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Capital Stock, Dividends and Share Repurchases (Tables)
12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Stock Repurchase Programs

The following is a summary of our share repurchases for the periods presented:

 

     Years Ended December 31,
     2015(a)    2014(a)    2013(c)

Shares repurchased (in thousands)

   14,823(b)    9,569(b)    5,368

Weighted average per share purchase price

   $49.83    $43.89(b)    $43.48 - $45.95

Total repurchases (in millions)

   $600    $600    $239

 

(a) Share repurchases in 2015 and 2014 were completed through accelerated share repurchase (“ASR”) agreements. The terms of these agreements required that we deliver cash at the beginning of each ASR repurchase period. In exchange, we received 70% of the shares expected to be repurchased based on the then-current market price of our common stock. The remaining shares repurchased over the course of each repurchase period were delivered to us once the repurchase period was complete. Additional information related to our ASRs is included below.
(b) In July 2014, we executed ASR agreements to repurchase $600 million of our common stock. At the beginning of the ASR repurchase periods, we delivered $600 million in cash and received 9.6 million shares based on a stock price of $43.89. The share repurchase periods of the agreements concluded in February 2015, at which time we received 2.8 million additional shares based on a final weighted average per share purchase price during the repurchase period of $48.58. The amounts reported here as “Shares repurchased” are based on when shares were delivered to WM.
(c) Share repurchases in 2013 were completed through open market purchases.