Share Repurchase Program and Treasury Stock

6 Months Ended

Jun. 30, 2020

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 $1.1 billion of remaining availability as of June 30, 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 did not repurchase any shares in the three month period ended June 30, 2020 and has purchased 28.9 million shares since the inception of the program in 2004 through June 30, 2020. During the six months ended June 30, 2020 and 2019, the Company spent $200 million and $372.5 million on the repurchase of 268,161 shares and 539,326 shares at an average price per share of $745.80 and $690.66, respectively. The Company also reissued 114,109 shares and 226,595 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2020 and 2019, respectively.