Equity Level 1 (Notes)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Equity

(All shares reported in whole numbers)

Share Authorization

We are authorized to issue 1,000,000 shares of preferred stock, $1 per share par value. No preferred shares were issued as of December 31, 2018 or 2017. At December 31, 2018 and 2017, 500,000,000 common shares of $1 par value were authorized.We had 184,720,582 and 191,935,647 shares issued and 181,470,582 and 186,614,747 outstanding at par at December 31, 2018 and 2017, respectively.

Accumulated Other Comprehensive Income

The assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. The U.S. dollar amount that arises from such translation, as well as exchange gains and losses on intercompany balances of a long-term investment nature, are included in the cumulative currency translation adjustments in Accumulated other comprehensive income.

Share Repurchase Program

Subject to market conditions, normal trading restrictions, and limitations in our debt covenants, we may make purchases in the open market or through privately negotiated transactions under our share repurchase program. In 2018, we repurchased 7,347,838 shares of common stock at an aggregate cost of $277.6 million, which is an average cost per share of $37.78. During 2017, we repurchased 6,210,606 shares of common stock at an aggregate cost of $199.6 million, which is an average cost per share of $32.14. During February 2018, our Board of Directors increased our share repurchase authorization to $400.0 million. After these repurchases and increase in authorization, the remaining dollar value of shares authorized to be purchased under the share repurchase program was $192.5 million at December 31, 2018.

Subsequent to December 31, 2018, we repurchased 193,395 shares for $7.9 million at an average cost per share of $40.70.