18. CAPITAL STOCK

Common Stock

Authorized common stock consists of 300 million shares with a par value of $1 per share. As of 30 September 2017, 249 million shares were issued, with 218 million outstanding.

On 15 September 2011, the Board of Directors authorized the repurchase of up to $1,000 of our outstanding common stock. We repurchase shares pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, through repurchase agreements established with several brokers. We did not purchase any of our outstanding shares during fiscal year 2017. At 30 September 2017, $485.3 in share repurchase authorization remains.

The following table reflects the changes in common shares:



Year ended 30 September	2017	2016	2015
Number of Common Shares Outstanding
Balance, beginning of year	217,350,825	215,359,113	213,538,144
Issuance of treasury shares for stock option and award plans	995,249	1,991,712	1,820,969
Balance, end of year	218,346,074	217,350,825	215,359,113

Preferred Stock

Authorized preferred stock consists of 25 million shares with a par value of $1 per share, of which 2.5 million were designated as Series A Junior Participating Preferred Stock. There were no shares issued or outstanding as of 30 September 2017 and 2016.