Note 11. Capital Stock

Our amended and restated articles of incorporation authorize 5.0 billion shares of Class A common stock (“Common Stock”) and 500 million shares of preferred stock. There were no preferred shares issued and outstanding at December 31, 2017, 2016 and 2015. Shares of Common Stock issued, in treasury and outstanding were:


						Shares
	Shares Issued		Treasury Shares			Outstanding

Balance at January 1, 2015		1,996,537,778		(332,896,779	)		1,663,640,999
Shares repurchased		–		(91,875,878	)		(91,875,878	)
Exercise of stock options and issuance of other stock awards		–		8,268,033			8,268,033

Balance at December 31, 2015		1,996,537,778		(416,504,624	)		1,580,033,154

Shares repurchased		–		(61,972,713	)		(61,972,713	)
Exercise of stock options and issuance of other stock awards		–		10,305,100			10,305,100

Balance at December 31, 2016		1,996,537,778		(468,172,237	)		1,528,365,541

Shares repurchased		–		(50,598,902	)		(50,598,902	)
Exercise of stock options and issuance of other stock awards		–		10,369,445			10,369,445

Balance at December 31, 2017		1,996,537,778		(508,401,694	)		1,488,136,084

Stock plan awards to employees and non-employee directors are issued from treasury shares. At December 31, 2017, 123 million shares of Common Stock held in treasury were reserved for stock options and other stock awards.

Share Repurchase Program:

Between 2013 and 2017, our Board of Directors authorized the repurchase of a total of $13.7 billion of our Common Stock through December 31, 2018. On January 31, 2018, our Finance Committee, with authorization delegated from our Board of Directors, approved an increase of $6.0 billion in the share repurchase program, raising the authorization to $19.7 billion of Common Stock repurchases, and extended the program through December 31, 2020. Repurchases under the program are determined by management and are wholly discretionary. Prior to January 1, 2017, we had repurchased approximately $10.8 billion of Common Stock pursuant to this authorization. During 2017, we repurchased approximately 50.6 million shares of Common Stock at an average cost of $43.51 per share, or an aggregate cost of approximately $2.2 billion, all of which was paid during the period except for approximately $28 million settled in January 2018. All share repurchases were funded through available cash and commercial paper issuances. As of December 31, 2017, we have approximately $0.6 billion in remaining share repurchase capacity. As of January 31, 2018, subsequent to approximately $0.1 billion of share repurchases in January, our remaining share repurchase capacity was $6.5 billion.