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TREASURY STOCK | 3 Months Ended
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Mar. 31, 2016
TREASURY STOCK |
TREASURY STOCK | 13.TREASURY STOCK On February 24, 2016, the Company’s Board of Directors authorized a repurchase program of up to $1.75 billion of the Company’s outstanding common stock (the “February 2016 Repurchase Plan”). During the three-months ended March 31, 2016, no shares were purchased under the February 2016 Repurchase Plan. On September 11, 2015, the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to $500.0 million of the Company’s outstanding common stock (the “September 2015 Repurchase Plan”). As of March 31, 2016, $250.0 million remained available under the September 2015 Repurchase Plan. During the three-months ended March 31, 2016, no shares were purchased under the September 2015 Repurchase Plan. During the year ended December 31, 2015, the Company purchased 1.9 million shares of common stock at an average purchase price of $134.26 per share, for a total amount of $250.0 million (excluding broker commissions), under the September 2015 Repurchase Plan. During the three-months ended March 31, 2016, 15,277 shares were purchased from employees in lieu of cash payments for options exercised or withholding taxes due for a total amount of $2.0 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs, including the September 2015 Repurchase Plan or the February 2016 Repurchase Plan. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at March 31, 2016. On April 28, 2016, the Board of Directors authorized the Company to commence a “modified Dutch auction” tender offer to repurchase up to $2.0 billion of its outstanding shares of common stock. The repurchase of these shares is authorized under the Company’s existing share repurchase authority and will be funded with cash on hand. The Company anticipates commencing the tender offer in May 2016. Details of the tender offer, including the offer price, conditions, potential participation by management and other terms, will be set forth in the offering materials to be distributed to shareholders upon commencement of the tender offer.

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- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References No definition available. + Details
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