Equity

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Equity

Equity

On July 29, 2015, our board of directors approved an additional $2.0 billion share repurchase authorization expiring in July 2017. As of September 30, 2015, our board of directors had approved $10.0 billion in total share repurchase authorization since January 1, 2012 and we have repurchased a total of $7.05 billion of our common stock, leaving $2.95 billion available for repurchases. Under these authorizations, we have acquired 194 million shares at an average cost per share of $36.36.

We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated share repurchases or open market solicitations for shares, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be discontinued at any time.

Total share repurchases were as follows for the three and nine months ended September 30, 2015 and 2014:

	Three Months Ended   September 30,				Nine Months Ended   September 30,
(In millions, except per share data)	2015		2014		2015		2014
Number of shares repurchased	3		7		15		33
Cash paid for shares repurchased	$	156	$	301	$	773	$	1,449
Effective average cost per delivered share	$	50.86	$	42.57	$	49.97	$	43.62

At September 30, 2015, we had agreements to acquire 196,000 common shares for $9 million, which were settled in early October 2015.

On April 29, 2015, our board of directors approved a two-for-one stock split in the form of a stock dividend, which was distributed on June 10, 2015 to shareholders of record at the close of business on May 20, 2015. The total number of authorized shares of common stock and common stock par value per share remain unchanged. All historical share and per share data included in this report have been retroactively restated on a post-split basis.