Subsequent Events

9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

Note 16. Subsequent Events

Dividend Declaration

On October 24, 2019, the Company announced that the Board declared a cash dividend of $0.19 per share of common stock to be paid on December 23, 2019 to stockholders of record as of the close of business on December 2, 2019.

Stock Repurchase Program and Activities

On October 24, 2019, the Company announced that the Board authorized the repurchase of up to an additional $1.0 billion of common stock under the 2018 Stock Repurchase Program.

On October 28, 2019, the Company entered into an ASR with a financial institution to repurchase an aggregate of $200.0 million of the Company's outstanding common stock. The Company made an up-front payment of $200.0 million pursuant to the ASR and received and retired an initial 6.4 million shares of the Company's common stock for an aggregate price of $160.0 million based on the market value of the Company's common stock on the date of the transaction. The Company has an aggregate of $1.7 billion of authorized funds remaining under the 2018 Stock Repurchase Program, as of the filing date of this Quarterly Report on Form 10-Q.

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 does not have a specified termination date, but may be discontinued at any time.