Stockholders' Deficit

9 Months Ended

Sep. 30, 2017

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Stockholders’ Deficit

On February 9, 2017, the Company’s Board of Directors authorized the repurchase of approximately $640.9 million of its common stock, in addition to the $359.1 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 can be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. During the three and nine months ended September 30, 2017 the Company repurchased 1.5 million and 5.0 million shares of its common stock, respectively, at an average stock price of $100.30 and $90.21, respectively. The aggregate cost of the repurchases in the three and nine months ended September 30, 2017 was $147.0 million and $447.6 million, respectively. As of September 30, 2017, $622.5 million remained available for further repurchases under the share repurchase program.

During the nine months ended September 30, 2017, the Company placed 0.3 million shares, at an average stock price of $83.88, and for an aggregate cost of $26.7 million, into treasury stock for purposes related to tax withholding upon vesting of Restricted Stock Units (“RSUs”).

Since inception the Company has repurchased 226.3 million shares of its common stock for an aggregate cost of $8.6 billion, which is presented as a reduction of Additional paid-in capital.