XML 43 R20.htm IDEA: XBRL DOCUMENT v3.20.4
Capital Stock
12 Months Ended
Dec. 31, 2020
Federal Home Loan Banks [Abstract]  
Capital Stock
NOTE 12 — CAPITAL STOCK
The amended and restated certificate of incorporation authorizes the Company to issue up to 1,800,000,000 shares of common stock, and our amended and restated
by-laws
set the number of directors constituting the board of directors of the Company at not less than three members, the exact number to be determined from time to time by resolution adopted by the affirmative vote of a majority of the total number of directors then in office.
Share Repurchase Transactions
During January 2020, January 2019 and October 2017, our Board of Directors authorized share repurchase programs for up to $6 billion ($2 billion for each authorization) of our outstanding common stock. During March
2020
in response to the risks the
COVID-19
pandemic presents to our business, we announced the suspension of our share repurchase programs. During February 2021,
our
Board of Directors authorized the resumption of the share repurchase program, pursuant to which $2.8 billion of pre-suspension authorization remained available, and an additional $6 billion was authorized for repurchases of the Company’s outstanding common stock ($8.8 billion of total repurchase authorization).
During 2020, we repurchased 3.287 million shares of our common stock at an average price of $134.18 per share through market purchases pursuant to the $
2.0
 billion share repurchase program authorized during January 2019. At December 31, 2020, we had $2.800 billion of repurchase authorization available under the January 2019 and 2020 authorizations. During 2019, we repurchased 7.949 million shares of our common stock at an average price of $129.71 per share through market purchases pursuant to the October 2017 authorization (which was completed during the first quarter of 2019) and the January 2019 authorization. During 2018, we repurchased 14.070 million shares of our common stock at an average price of $108.74 per share through market purchases pursuant to the October 2017 authorization.