Stockholders' Deficit

6 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Stockholders’ Deficit

On January 30, 2015, the Company’s Board of Directors approved an additional authorization for share repurchases of approximately $452.9 million of its common stock in addition to the $547.1 million remaining available for repurchases of its common stock under the previous share buyback program for a total repurchase authorization of up to $1.0 billion of its common stock. The share buyback program has no expiration date. Purchases made under the program could be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. During the three and six months ended June 30, 2015 the Company repurchased 2.5 million and 5.2 million shares of its common stock, respectively, at an average stock price of $63.65 and $60.84, respectively. The aggregate cost of the repurchases in the three and six months ended June 30, 2015 was $156.0 million and $315.7 million, respectively. As of June 30, 2015, $760.6 million remained available for further repurchases under the share buyback program.

During the six months ended June 30, 2015, the Company placed 0.3 million shares, at an average stock price of $63.55, and for an aggregate cost of $20.1 million, into treasury stock for purposes related to tax withholding upon vesting of Restricted Stock Units (“RSUs”).

Since inception the Company has repurchased 208.8 million shares of its common stock for an aggregate cost of $7.1 billion, which is presented as a reduction of Additional paid-in capital.