Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Equity

13. EQUITY

Equity Repurchase Program

During the three months ended March 31, 2021, the Company repurchased $123 (2.4 million shares) of common stock under the share repurchase program, effective January 1, 2021 until December 31, 2022, authorized by the Board of Directors in December 2020. The share repurchase program was initially authorized at $1.5 billion and, in April 2021, the Company announced an increase in the share repurchase authorization to $2.5 billion, which remains effective until December 31, 2022. During the period April 1, 2021 through April 26, 2021, the Company repurchased $27 (0.4 million shares) under this repurchase program. The timing of future repurchases will be dependent on several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations.

During the three months ended March 31, 2020, The Company repurchased $150 (2.7 million shares) of common stock under the previous share repurchase program that expired December 31, 2020.