XML 73 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
Earnings Per Share, Share Repurchases and Dividends on Common Stock (Tables)
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Share Repurchases
The table below summarizes the company’s share repurchases:
Repurchase Program Authorization Date
 
Amount
Authorized
(in millions)
 
Total Shares Retired (in millions)
 
Average 
Price
Per Share(3)
 
Date Completed
 
Shares Repurchased
(in millions)
 
Year Ended December 31
2014
 
2013
 
2012
June 16, 2010
 
$
5,350

 
83.7

 
$
63.86

 
September 2013
 
—

 
18.6

 
20.9

May 15, 2013(1)
 
$
4,000

 
30.1

 
$
118.30

 
 
 
21.4

 
8.7

 
—

December 4, 2014(2)
 
$
3,000

 
—

 
$
—

 
 
 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
21.4

 
27.3

 
20.9

(1)
On May 15, 2013, the company's board of directors authorized a share repurchase program of up to $4.0 billion of the company’s common stock ("2013 Repurchase Program"). Repurchases under the 2013 Repurchase Program commenced in September 2013. As of December 31, 2014, repurchases under the 2013 Repurchase Program totaled $3.6 billion; $447 million remained under this share repurchase authorization. By its terms, the 2013 Repurchase Program will expire when we have used all authorized funds for repurchases.
(2)
On December 4, 2014, the company's board of directors authorized a new share repurchase program of up to an additional $3.0 billion of the company's common stock ("2014 Repurchase Program"). By its terms, repurchases under the 2014 Repurchase Program will commence upon completion of the 2013 Repurchase Program and will expire when we have used all authorized funds for repurchases.
(3)
Includes commissions paid.
Share repurchases take place from time to time, subject to market conditions and management's discretion, in the open market or in privately negotiated transactions. The company retires its common stock upon repurchase and has not made any purchases of common stock other than in connection with these publicly announced repurchase programs.