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TREASURY STOCK
6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
TREASURY STOCK
TREASURY STOCK
 
In the first quarter of 2016, the Company's Board of Directors authorized a program to repurchase up to $3.0 billion of the Company's common stock. In the first quarter of 2017, the Company's Board of Directors authorized a program to repurchase up to $2.0 billion of the Company's common stock, in addition to amounts previously authorized. As of June 30, 2017, the Company had a remaining authorization of $3.7 billion to purchase its common stock.

In the six months ended June 30, 2017, the Company repurchased 261,552 shares of its common stock in the open market for an aggregate cost of $467.6 million, which included stock repurchases in June 2017 of 7,409 shares for an aggregate cost of $13.9 million that were settled in July 2017. 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 at the Company's discretion.

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 50,966 shares and 119,509 shares at an aggregate cost of $88.6 million and $155.8 million in the six months ended June 30, 2017 and 2016, respectively, to satisfy employee withholding taxes related to stock-based compensation. For the six months ended June 30, 2017 and 2016, the Company remitted $86.5 million and $151.2 million of such employee withholding taxes, respectively, to the tax authorities, with the remainder remitted subsequently. The new accounting standard for stock-based compensation (see Note 1) requires us to report the cash remitted to the tax authorities as a financing activity in the statements of cash flows for all periods presented. Prior to the adoption of this standard, the Company reported the aggregate cost of the shares withheld for taxes as a financing activity and the associated unremitted withholding taxes as an operating activity on the cash flow statements.
 
As of June 30, 2017, there were 13,503,447 shares of the Company's common stock held in treasury.