Stockholders' Deficit

3 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Stockholders’ Deficit

On January 31, 2014, the Company’s Board of Directors authorized the repurchase of up to $527.6 million of common stock, in addition to the $472.4 million of its common stock remaining available for repurchase under the previous 2013 Share Buyback Program, for a total repurchase authorization of up to $1.0 billion of its common stock (collectively, the “2014 Share Buyback Program”). The 2014 Share Buyback Program has no expiration date. Purchases made under the 2014 Share Buyback Program could be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. During the three months ended March 31, 2014 the Company repurchased 2.4 million shares of its common stock at an average stock price of $54.39 for an aggregate cost of $131.7 million. As of March 31, 2014, $868.3 million remained available for further repurchases under the 2014 Share Buyback Program.

During the three months ended March 31, 2014, the Company placed 0.3 million shares, at an average stock price of $55.16 and for an aggregate cost of $13.9 million, into treasury stock for purposes related to tax withholding upon vesting of Restricted Stock Units (“RSUs”).

Since inception the Company has repurchased 189.3 million shares of its common stock for an aggregate cost of $6.1 billion, which is presented as a reduction of Additional paid-in capital.