Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Equity

12. Equity

On February 5, 2013, L-3 Holdings’ Board of Directors approved a share repurchase program that authorizes L-3 Holdings to repurchase up to $1.5 billion of its common stock through June 30, 2015. On December 4, 2014, L-3 Holdings’ Board of Directors approved a new share repurchase program that authorizes L-3 Holdings to repurchase up to an additional $1.5 billion of its common stock through June 30, 2017. Repurchases of L-3 Holdings’ common stock are made from time to time at management’s discretion in accordance with applicable U.S. Federal securities laws. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including, but not limited to, the Company’s financial position, earnings, legal requirements, other investment opportunities (including acquisitions) and market conditions. L-3 Holdings, pursuant to the February 5, 2013 share repurchase program, repurchased 6.9 million shares of its common stock at an average price of $119.42 per share for an aggregate amount of $823 million from January 1, 2014 through December 31, 2014. All share repurchases of L-3 Holdings’ common stock have been recorded as treasury shares. At December 31, 2014, the remaining dollar value of authorization under the February 5, 2013 share repurchase program was $45 million and the Company had the full authorization of the December 4, 2014 $1.5 billion share repurchase program available.

From January 1, 2015 through February 20, 2015, L-3 Holdings repurchased 613,789 shares of its common stock at an average price of $126.99 per share for an aggregate amount of approximately $78 million. During this period, the February 5, 2013 share repurchase program was fully utilized. The remaining dollar value of authorization under our December 4, 2014 share repurchase program available at February 20, 2015 is summarized in the table below.

	Share Authorization
	(in millions)
Remaining authorization at December 31, 2014	$	1,545
Share repurchases from January 1, 2015 to February 20, 2015 under February 5, 2013 share repurchase program		(45	)
Share repurchases from January 1, 2015 to February 20, 2015 under December 4, 2014 share repurchase program		(33	)
Remaining authorization at February 20, 2015 under the December 4, 2014 share repurchase program	$	1,467