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Equity
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Equity
Note 11 – Equity
Share Activity
During the three month period ended March 31, 2018, the Company repurchased approximately 2.0 million shares of its common stock for an aggregate purchase price of $98.4 million, of which approximately $8 million was settled in April 2018, under a now completed share repurchase program that was established in 2016. Subsequently, in March 2018, the Company’s Board of Directors authorized a new $100 million share repurchase program (the “2018 Share Repurchase Program”). There were no share repurchases under the 2018 Share Repurchase Program during the first quarter of 2018; however, in April 2018, the Company repurchased approximately 0.6 million shares of its common stock for an aggregate purchase price of $24.5 million under this program.
Under the 2018 Share Repurchase Program, which does not have an expiration date, the Company may repurchase shares of its common stock from time to time in open market transactions or in privately-negotiated transactions in accordance with applicable securities laws. The timing and the amount of any repurchases will be determined based on market conditions, legal requirements, cash flow and liquidity needs and other factors. The share repurchase program may be modified or suspended at any time at the Company’s discretion. Share repurchases, which are recorded at cost and are held in the Company’s treasury, are funded with available cash or with availability under the Credit Facility.
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss is composed of unrealized foreign currency gains and losses from fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar, as well as unrealized gains and losses from certain investment activities. Unrealized foreign currency activity for both the three month periods ended March 31, 2018 and 2017 is primarily related to translation gains and losses resulting from the Company’s Canadian operations, and investment activity for both the three month periods ended March 31, 2018 and 2017 relates to unrealized gains and losses on interest rate swaps associated with the Waha JVs.