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STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTEREST
 6 Months Ended
Jun. 30, 2016
Stockholders' Equity Attributable to Parent [Abstract]  
STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTEREST
STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTEREST
    
Stockholders' Equity    

Components of Comprehensive Income

The market value adjustments represent unrealized holding gains (losses) on available-for-sale securities, net of taxes. The net deferred loss on cash flow hedges represents deferred losses, net of taxes on the Company’s interest rate related derivative financial instruments designated as cash flow hedges, net of amounts reclassified to interest expense (see Note 10). For the three and six months ended June 30, 2016 and 2015, the tax effects related to the market valuation adjustments and deferred losses were not material. Foreign currency translation adjustments are not adjusted for income taxes since they relate to indefinite investments in non-U.S. subsidiaries.

Dividend Program
    
During the first and second quarters of 2016, the Company's Board of Directors declared a quarterly cash dividend of $0.40 per common share. During each of the quarters of 2015, the Company's Board of Directors declared a quarterly cash dividend of $0.38 per common share.
    
Share Repurchase Program
        
As of June 30, 2016, $582 million remained available under the Company’s share repurchase authorizations. The share repurchase authorization has no set expiration or termination date.    

Share Repurchases

For the six months ended June 30, 2016, the Company repurchased 4.8 million shares of its common stock for $352 million, including 2.8 million shares repurchased under an accelerated share repurchase agreement ("ASR") as follows:

In May 2016, the Company entered into an ASR with a financial institution to repurchase $250 million of the Company's common stock as part of the Company's share repurchase program. The ASR was structured as a combination of two transactions: (1) a treasury stock repurchase; and (2) a forward contract, which permitted the Company to purchase shares immediately with the final purchase price of those shares determined by the volume weighted average price of the Company's common stock during the repurchase period, less a fixed discount. For the three and six months ended June 30, 2016, the Company repurchased 2.8 million shares of its common stock under the ASR at an initial price of $76.16 per share for a total of $212 million, which represents 85 percent of the total value of shares expected to be repurchased under the ASR. The forward contract will settle the remaining shares upon the completion of the ASR in the third quarter of 2016. The Company recorded this transaction as an increase to treasury stock of $212 million and recorded the remaining $38 million as a decrease to additional paid-in capital as of June 30, 2016. The $38 million recorded in additional paid-in capital will be reclassified to treasury stock upon completion of the ASR.

For the six months ended June 30, 2015, the Company repurchased 2.1 million shares of its common stock for $149 million.

Shares Reissued from Treasury Stock

For the six months ended June 30, 2016 and 2015, the Company reissued 0.9 million shares and 1.2 million shares, respectively, from treasury stock for employee benefit plans.



Redeemable Noncontrolling Interest

In connection with the sale of an 18.9% noncontrolling interest in a subsidiary to UMass Memorial Medical Center ("UMass") on July 1, 2015, the Company granted UMass the right to require the Company to purchase all of its interest in the subsidiary at fair value commencing July 1, 2020. The subsidiary performs diagnostic information services in a defined territory within the state of Massachusetts. In 2015, the Company received consideration of $68 million. Since the redemption of the noncontrolling interest is outside of the Company's control, it has been presented outside of stockholders' equity at the greater of its carrying amount or its fair value. The Company will record changes in the fair value of the noncontrolling interest immediately as they occur. As of June 30, 2016, the redeemable noncontrolling interest was presented at its fair value.