Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Dividend Declaration

On January 27, 2020, the Company announced that the Board declared a quarterly cash dividend of $0.20 per share of common stock to be paid on March 23, 2020 to stockholders of record as of the close of business on March 2, 2020.

Stock Repurchase Activities

During the first quarter of 2020, the ASR was completed and the Company received an additional 1.8 million shares from the financial institution. These 1.8 million shares will be retired in the first quarter of 2020. The completion of the ASR resulted in a total settlement of 8.2 million shares of the Company's common stock at a volume weighted average repurchase price, less an agreed upon discount, of $24.44 per share.

Subsequent to December 31, 2019, through the date of filing of this Report (the "filing date"), the Company also repurchased 7.6 million shares of its common stock in the open market, for an aggregate purchase price of $179.8 million at an average price of $23.68 per share, under the 2018 Stock Repurchase Program. Repurchases of approximately 6.7 million shares were settled prior to the filing of this Report and the remaining shares will be settled after the filing date. The Company has an aggregate of $1.5 billion of authorized funds remaining under the Stock Repurchase Program as of the filing date.