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Stockholders' Equity
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Stockholders' Equity
STOCKHOLDERS’ EQUITY
STOCK REPURCHASE PROGRAM
The Company's Board of Directors (the “Board”) has authorized an aggregate of $6.2 billion of funding for the Company’s common stock repurchase program (the “Repurchase Program”) since originally established in March 2009, of which the most recent authorization occurred in December 2016 when the Board increased the authorized amount available under Repurchase Program to $3.0 billion. As of December 31, 2016, the remaining amount of share repurchases authorized by the Board was approximately $2,991.6 million under the Repurchase Program. The $42.5 million of share repurchases for the year ended December 31, 2016, were repurchased in the open market.
On January 24, 2017, subsequent to the end of fiscal year 2016, the Company entered into an accelerated share repurchase program (the “ASR Program”) with Goldman, Sachs & Co. (“Goldman”) to repurchase $2.0 billion of the Company’s common stock. On January 27, 2017, the Company made a payment of $2.0 billion to Goldman and Goldman delivered to the Company an initial delivery of approximately 2.4 million shares of the Company’s common stock, which represents 80% of the payment amount divided by the closing price of the Company’s common stock on January 23, 2017. The total number of shares that the Company will repurchase under the ASR Program will be based generally on the daily volume-weighted average price per share of the Company's common stock during the repurchase period, less a discount. Depending on the circumstances at settlement, Goldman may be required to deliver additional shares of common stock to the Company or the Company may be required either to deliver shares of common stock or make a cash payment to Goldman. Final settlement of the ASR Program is expected to be completed by the end of the fourth quarter of 2017, although the completion date may be accelerated at Goldman’s option during an acceleration period prior to the scheduled termination date.
The following table provides the stock repurchase activities during the years ended December 31, 2016, 2015, and 2014 (in millions, except per share amounts):
 
Years Ended December 31,
 
2016
 
2015
 
2014
Shares repurchased
0.1

 
0.4

 
2.5

Average price per share
$
605.10

 
$
502.23

 
$
397.52

Value of shares repurchased
$
42.5

 
$
183.7

 
$
1,000.0


The Company uses the par value method of accounting for its stock repurchases. As a result of the share repurchases during the years ended December 31, 2016, 2015, and 2014, the Company reduced common stock and additional paid-in capital by an aggregate of $4.1 million, $16.3 million, and $89.5 million, respectively, and charged $38.4 million, $167.4 million, $910.5 million, respectively, to retained earnings.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The components of accumulated other comprehensive income (loss) net of tax, for the years ended December 31, 2016, and 2015 are as follows (in millions):
 
Year Ended December 31, 2016
 
Gains  (Losses)
on Hedge
Instruments
 
Unrealized  Gains
(Losses) on
Available-for-Sale Securities
 
Foreign
Currency
Translation
Gains  (Losses)
 
Employee Benefit Plans
 
Total
Beginning balance
$
1.5

 
$
(4.2
)
 
$
(3.3
)
 
$
(3.5
)

$
(9.5
)
Other comprehensive income before reclassifications
4.1

 
(4.6
)
 
2.0

 
(0.7
)
 
0.8

Reclassified from accumulated other comprehensive income (loss)
(0.6
)
 
0.2

 
—

 
0.2

 
(0.2
)
Net current-period other comprehensive income (loss)
3.5

 
(4.4
)
 
2.0

 
(0.5
)
 
0.6

Ending balance
$
5.0

 
$
(8.6
)
 
$
(1.3
)
 
$
(4.0
)
 
$
(8.9
)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2015
 
Gains  (Losses)
on Hedge
Instruments
 
Unrealized Gains
(Losses) on
Available-for-Sale Securities
 
Foreign
Currency
Translation
Gains  (Losses)
 
Employee Benefit Plans
 
Total
Beginning balance
$
1.1

 
$
(0.2
)
 
$
(2.1
)
 
$
(3.9
)
 
$
(5.1
)
Other comprehensive income before reclassifications
7.8

 
(3.2
)
 
(1.2
)
 
(0.4
)
 
3.0

Reclassified from accumulated other comprehensive income (loss)
(7.4
)
 
(0.8
)
 
—

 
0.8

 
(7.4
)
Net current-period other comprehensive income (loss)
0.4

 
(4.0
)
 
(1.2
)
 
0.4

 
(4.4
)
Ending balance
$
1.5

 
$
(4.2
)
 
$
(3.3
)
 
$
(3.5
)
 
$
(9.5
)