COMMON STOCK REPURCHASES

12 Months Ended

Mar. 31, 2018

Equity [Abstract]

Common Stock Repurchases

COMMON STOCK REPURCHASES

From time to time, the Board authorizes programs under which the Company may repurchase shares of its common stock, depending on market conditions, in the open market or through privately negotiated transactions. Repurchased shares are held as treasury stock until such time they are retired or re-issued. During the years ended March 31, 2016, 2017, and 2018, the Company repurchased 9,077,223, 764,176, and 1,139,548 shares of its common stock, respectively, for a total cost of $497.4 million, $34.2 million, and $52.9 million respectively, at an average price per share of $54.80, $44.80, and $46.46, respectively.

The Company financed the repurchases using a combination of funds generated from operations and borrowings under its revolving line of credit. All repurchases in Fiscal Years 2016, 2017, and 2018 were made in the open market. As of March 31, 2018, there remained 730,105 shares authorized for repurchase under the program approved by the Board on July 27, 2017.

During the years ended March 31, 2016, 2017, and 2018, the Company withheld shares valued at $11.1 million, $9.7 million, and $11.4 million, respectively, in satisfaction of employee tax withholding obligations upon the vesting of restricted stock granted under the Company's stock plans. The amounts withheld were equivalent to the employees' minimum statutory tax withholding requirements and are reflected as a financing activity within the Company's consolidated statements of cash flows. These share withholdings have the effect of share repurchases by the Company because they reduce the number of shares outstanding as a result of the vesting.

There were no retirements of treasury stock during Fiscal Years 2016, 2017, and 2018.