Equity Level 1 (Notes)

12 Months Ended

Dec. 31, 2019

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, 2019 or 2018. At December 31, 2019 and 2018, 500,000,000 common shares of $1 par value were authorized. We had 185,100,789 and 184,720,582 shares issued and 181,184,963 and 181,470,582 outstanding at par at December 31, 2019 and 2018, 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 2019, we repurchased 2,908,850 shares of common stock at an aggregate cost of $129.6 million, which is an average cost per share of $44.55. During 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 August 2019, 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 $312.0 million at December 31, 2019.

Subsequent to December 31, 2019, we repurchased 475,476 shares for $22.2 million at an average cost per share of $46.69.