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Share Repurchase Program and Treasury Stock
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
SHARE REPURCHASE PROGRAM AND TREASURY STOCK
SHARE REPURCHASE PROGRAM AND TREASURY STOCK
As of September 30, 2018, the Company had $227.2 million of remaining availability under the Company's share repurchase program. On November 8, 2018, the Company's Board of Directors authorized an additional $2.0 billion to the share repurchase program. The share repurchases are expected to be funded from cash balances, borrowings and cash generated from operating activities. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity and other factors.
The Company has purchased 27.3 million shares since the inception of the program in 2004 through September 30, 2018. During the nine months ended September 30, 2018 and 2017, the Company spent $356.2 million and $335.0 million on the repurchase of 598,539 shares and 647,756 shares at an average price per share of $595.18 and $517.15, respectively. The Company also reissued 102,174 shares and 206,646 shares held in treasury for the exercise of stock options and restricted stock units during the nine months ended September 30, 2018 and 2017, respectively.