Common Stock Repurchase Program

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Common Stock Repurchase Program

3.  Common Stock Repurchase Program

In the first quarter, we repurchased $380 million of common stock as part of our $1.5 billion share repurchase program.  In the second quarter of 2018, we repurchased $500 million of common stock, through an accelerated share repurchase transaction (ASR) with a financial institution.  Under the terms of the ASR, we paid $500 million in cash to the financial institution and received approximately 8.5 million shares of our common stock as determined by the volume-weighted average price of the shares during the term of the agreement less an agreed settlement price adjustment.  As of June 30, 2018, the Corporation has repurchased $1.0 billion of common stock (19.2 million shares) under its $1.5 billion share repurchase program.  We plan to purchase the remaining $500 million of shares during the second half of 2018, and are targeting approximately $250 million of purchases in the third quarter and approximately $250 million in the fourth quarter.