Stockholders’ Equity

Stock Repurchase Program

Our stock repurchase program is intended to programmatically offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, to make opportunistic repurchases of our common stock to reduce our outstanding share count. Any share repurchases under our stock repurchase program may be made through open market transactions, block trades, privately negotiated transactions (including accelerated share repurchase transactions) or other means at times and in such amounts as management deems appropriate and will be funded from our working capital or other financing alternatives. Our stock repurchase program may be limited or terminated at any time without prior notice. The timing and actual number of shares repurchased will depend on a variety of factors, including corporate and regulatory requirements, price and other market conditions and management’s determination as to the appropriate use of our cash.

In July 2016, our Board authorized a $2.5 billion stock repurchase program. The stock repurchase program has no expiration from the date of authorization. The stock repurchase activity under our stock repurchase program during the three months ended March 31, 2017 is summarized as follows (in millions, except per share amounts):



	Shares Repurchased ⁽¹⁾	Average Price per Share ⁽²⁾		Value of Shares Repurchased	Remaining Amount Authorized
Balance as of January 1, 2017					$	1,336
Repurchase of shares of common stock	10	$	33.65	350	(350		)
Balance as of March 31, 2017					$	986


(1)	These repurchased shares of common stock were recorded as treasury stock and were accounted for under the cost method. No repurchased shares of common stock have been retired.


(2)	Excludes broker commissions.