Share Repurchase Program

3 Months Ended

Mar. 31, 2015

18. Share Repurchase Program

Effective January 1, 2014, our Board of Directors authorized the repurchase of up to 120 million shares of our common stock by December 31, 2017, replacing our previous repurchase program. As of March 31, 2015, we repurchased a total of $13.4 billion of our common stock since the commencement of our repurchase programs in 2007. The table below represents shares repurchased under this repurchase program during this reporting period.



	Number of Shares Purchased		Average Price Paid
	2015	2014	2015		2014
First quarter	6,881,455	7,640,000	$	117.28	$	89.43
Remaining number of shares that may be repurchased under current authority				81,075,145

Management's assessments of market conditions and other pertinent factors guide the timing and volume of all repurchases. We expect to fund any share repurchases under this program through cash generated from operations, the sale or lease of various operating and non-operating properties, debt issuances, and cash on hand. Repurchased shares are recorded in treasury stock at cost, which includes any applicable commissions and fees.

From April 1, 2015, through April 22, 2015, we repurchased 2.3 million shares at an aggregate cost of approximately $244 million.