Share Repurchases

6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Share repurchases

17. Share Repurchases

A summary of share repurchase activity is shown below.

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Shares of common stock repurchased	3,965,253		289,930		6,718,418		3,886,910
Spending on share repurchases (in thousands)	$	300,079	$	25,006	$	500,134	$	317,571
Average price paid per share	$	75.68	$	86.25	$	74.44	$	81.70

In January 2015, the Board of Directors approved a new standing share repurchase authorization, whereby the Company may repurchase up to 15,000,000 shares of its common stock over the following three years. This plan replaced the Company's $1.0 billion share repurchase program, which it completed in 2014. During the three and six months ended June 30, 2015, the Company repurchased 3,965,253 and 6,718,418 shares of common stock under the January 2015 authorization. As of June 30, 2015, there were 8,281,582 shares available to purchase under this plan.

Treasury shares increased to 99,599,062 at June 30, 2015 from a balance of 92,880,644 at December 31, 2014.