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TREASURY STOCK
9 Months Ended
Sep. 30, 2014
Equity [Abstract]  
TREASURY STOCK
TREASURY STOCK
 
In the second quarter of 2013, the Company's Board of Directors authorized the repurchase of up to $1.0 billion of the Company's common stock, in addition to amounts previously authorized. In the second quarter of 2013 the Company repurchased 431,910 shares for an aggregate cost of $345.5 million in privately negotiated, off-market transactions and in the third quarter of 2014, the Company repurchased 114,645 shares for an aggregate cost of $147.3 million in privately negotiated, off-market transactions related to this authorization.

As of September 30, 2014, the Company had a remaining authorization of $507.2 million to purchase its common stock.  The Company may make additional repurchases of shares under its stock repurchase programs, depending on prevailing market conditions, alternate uses of capital and other factors. Whether and when to initiate and/or complete any purchase of common stock and the amount of common stock purchased will be determined in the Company's complete discretion.

In the third quarter of 2013, the Company repurchased 484,361 shares for an aggregate cost of $459.2 million. These shares were covered under our remaining authorizations as of December 31, 2012 to repurchase common stock.

The Board of Directors has given the Company the general authorization to repurchase shares of its common stock to satisfy employee withholding tax obligations related to stock-based compensation.  The Company repurchased 73,502 shares and 113,052 shares at aggregate costs of $98.2 million and $78.3 million in the nine months ended September 30, 2014 and 2013, respectively, to satisfy employee withholding taxes related to stock-based compensation.
 
As of September 30, 2014, there were approximately 9.4 million shares of the Company's common stock held in treasury.