Stockholders' Deficit

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Note 4. Stockholders’ Deficit

Effective February 11, 2021, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of $747.0 million, in addition to the $253.0 million that remained available for repurchases under the share repurchase program, for a total repurchase authorization of up to $1.00 billion under the program. The 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 nine months ended September 30, 2021, the Company repurchased 0.8 million and 2.5 million shares of its common stock, respectively, at an average stock price of $219.62 and $210.55, respectively. The aggregate cost of the repurchases in the three and nine months ended September 30, 2021 was $172.4 million and $517.6 million, respectively. As of September 30, 2021, there was approximately $565.1 million remaining available for future share repurchases under the share repurchase program.

During the nine months ended September 30, 2021, the Company placed 0.1 million shares, at an average stock price of $205.10, and for an aggregate cost of $19.3 million, into treasury stock for purposes related to tax withholding upon vesting of Restricted Stock Units (“RSUs”).

Since inception, the Company has repurchased 242.9 million shares of its common stock for an aggregate cost of $11.52 billion, which is presented as a reduction of Additional paid-in capital.