Equity

3 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Equity

Equity

Share Repurchase Program

On February 4, 2014, the Company’s Board of Directors authorized $800.0 million to repurchase the Company's common stock. This authorization succeeds the Company’s prior $500.0 million share repurchase authorization, which was substantially utilized. The Company may repurchase its common stock from time to time in amounts and at prices the Company deems appropriate, subject to the availability of stock, prevailing market conditions, the trading price of the stock, the Company’s financial performance and other conditions. Repurchases may be made through open market purchases, private transactions or other transactions and will be funded from cash on hand and borrowings under the Company’s credit agreement.

The Company’s recent share repurchase activity is presented in the following table:

	Three Months Ended
	March 31,
	2014		2013
Number of shares repurchased (1)	2,699,714		976,943
Cost of repurchased shares (in thousands) (2)	$	195,850	$	48,527

(1) The average purchase price for the shares was $70.34 and $49.67 for the three months ended March 31, 2014 and 2013, respectively.

(2) The cost of repurchased shares for 2014 includes payment for share repurchase transactions that occurred in late December 2013 and were settled in early January 2014.