Share Repurchase Program

3 Months Ended

Mar. 31, 2020

Share Repurchase Program

Share repurchase program

NOTE 8 – SHARE REPURCHASE PROGRAM

In January of 2011, the Company’s Board of Directors approved a share repurchase program. Under the program, the Company may, from time to time, repurchase shares of its common stock, solely through open market purchases effected through a broker dealer at prevailing market prices, based on a variety of factors such as price, corporate trading policy requirements and overall market conditions.  The Company’s Board of Directors may increase or otherwise modify, renew, suspend or terminate the share repurchase program at any

time, without prior notice.  As announced on February 5, 2020, the Company’s Board of Directors approved a resolution to increase the authorization amount under the share repurchase program by an additional $1.0 billion, resulting in a cumulative authorization amount of $13.8 billion.  The additional authorization is effective for three years, beginning on its respective announcement date.  On March 16, 2020, the Company ceased share repurchases under its share repurchase program to conserve liquidity in response to the uncertainty related to COVID-19, and the Company will continue to evaluate current and expected business conditions and resume share repurchases under its share repurchase program when appropriate.  

The following table identifies shares of the Company’s common stock that have been repurchased as part of the Company’s publicly announced share repurchase program for the three months ended March 31, 2020 and 2019 (in thousands, except per share data):

	For the Three Months Ended
	March 31,
	2020		2019
Shares repurchased		1,484		927
Average price per share	$	386.71	$	347.09
Total investment	$	574,037	$	321,846

As of March 31, 2020, the Company had $1.0 billion remaining under its share repurchase program.  Subsequent to the end of the first quarter, the Company did not repurchase any additional shares of its common stock.  The Company has repurchased a total of 77.7 million shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through May 8, 2020, at an average price of $164.22, for a total aggregate investment of $12.8 billion.