Stockholders' Deficit

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Stockholders’ Deficit

On February 11, 2016, the Company’s Board of Directors authorized the repurchase of approximately $611.2 million of its common stock, in addition to the $388.8 million remaining available for repurchase under the previous share repurchase program for a total repurchase authorization of up to $1.0 billion of its common stock. The share repurchase 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, 2016 the Company repurchased 1.7 million and 3.5 million shares of its common stock, respectively, at an average stock price of $86.46 and $84.63, respectively. The aggregate cost of the repurchases in the three and six months ended June 30, 2016 was $149.9 million and $299.8 million, respectively. As of June 30, 2016, $765.9 million remained available for further repurchases under the share repurchase program.

During the six months ended June 30, 2016, the Company placed 0.3 million shares, at an average stock price of $80.92, and for an aggregate cost of $24.4 million, into treasury stock for purposes related to tax withholding upon vesting of Restricted Stock Units (“RSUs”).

Since inception the Company has repurchased 216.8 million shares of its common stock for an aggregate cost of $7.8 billion, which is presented as a reduction of Additional paid-in capital.