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TREASURY STOCK
3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
TREASURY STOCK
TREASURY STOCK
 
In the first quarter of 2016, the Company's Board of Directors authorized a program to repurchase up to $3.0 billion of the Company's common stock. In the three months ended March 31, 2017, the Company repurchased 80,027 shares of its common stock in the open market for an aggregate cost of $135.0 million, which included stock repurchases in March 2017 of 5,600 shares for an aggregate cost of $10.0 million that were settled in April 2017.

In the first quarter of 2017, the Company's Board of Directors authorized a program to repurchase up to $2.0 billion of the Company's common stock, in addition to amounts previously authorized. As of March 31, 2017, the Company had a remaining authorization of $4.0 billion to purchase its common stock. The Company may make additional repurchases of shares under its stock repurchase programs, depending on prevailing market conditions, alternate uses of capital and other factors. Whether and when to initiate and/or complete any purchase of common stock and the amount of common stock purchased will be determined at the Company's discretion.

The Board of Directors has given the Company the general authorization to repurchase shares of its common stock to satisfy employee withholding tax obligations related to stock-based compensation.  The Company repurchased 44,888 shares and 90,401 shares at an aggregate cost of $77.3 million and $117.2 million in the three months ended March 31, 2017 and 2016, respectively, to satisfy employee withholding taxes related to stock-based compensation. For the three months ended March 31, 2017 and 2016, the Company remitted $69.8 million and $99.5 million of such employee withholding taxes, respectively, to the tax authorities, with the remainder remitted subsequently. The new accounting standard for stock-based compensation (see Note 1) requires us to report the cash remitted to the tax authorities as a financing activity in the Unaudited Statements of Cash Flows for all periods presented. Prior to the adoption of this standard, the Company reported the aggregate cost of the shares withheld for taxes as a financing activity and the associated unremitted withholding taxes as an operating activity on the cash flow statements.
 
As of March 31, 2017, there were 13,315,844 shares of the Company's common stock held in treasury.