury for the exercise of stock options and restricted stock units during the three months ended March 31, 2020 and 2019, respectively.