Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Dividend Declaration

On January 30, 2018, the Company announced that the Board declared a quarterly cash dividend of $0.18 per share of common stock to be paid on March 22, 2018 to stockholders of record as of the close of business on March 1, 2018. This reflects an increase of 80% compared to previous quarterly dividends.

Stock Repurchase Activities

In January 2018, the Board approved a new $2.0 billion share repurchase authorization ("2018 Stock Repurchase Program"), which replaces the previous authorization. The Board also authorized the Company to enter into an accelerated share repurchase program ("ASR") for an amount up to $750.0 million under the 2018 Stock Repurchase Program.

In February 2018, the Company entered into ASR agreements with two financial institutions to repurchase an aggregate of $750.0 million of the Company's common stock. The Company made an up-front payment of $750.0 million pursuant to the ASR and received and retired an initial 23.3 million shares of the Company's common stock for an aggregate price of $600.0 million based on the market value of the Company's common stock on the date of the transaction. The Company has an aggregate of $1.3 billion of authorized funds remaining under the 2018 Stock Repurchase Program, as of the filing date of this Annual Report on Form 10-K.

Future share repurchases under the 2018 Stock Repurchase Program will be subject to a review of the circumstances at that time and will be made from time to time in private transactions or open market purchases as permitted by securities laws and other legal requirements. The Company's 2018 Stock Repurchase Program may be discontinued at any time.