Capital Stock

12 Months Ended

Dec. 31, 2019

Capital Stock [Abstract]

Capital Stock

Capital Stock

Dividends

During 2019, 2018 and 2017 we paid cash dividends of $148 million, $138 million and $110 million, respectively, on our common stock. This amount excludes dividends earned on stock based compensation plans of $2 million for 2019 and $1 million for 2018. On January 14, 2020, 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 2, 2020 to stockholders of record as of the close of business on February 3, 2020. 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 and, from time to time, approved increases in the amount authorized to be purchased under that program. The program expired on December 31, 2019. During 2019, we did not repurchase any shares under this program. 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 2019, we did not repurchase any shares from employees.