Stockholders’ Equity

Stock Repurchase Programs

In October 2017, the Company’s Board of Directors approved the 2017 Repurchase Program which, together with the 2015 Repurchase Program, authorized the Company to repurchase a total of up to $400,294 of its common stock in the open market or in privately negotiated transactions, subject to market conditions, applicable legal requirements, and other factors. As of March 31, 2019, the aggregate remaining approved amount under the 2017 Repurchase Program was $89,212. The full amount originally authorized under the 2015 Repurchase Program has been repurchased and the 2015 Repurchase Program has been completed. In January 2019, the Company’s Board of Directors approved the 2019 Repurchase Program, which authorizes the Company to repurchase up to $261,000 of its common stock. As of March 31, 2019, the aggregate remaining approved amount under the 2017 Repurchase Program and 2019 Repurchase Program (collectively, the “Stock Repurchase Programs”) was $350,212. The Company’s Stock Repurchase Programs do not obligate it to acquire any particular amount of common stock and may be suspended at any time at the Company’s discretion. The Company’s current revolving credit agreements allow it to make share repurchases under these programs, as long as the Company does not exceed certain leverage ratios and no event of default has occurred under these arrangements. As of March 31, 2019, and through May 17, 2019, the Company was in compliance with these arrangements.

The following table summarizes the publicly-announced stock repurchase activity of open-market transactions under the Company’s Stock Repurchase Programs:



	Years Ended March 31,
	2019		2018		2017
Average price paid per share	$	115.22	$	87.91	$	56.51
Total number of shares repurchased	1,400,699		1,702,653		222,471
Dollar value of shares repurchased	$	161,395	$	149,687	$	12,572

Subsequent to March 31, 2019 through May 17, 2019, the Company made no additional share repurchases.

Accumulated Other Comprehensive Loss

The components within AOCL, net of tax, are as follows:



	As of March 31,
	2019			2018
Unrealized gain on cash flow hedges	$	—		$	243
Cumulative foreign currency translation loss	(22,654		)	(13,226		)
Total	$	(22,654	)	$	(12,983	)