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Earnings Per Share, Share Repurchases and Dividends on Common Stock (Unaudited) (Tables)
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Share Repurchases
The table below summarizes the company’s share repurchases:
 
 
 
 
 
 
 
 
 
 
Shares Repurchased
(in millions)
Repurchase Program
Authorization Date
 
Amount
Authorized
(in millions)
 
Total
Shares Retired
(in millions)
 
Average 
Price
Per Share(4)
 
Date Completed
 
Nine Months Ended September 30
 
2015
 
2014
May 15, 2013(1)
 
$
4,000

 
32.8

 
$
121.97

 
March 2015
 
2.7

 
16.9

December 4, 2014(2)
 
$
3,000

 
15.0

 
$
162.89

 

 
15.0

 
—

September 16, 2015(3)
 
$
4,000

 
—

 
$
—

 

 
—

 
—


(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 and were completed in March 2015.
(2)
On December 4, 2014, the company's board of directors authorized a share repurchase program of up to $3.0 billion of the company's common stock (2014 Repurchase Program). Repurchases under the 2014 Repurchase Program commenced in March 2015 upon the completion of the company's 2013 Repurchase Program. As of September 30, 2015, repurchases under the 2014 Repurchase Program totaled $2.4 billion and $0.6 billion remained under this share repurchase authorization. By its terms, the 2014 Repurchase Program will expire when we have used all authorized funds for repurchases.
(3)
On September 16, 2015, the company's board of directors authorized a new share repurchase program of up to $4.0 billion of the company's common stock (2015 Repurchase Program). By its terms, repurchases under the 2015 Repurchase Program will commence upon completion of the 2014 Repurchase Program and will expire when we have used all authorized funds for repurchases.
(4)
Includes commissions paid.