Stockholders' Deficit

3 Months Ended

Mar. 31, 2018

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Stockholders’ Deficit

On February 8, 2018, the Company’s Board of Directors authorized the repurchase of approximately $585.8 million of its common stock, in addition to the $414.2 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 made through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. During the three months ended March 31, 2018 the Company repurchased 1.1 million shares of its common stock at an average stock price of $114.81. The aggregate cost of the repurchases in the three months ended March 31, 2018 was $124.9 million. As of March 31, 2018, $938.3 million remained available for further repurchases under the share repurchase program.

During the three months ended March 31, 2018, the Company placed 0.2 million shares, at an average stock price of $117.89, and for an aggregate cost of $27.8 million, into treasury stock for purposes related to tax withholding upon vesting of Restricted Stock Units (“RSUs”).

Since inception the Company has repurchased 229.0 million shares of its common stock for an aggregate cost of $8.9 billion, which is presented as a reduction of Additional paid-in capital.