Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On August 3, 2017, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.16 per common share to be paid on September 11, 2017 to all stockholders of record as of the close of business on August 25, 2017. Future dividends will be subject to Board of Directors approval.

On August 3, 2017, the Company announced that its Board of Directors authorized a $750 million increase to the Company's share repurchase program under which the Company may repurchase shares of the Company's common stock in the open market or through privately negotiated or other transactions, depending on share price, market conditions and other factors. The increase to the share repurchase program is effective immediately.

The State of Illinois passed its fiscal 2018 budget on July 6, 2017. The changes in the enacted budget include an increase to the corporate income tax rate from 5.25% to 7.00% and the elimination of the business-to-business exemption for unclaimed property. The increase in the Illinois corporate tax rate is not expected to have a material impact on the Company's overall income tax expense for the year. The unclaimed property provisions are effective on January 1, 2018 and are to be applied retroactively for five years. The Company is currently evaluating the impact the retroactive elimination of the business-to-business exemption will have on its Consolidated Financial Statements.