Share Repurchases and Dividends

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Share Repurchases and Dividends

SHARE REPURCHASES AND DIVIDENDS

Share Repurchases

Share repurchase activity during the years ended December 31, 2018 and 2017 follows (in millions except per share amounts):

	2018		2017
Number of shares repurchased	10.7		9.6
Amount paid	$	736.9	$	610.7
Weighted average cost per share	$	69.06	$	63.84

As of December 31, 2018, there were no repurchased shares pending settlement.

In October 2017, our Board of Directors added $2.0 billion to the existing share repurchase authorization that now extends through December 31, 2020. Share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws. While the Board of Directors has approved the program, the timing of any purchases, the prices and the number of shares of common stock to be purchased will be determined by our management, at its discretion, and will depend upon market conditions and other factors. The share repurchase program may be extended, suspended or discontinued at any time. As of December 31, 2018, the remaining authorized purchase capacity under our October 2017 repurchase program was $1.1 billion.

Dividends

In October 2018, our Board of Directors approved a quarterly dividend of $0.375 per share. Cash dividends declared were $468.4 million, $446.3 million and $423.8 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, we recorded a quarterly dividend payable of $121.0 million to shareholders of record at the close of business on January 2, 2019.