Stock Repurchase Programs

In January 2014, our Board authorized a stock repurchase program that provided for the repurchase of up to an additional $5 billion of our common stock, with no expiration from the date of authorization. In January 2015, our Board authorized an additional $2 billion stock repurchase program, with no expiration from the date of authorization. In July 2015, our Board authorized an additional $1 billion stock repurchase program, with no expiration from the date of authorization. The stock repurchase programs are intended to offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, to make opportunistic repurchases of our common stock to reduce our outstanding share count. Any share repurchases under our stock repurchase programs may be made through open market transactions, block trades, privately negotiated transactions (including accelerated share repurchase transactions) or other means at times and in such amounts as management deems appropriate and will be funded from our working capital or other financing alternatives.

Our stock repurchase programs may be limited or terminated at any time without prior notice. The timing and actual number of shares repurchased will depend on a variety of factors, including corporate and regulatory requirements, price and other market conditions and management's determination as to the appropriate use of our cash.

The stock repurchase activity under our stock repurchase programs during the nine months ended September 30, 2015 is summarized as follows:



	Shares Repurchased	Average Price per Share ⁽¹⁾		Value of Shares Repurchased	Remaining Amount Authorized
	(In millions, except per share amounts)
Balance as of January 1, 2015					$	985
Authorization of additional plan in January 2015					2,000
Repurchase of shares of common stock prior to the Distribution	18	$	56.95	1,000	(1,000		)
Authorization of additional plan in July 2015					1,000
Repurchase of shares of common stock subsequent to the Distribution	21	$	27.36	599	(599		)
Balance as of September 30, 2015					$	2,386

(1) Stock repurchase activity excludes broker commissions.

In 2015, we repurchased 39 million shares of common stock totaling $1,599 million. These amounts differ from the stock repurchase balances in the condensed consolidated statements of cash flows due to unsettled stock repurchases at September 30, 2015.

As of September 30, 2015, a total of approximately $2.4 billion remained available for future repurchases of our common stock under our January 2015 and July 2015 stock repurchase programs. These repurchased shares of common stock were recorded as treasury stock and were accounted for under the cost method. No repurchased shares of common stock have been retired.