Capital Stock

Common Stock:

The Company is authorized to issue 800,000,000 shares of common stock of $0.01 par value. There were 159.7 million and 168.1 million common shares outstanding as of December 31, 2018 and 2017, respectively. During 2016, the Company retired 165.0 million shares of its treasury stock.

During 2018, the Company repurchased 9.4 million shares of its common stock at a weighted-average price of $41.71. This includes 0.2 million shares of common stock that were repurchased from employees that surrendered stock to satisfy withholding taxes in connection with the vesting of restricted stock awards. The remaining repurchases were made pursuant to the following authorizations (in millions of shares):



	Shares Repurchased			Authorization Remaining at December 31, 2018
Board of Directors’ Authorization	2018	2017	2016	Authorization Remaining at December 31, 2018
2015 Authorization	—	—	9.0	—
2016 Authorization	9.2	8.7	0.7	1.4
2018 Authorization	—	—	—	15.0
Total	9.2	8.7	9.7	16.4

2015 Authorization – In June 2015, the Company’s Board of Directors authorized the Company to buy back up to 15.0 million shares of its common stock with no dollar limit or expiration date.

2016 Authorization – In February 2016, the Company’s Board of Directors separately authorized the Company to buy back up to 20.0 million shares of its common stock with no dollar limit or expiration date.

2018 Authorization – In February 2018, the Company's Board of Directors separately authorized the Company to buy back up to 15.0 million shares of its common stock with no dollar limit or expiration date.

Preferred Stock:

The Company is authorized to issue 2,000,000 shares of preferred stock of $1.00 par value, none of which is outstanding.