Subsequent Event

6 Months Ended

Jun. 30, 2014

Subsequent Event

Subsequent Event

10.Subsequent Event

As part of the stock repurchase program, the Company entered into an accelerated share repurchase agreement (“ASR”) on July 30, 2014 with an investment bank under which the Company repurchased $300 million of its common stock.  The Company paid the $300 million on August 1, 2014 and received an initial delivery of shares from the investment bank of approximately 3.1 million shares, representing approximately 80 percent of the shares anticipated to be repurchased based on current market prices.  At the conclusion of the ASR, the Company may receive additional shares or cash or be required to pay additional cash or deliver shares (at the Company's option) based upon the volume-weighted average price of the Company's stock, less a discount, over an averaging period, which is expected to end in the fourth quarter of 2014.The ASR is part of our existing share repurchase program, which had 4.0 million shares available for purchase as of July 30, 2014, and the maximum number of shares to be repurchased under the ASR is limited to 4.0 million shares.