Common and Preferred Stock

12 Months Ended

Dec. 31, 2014

Common And Preferred Stock [Abstract]

Common and preferred stock

Note 16 — Common and Preferred Stock

As of December 31, the Company had issued the following shares:

(Shares in thousands)	2014	2013	2012
Common: Par value $0.25 600,000 shares authorized
Outstanding - January 1,	275,526	285,829	285,533
Issued for stock option and other benefit plans	2,284	3,319	4,695
Repurchase of common stock	(18,534)	(13,622)	(4,399)
Outstanding - December 31,	259,276	275,526	285,829
Treasury stock	36,869	90,619	80,316
Issued - December 31,	296,145	366,145	366,145

The Company maintains a share repurchase program, authorized by its Board of Directors. Under this program, we may repurchase shares from time to time, depending on market conditions and alternate uses of capital. We may suspend activity under our share repurchase program from time to time and may also remove such suspensions, generally without public announcement. We may also repurchase shares at times when we otherwise might be precluded from doing so under insider trading laws or because of self-imposed trading black-out periods by using a Rule 10b5-1 trading plan.

In 2014,the Company repurchased 18.5 million shares for $1.6 billion. The Company repurchased 13.6 million shares for $1.0 billion during 2013 and 4.4 million shares for $208 million during 2012.

In 2014, the Company retired 70 million shares of treasury stock. This transaction had no effect on total shareholders' equity.

The Company has authorized a total of 25 million shares of $1 par value preferred stock. No shares of preferred stock were outstanding at December 31, 2014 , 2013 or 2012.