XML 66 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Level 1 (Notes)
 9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
Capital Purchase Program ("CPP") Warrants
As of September 30, 2017 and December 31, 2016, respectively, the Company has 2.3 million and 4.0 million of CPP warrants outstanding and exercisable.
CPP warrant exercises were 0.6 million and 0.1 million for the three months ended September 30, 2017 and 2016, respectively. CPP warrant exercises were 1.7 million and 0.3 million for the nine months ended September 30, 2017 and 2016, respectively.
The declaration of common stock dividends by the Company in excess of a threshold triggers a provision in the Company's warrant agreement with The Bank of New York Mellon resulting in adjustments to the CPP warrant exercise price. Accordingly, the declaration of a common stock dividend during the three months ended September 30, 2017 resulted in an adjustment to the CPP warrant exercise price. The CPP warrant exercise price was $9.030 as of September 30, 2017 and $9.126 as of December 31, 2016.
Equity Repurchase Program
The Company's authorization for equity repurchases is $1.3 billion for the period October 31, 2016 through December 31, 2017.
Effective October 13, 2017 the Company suspended 2017 equity repurchases. The company does not currently expect to authorize an equity repurchase plan in 2018.
During the period October 1, 2017 through October 12, 2017, the Company repurchased approximately 0.9 million common shares for $52.

Equity Repurchase Activity and Remaining Repurchase Capacity
Three months ended
Common Shares
Repurchased
Cost of Shares Repurchased
Average Price Paid per Share
Remaining Capacity Under Share Repurchase Authorization
(In millions, except for per share data)
 
 
 
 
March 31, 2017
6.7

$
325

$
48.47

$
975

June 30, 2017
6.6

$
325

$
49.34

$
650

September 30, 2017
6.0

$
325

$
54.35

$
325

Total
19.3

$
975