STOCKHOLDERS’ EQUITY

STOCK REPURCHASE PROGRAM

The Company’s Board of Directors (the “Board”) has authorized an aggregate of $6.2 billion of funding for the Company’s common stock repurchase program (the “Repurchase Program”) since originally established in March 2009, of which the most recent authorization occurred in December 2016 when the Board increased the authorized amount available under the Repurchase Program to $3.0 billion. As of December 31, 2017, the remaining amount of share repurchases authorized by the Board under the Repurchase Program was approximately $717.5 million.

On January 24, 2017, the Company entered into an accelerated share repurchase program (the “ASR Program”) with Goldman Sachs & Co. LLC (“Goldman”) to repurchase $2.0 billion of the Company’s common stock. On January 27, 2017, the Company made a payment of $2.0 billion to Goldman and Goldman delivered to the Company an initial delivery of approximately 7.3 million shares of the Company’s common stock, which represents 80% of the payment amount divided by the closing price of the Company’s common stock on January 23, 2017. Settlement was based on the daily volume-weighted average price per share of the Company’s common stock during the repurchase period, less a discount, and resulted in the Company being required either to deliver shares of common stock or to make a cash payment to Goldman. On December 7, 2017, the Company completed the ASR Program by making a final settlement payment of $274.0 million to Goldman.

The following table provides the stock repurchase activities during the years ended December 31, 2017, 2016, and 2015 (in millions, except per share amounts):



	Years Ended December 31,
	2017		2016		2015
Shares repurchased	7.3		0.2		1.1
Average price per share	$	310.32	$	201.70	$	167.41
Value of shares repurchased	$	2,274.0	$	42.5	$	183.7

The Company uses the par value method of accounting for its stock repurchases. As a result of the share repurchases during the years ended December 31, 2017, 2016, and 2015, the Company reduced common stock and additional paid-in capital by an aggregate of $152.0 million, $4.1 million, and $16.3 million, respectively, and charged $2,122.0 million, $38.4 million, $167.4 million, respectively, to retained earnings.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components of accumulated other comprehensive income (loss) net of tax, for the years ended December 31, 2017, and 2016, are as follows (in millions):



	Year Ended December 31, 2017
	Gains (Losses) on Hedge Instruments			Unrealized Gains (Losses) on Available-for-Sale Securities			Foreign Currency Translation Gains (Losses)			Employee Benefit Plans			Total
Beginning balance	$	5.0		$	(8.6	)	$	(1.3	)	$	(4.0	)	$	(8.9	)
Other comprehensive income (loss) before reclassifications	(8.6		)	(2.7		)	3.6			(0.3		)	(8.0		)
Reclassified from accumulated other comprehensive loss	1.2			—			—			0.2			1.4
Net current-period other comprehensive income (loss)	(7.4		)	(2.7		)	3.6			(0.1		)	(6.6		)
Ending balance	$	(2.4	)	$	(11.3	)	$	2.3		$	(4.1	)	$	(15.5	)

	Year Ended December 31, 2016
	Gains (Losses) on Hedge Instruments			Unrealized Gains (Losses) on Available-for-Sale Securities			Foreign Currency Translation Gains (Losses)			Employee Benefit Plans			Total
Beginning balance	$	1.5		$	(4.2	)	$	(3.3	)	$	(3.5	)	$	(9.5	)
Other comprehensive income (loss) before reclassifications	4.1			(4.6		)	2.0			(0.7		)	0.8
Reclassified from accumulated other comprehensive loss	(0.6		)	0.2			—			0.2			(0.2		)
Net current-period other comprehensive income (loss)	3.5			(4.4		)	2.0			(0.5		)	0.6
Ending balance	$	5.0		$	(8.6	)	$	(1.3	)	$	(4.0	)	$	(8.9	)