SHAREHOLDER'S EQUITY

12 Months Ended

Dec. 31, 2019

SHAREHOLDERS' EQUITY

Dividends

During 2019, the Board of Directors declared dividends of $1.40 per share. The Company paid dividends of $173 million, $158 million and $148 million to shareholders of record during 2019, 2018 and 2017.

Subsequent to year-end, the Board of Directors declared a quarterly cash dividend of $0.375 per share to be paid in March 2020 to shareholders of record as of February 18, 2020. This is a 7% increase from the most recent quarterly dividend of $0.35 per share.

Common Stock Repurchase

In August 2015, the Board of Directors authorized a $1 billion share repurchase program. As of December 31, 2019, the Company has repurchased 7.1 million shares for $513 million under this program.

At December 31, 2019, the Company held 8,811,866 shares in treasury. Management does not anticipate retiring common shares held in treasury for the foreseeable future.

Share repurchase activity (in millions, except shares):


	2019				2018					2017
	Shares	Amount		Shares	Amount		Shares	Amount
2015 Repurchase Program – $1 billion	1,192,820	$	75	776,186	$	50	981,277	$	75

Accumulated Other Comprehensive Loss (AOCL)

AOCL consisted of the following (in millions, net of tax):


	2019		2018
Related to marketable securities	$	9	$	(11)
Related to employee benefit plans	(469)		(440)
Related to interest rate derivatives	(5)		3
	$	(465)	$	(448)