Common Stock Repurchase Program

6 Months Ended

Jun. 30, 2018

Common Stock Repurchase Program

Common Stock Repurchase Program

11.  Common Stock Repurchase Program

The Company repurchases shares of its common stock as part of capital allocation programs authorized by our Board of Directors. During the six months ended June 30, 2018, we entered into and completed two accelerated share repurchase agreements to repurchase $450 million of our common stock and received 5.4 million shares based on a final weighted average per share price of $83.87.

From March 2018 through May 2018, we repurchased an additional 1.2 million shares in open market transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act for $100 million, inclusive of per-share commissions, at a weighted average per share price of $83.20.

As of June 30, 2018, the Company has authorization for $700 million of future share repurchases. Any future share repurchases pursuant to this authorization of our Board of Directors will be made at the discretion of management and will depend on factors similar to those considered by the Board of Directors in making dividend declarations, including our net earnings, financial condition and cash required for future business plans.