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Capital Stock
12 Months Ended
Dec. 31, 2016
Capital Stock [Abstract]  
Capital Stock
Capital Stock
Mandatory Convertible Preferred Stock
On April 1, 2014, all outstanding shares of mandatory convertible preferred stock automatically converted into 27,573,735 shares of common stock, net of fractional shares, at a conversion rate of 2.7574 shares of common stock per share of preferred stock.
Dividends
During 2014, we paid cash dividends of $15 million on our mandatory convertible preferred stock. No further dividends will be paid on our preferred stock following the conversion of shares into common stock on April 1, 2014.
During 2016, 2015 and 2014 we paid cash dividends of $82 million, $68 million and $60 million, respectively, on our common stock. On January 12, 2017, the Company’s Board of Directors (or a duly authorized committee thereof) declared cash dividends of $0.10 per share on our common stock, or approximately $25 million in the aggregate. The cash dividend will be paid on March 1, 2017 to stockholders of record as of the close of business on February 1, 2017. 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. We intend 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 2016, we repurchased 16,706,392 shares at an average price, including commissions, of $29.93 per share, or $500 million in the aggregate. Since 2013, we repurchased 31,214,110 shares at an average price, including commissions, of $29.26 per share, or $913 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 2016, we did not repurchase any shares from employees.