Stockholders' Deficit

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Stockholders’ Deficit

Effective February 6, 2020, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of $743.0 million, in addition to the $257.0 million that remained available for repurchases under the share repurchase program, for a total repurchase authorization of up to $1.0 billion under the program. The program has no expiration date. Purchases made under the 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, 2020, the Company repurchased 1.3 million shares of its common stock at an average stock price of $190.14. The aggregate cost of the repurchases in the three months ended March 31, 2020 was $245.0 million. As of March 31, 2020, there was approximately $825.6 million remaining available for future share repurchases under the share repurchase program.

During the three months ended March 31, 2020, the Company placed 0.1 million shares, at an average stock price of $209.40, and for an aggregate cost of $30.7 million, into treasury stock for purposes related to tax withholding upon vesting of Restricted Stock Units (“RSUs”).

Since inception, the Company has repurchased 237.9 million shares of its common stock for an aggregate cost of $10.48 billion, which is presented as a reduction of Additional paid-in capital.