Common Share Repurchases

6 Months Ended

Jun. 30, 2017

Common Share Repurchases disclosure

Common Share Repurchases disclosure [Text Block]

9. COMMON SHARE REPURCHASES

During the three months and six months ended June 30, 2017, the Company repurchased 3.8 million and 5.7 million shares, respectively, under its share repurchase authorization, for a total cost of $475 million and $700 million, respectively.  The average cost per share repurchased was $123.04 and $122.33, respectively.  In addition, the Company acquired 1,803 shares and 0.5 million shares for a total cost of $0.2 million and $61 million during the three months and six months ended June 30, 2017, respectively, that were not part of the publicly announced share repurchase authorization.  These shares consisted of shares retained to cover payroll withholding taxes in connection with the vesting of restricted stock unit awards and performance share awards, and shares used by employees to cover the price of certain stock options that were exercised.

On April 20, 2017, the Company’s Board of Directors approved a share repurchase authorization that added an additional $5.0 billion of repurchase capacity.  At June 30, 2017, the Company had $5.23 billion of capacity remaining under its share repurchase authorization.