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Share Repurchases
9 Months Ended
Sep. 30, 2018
Stockholders' Equity Note [Abstract]  
Share repurchases
18. Share Repurchases

Under the January 2015 authorization which expired on January 9, 2018, the Company repurchased 440,608 shares of common stock during the nine months ended September 30, 2018 at a total cost of $44,977, or $102.08 per share. There were 5,271,168 shares available for repurchase under this authorization upon expiration. There were no repurchases during the nine months ended September 30, 2017.

In February 2018, the Company's Board of Directors approved a new standing share repurchase authorization, whereby the Company may repurchase up to 20 million shares of its common stock through December 31, 2020. This share repurchase authorization replaced the January 2015 share repurchase authorization.

On May 22, 2018, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Goldman Sachs & Co. LLC (“Goldman Sachs”) pursuant to which it will repurchase $700,000 of shares in an accelerated share repurchase program (the “ASR Program”). The Company is conducting the ASR Program under the February 2018 share repurchase authorization. The Company funded the ASR Program with funds received from Apergy in connection with the consummation of the Apergy spin-off.

Under the terms of the ASR Agreement, the Company paid Goldman Sachs $700,000 on May 24, 2018 and on that date received initial deliveries of 7,078,751 shares, representing a substantial majority of the shares expected to be retired over the course of the ASR Agreement. The total number of shares ultimately repurchased under the ASR Agreement will be based on the volume-weighted average share price of Dover’s common stock during the calculation period of the ASR Program, less a discount. The ASR Program is scheduled to be completed in 2018, subject to postponement or acceleration under the terms of the ASR Agreement. The actual number of shares repurchased will be determined at the completion of the ASR Program.
Under the February 2018 share repurchase authorization, exclusive of the ASR Agreement, the Company repurchased 1,729,048 shares of common stock during the three and nine months ended September 30, 2018 at a total cost of $147,793, or $85.48 per share.

As of September 30, 2018, 11,192,201 shares remain authorized for repurchase under the February 2018 share repurchase authorization.

Together with other repurchases in December 2017 and over the course of 2018, the Company has substantially completed the $1 billion of share repurchases it announced in November 2017.