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Equity Level 1 (Notes)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note Disclosure [Text Block] | Equity (All shares reported in whole numbers) Share Authorization We are authorized to issue 1,000,000 shares of preferred stock, $1 per share par value. No preferred shares were issued as of December 31, 2011 or 2010. At December 31, 2011 and 2010, 500,000,000 common shares of $1 par value were authorized. We had 222,955,853 and 241,035,250 shares issued and outstanding, net of 1,709,542 and 984,400 shares held in treasury at par at December 31, 2011 and 2010, respectively. Accumulated Other Comprehensive Income Our components of Accumulated other comprehensive income are as follows:
The assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. The U.S. dollar amount that arises from such translation, as well as exchange gains and losses on intercompany balances of a long-term investment nature, are included in the cumulative currency translation adjustments in Accumulated other comprehensive income. Share Repurchase Program Subject to market conditions, normal trading restrictions, and limitations in our debt covenants, we may make purchases in the open market or through privately negotiated transactions under our share repurchase program. During 2011, we repurchased 19,752,174 shares of common stock at an aggregate cost of $195.7 million, which is an average cost per share of $9.91. During 2010, we repurchased 13,927,510 shares of common stock at an aggregate cost of $116.2 million, which is an average cost per share of $8.34. During 2009, we did not repurchase any shares of our common stock. In August 2011, our Board of Directors approved an increase in our share repurchase program authorizing the investment of up to an additional $116.6 million to repurchase our common stock. The remaining dollar value of shares authorized to be purchased under the share repurchase program was $99.6 million at December 31, 2011. Subsequent to December 31, 2011, we repurchased an additional 1,831,921 shares of common stock at an aggregate cost of $20.0 million including commissions (average cost per share of $10.90). In February 2012, our Board of Directors approved an increase in our share repurchase program authorizing the investment of up to an additional $119.9 million to repurchase our common stock. After this increase, the remaining dollar value of shares authorized to be purchased under our share repurchase program is approximately $199.4 million. Cash Dividends On November 8, 2011, our Board of Directors approved a cash dividend of $0.05 per common share. At December 31, 2011, this dividend totaling $11.0 million was recorded in Accounts payable and accrued liabilities and Capital in Excess of Par Value in our consolidated balance sheet. We paid this dividend subsequent to December 31, 2011. We paid $44.8 million, $40.0 million, and $40.2 million in cash dividends in 2011, 2010, and 2009, respectively. On February 8, 2012 our Board of Directors approved a cash dividend of $0.05 per common share payable on April 30, 2012 to stockholders of record as of April 13, 2012. |
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