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Capital Stock, Dividends and Common Stock Repurchase Program (Tables)
12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
Share Repurchases under Common Stock Repurchase Programs

The following is a summary of our share repurchases under our common stock repurchase program for the years ended December 31:

 

     2016(a)    2015(b)    2014(c)

Shares repurchased (in thousands)

   11,241    14,823    9,569

Weighted average per share purchase price

   $60.49    $49.83    $43.89

Total repurchases (in millions)

   $725    $600    $600

 

(a) During 2016, we executed four ASR agreements to repurchase $725 million of our common stock. The ASR agreement entered into in November 2016 was for the repurchase of $225 million of our common stock. At the beginning of the repurchase period, we delivered $225 million in cash and received 2.8 million shares based on a stock price of $63.41 per share. The ASR agreement completed in February 2017, at which time we received 0.4 million additional shares based on a final weighted average per share purchase price during the repurchase period of $69.43.
(b) During 2015, we executed and completed two ASR agreements to repurchase $600 million of our common stock. Our “Shares repurchased” also includes 2.8 million shares related to ASR agreements that were executed in 2014, discussed further below.
(c) During 2014, we executed two ASR agreements to repurchase $600 million of our common stock. Our “Shares repurchased” includes the initial portion of shares repurchased based on the then-current market price of our common stock. The ASR agreements were completed in 2015 and the final weighted average per share purchase price during the repurchase period was $48.58.