Equity

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Equity

Equity

On July 30, 2014, our board of directors approved an additional $2.0 billion share repurchase authorization expiring in July 2016. As of September 30, 2014, our board of directors had approved $8.0 billion in total share repurchase authorizations since January 1, 2012 and we have repurchased a total of $5.59 billion of our common stock, leaving $2.41 billion available for repurchases. Under these authorizations, we have acquired 82 million shares at an average cost per share of $68.41.

We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be discontinued at any time.

Total share repurchases were as follows for the three and nine months ended September 30, 2014 and 2013:

	Three Months Ended   September 30,				Nine Months Ended   September 30,
(In millions, except per share data)	2014		2013		2014		2013
Number of shares repurchased(a)	4		14		17		31
Cash paid for shares repurchased	$	301	$	1,028	$	1,449	$	2,341
Effective average cost per delivered share	$	85.15	$	70.73	$	87.25	$	76.01

^(a)  The nine months ended September 30, 2013 includes one million shares received under the November 2012 accelerated share repurchase program, which were paid for in 2012.

At September 30, 2014, we had agreements to acquire additional common shares for $9 million, which were settled in early October 2014.