Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

STOCK REPURCHASE PROGRAM

Through December 31, 2019, the Company’s Board of Directors (the “Board”) has authorized an aggregate of $7.5 billion of funding for the Company’s common stock repurchase program (the “Repurchase Program”) since its establishment in March 2009. The most recent authorization occurred in January 2019 when the Board increased the authorized amount available under the Repurchase Program to $2.0 billion. As of December 31, 2019, the remaining amount of share repurchases authorized by the Board under the Repurchase Program was approximately $1.7 billion.

The following table provides the stock repurchase activities during the years ended December 31, 2019, 2018, and 2017 (in millions, except per share amounts):

	Years Ended December 31,
	2019		2018		2017
Shares repurchased	0.6		—		7.3
Average price per share	$	481.35	$	—	$	310.32
Value of shares repurchased	$	269.5	$	—	$	2,274.0

The Company uses the par value method of accounting for its stock repurchases. As a result of share repurchase activities during the years ended December 31, 2019, 2018, and 2017, the Company reduced common stock and additional paid-in capital by an aggregate of $14.5 million, zero, and $152 million, respectively, and charged $255 million, zero, $2,122 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, 2019, and 2018, are as follows (in millions):

	Year Ended December 31, 2019
	Gains (Losses) on Hedge Instruments		Unrealized  Gains (Losses) on Available-for-Sale Securities		Foreign Currency Translation Gains (Losses)		Employee Benefit Plans		Total
Beginning balance	$	0.2	$	(9.8)	$	(0.3)	$	(3.4)	$	(13.3)
Other comprehensive income (loss) before reclassifications	5.8		30.7		0.3		(5.9)		30.9
Reclassified from accumulated other comprehensive (loss)	(5.3)		(0.5)		—		0.6		(5.2)
Net current-period other comprehensive income (loss)	0.5		30.2		0.3		(5.3)		25.7
Ending balance	$	0.7	$	20.4	$	—	$	(8.7)	$	12.4
	Year Ended December 31, 2018
	Gains (Losses) on Hedge Instruments		Unrealized Gains (Losses) on Available-for-Sale Securities		Foreign Currency Translation Gains (Losses)		Employee Benefit Plans		Total
Beginning balance	$	(2.4)	$	(11.3)	$	2.3	$	(4.1)	$	(15.5)
Other comprehensive income (loss) before reclassifications	3.6		0.3		(2.6)		0.4		1.7
Reclassified from accumulated other comprehensive income (loss)	(1.0)		1.2		—		0.3		0.5
Net current-period other comprehensive income (loss)	2.6		1.5		(2.6)		0.7		2.2
Ending balance	$	0.2	$	(9.8)	$	(0.3)	$	(3.4)	$	(13.3)