XML 37 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equity Equity (Policies)
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Stock Repurchase Policy [Policy Text Block]
Stock Repurchases
The Company may repurchase shares of its common stock under authorizations from its Board of Directors. Shares repurchased are retired and not displayed separately as treasury stock on the consolidated financial statements. The par value of the shares repurchased and retired is deducted from common stock and the excess of the purchase price over par value is first charged against any available additional paid-in capital with the balance charged to retained earnings. Direct costs incurred to repurchase the shares are included in the total cost of the shares.
The Company's Board of Directors authorized a share repurchase program of up to $275 million, $300 million and $350 million of the Company's common stock in February 2016, 2017 and 2018, respectively.
In the third quarter of 2018, the Company repurchased and retired 4.7 million shares of common stock for $102 million at a weighted average market price of $21.37 per share. For the nine months ended September 30, 2018, the Company repurchased and retired 12.5 million shares of common stock for $302 million at a weighted average market price of $24.07 per share. As of September 30, 2018, the Company had repurchased and retired 29 million shares of common stock for an aggregate of $776 million at a total weighted average market price of $26.74 per share. As of September 30, 2018, $149 million remained available for repurchase under the February 2018 share repurchase program.
Dividends Policy [Policy Text Block]
Dividend Policy
In August 2016, the Company’s Board of Directors approved the initiation of a quarterly cash dividend policy of $0.09 per share on its common stock. The Board declared and paid a quarterly cash dividend of $0.09 per share on the Company’s common stock during the first, second and third quarters of 2018.
The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company’s financial condition and results of operations, contractual restrictions, including restrictive covenants contained in the Company’s credit agreements, and the indentures governing the Company’s outstanding debt securities, capital requirements and other factors that the Board of Directors deems relevant.
Pursuant to the Company’s policy, dividends payable in cash are treated as a reduction of additional paid-in capital since the Company is currently in an accumulated deficit position.