XML 37 R20.htm IDEA: XBRL DOCUMENT v3.3.1.900
TREASURY STOCK
12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
TREASURY STOCK
TREASURY STOCK
 
In the first quarter of 2016, the Company's Board of Directors authorized a program to purchase of up to $3.0 billion of the Company's common stock. The Company may from time to time make repurchases of our common stock, depending on prevailing market conditions, alternate uses of capital and other factors.

In the first quarter of 2015, the Company's Board of Directors authorized the repurchase of up to $3.0 billion of the Company's common stock, in addition to amounts previously authorized. In the year ended December 31, 2015, the Company repurchased 2,468,259 shares of its common stock in the open market for an aggregate cost of $3.0 billion related to this authorization.

In the second quarter of 2013, the Company's Board of Directors authorized a program to purchase $1.0 billion of the Company's common stock, in addition to amounts previously authorized. In the second quarter of 2013, the Company repurchased 431,910 shares for an aggregate cost of $345.5 million in privately negotiated, off-market transactions and in the third and fourth quarters of 2014, the Company repurchased 114,645 share of its common stock in privately negotiated, off-market transactions and 438,897 shares of its common stock in the open market for aggregate costs of $147.3 million and $500.0 million, respectively, related to this authorization. In the first quarter of 2015, the Company repurchased 5,813 shares for $7.2 million, which was the remaining amount of this authorization.

In the third quarter of 2013, the Company repurchased 484,361 shares for an aggregate cost of $459.2 million. These shares were covered under the Company's remaining authorizations as of December 31, 2012 to repurchase common stock.

In October 2013, the Company settled Conversion Spread Hedges and received 42,160 shares of common stock, with a fair value of $43.1 million, from the counterparties (see Note 7 for further detail on the Conversion Spread Hedges).

The Board of Directors has given the Company the general authorization to repurchase shares of its common stock to satisfy employee withholding tax obligations related to stock-based compensation.  In the years ended December 31, 2015, 2014 and 2013, the Company repurchased 65,849, 77,761, and 113,503 shares at an aggregate cost of $81.9 million, $103.1 million and $78.8 million, respectively, to satisfy employee withholding taxes related to stock-based compensation.
 
As of December 31, 2015, there were 12,427,945 shares of the Company's common stock held in treasury.