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Capital Stock
12 Months Ended
Dec. 31, 2018
Capital Stock [Abstract]  
Capital Stock
Capital Stock
Dividends
During 2018, 2017 and 2016 we paid cash dividends of $138 million, $110 million and $82 million, respectively, on our common stock. This amount excludes dividends earned on stock based compensation plans of $1 million for 2018. On January 14, 2019, the Company’s Board of Directors (or a duly authorized committee thereof) declared cash dividends of $0.16 per share on our common stock, or approximately $37 million in the aggregate. The cash dividend will be paid on March 1, 2019 to stockholders of record as of the close of business on February 1, 2019. Future quarterly dividends are subject to Board approval.
Common Stock Repurchases
On September 18, 2013, the Board of Directors approved our common stock repurchase program. From time to time, the Board of Directors has approved increases in the amount authorized to be purchased under that program. On February 2, 2017, the Board of Directors approved a further increase in that authorization to $2.1 billion. This program expires on December 31, 2019, and is intended to be used, subject to our cash flow, to repurchase shares of common stock in open market transactions in order to offset new shares issued under equity compensation programs and to provide for additional shareholder returns. During 2018, we repurchased 8,936,302 shares at an average price, including commissions, of $24.62 per share, or $220 million in the aggregate. Since 2013, we repurchased 52,905,959 shares at an average price, including commissions, of $28.99 per share, or $1,534 million in the aggregate.
In addition, we may repurchase shares delivered to us by employees as payment for the exercise price of stock options and the withholding taxes due upon the exercise of stock options or the vesting or payment of stock awards. During 2018, we did not repurchase any shares from employees.