Common Share Repurchases

9 Months Ended

Sep. 30, 2017

Common Share Repurchases disclosure

Common Share Repurchases disclosure [Text Block]

9. COMMON SHARE REPURCHASES

During the three months and nine months ended September 30, 2017, the Company repurchased 2.6 million and 8.3 million shares, respectively, under its share repurchase authorization, for a total cost of $328 million and $1.03 billion, respectively.  The average cost per share repurchased was $128.11 and $124.12, respectively.  In addition, the Company acquired 964 shares and 0.5 million shares for a total cost of $0.1 million and $61 million during the three months and nine months ended September 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.  In April 2017, the Board of Directors approved a share repurchase authorization that added an additional $5.0 billion of repurchase capacity.  At September 30, 2017, the Company had $4.91 billion of capacity remaining under its share repurchase authorization.