v2.4.1.9
Share Repurchase Program
12 Months Ended
Dec. 31, 2014
Share Repurchase Program [Abstract]  
Share Repurchase Program [Text Block]

19.       Share Repurchase Program

 

Effective January 1, 2014, our Board of Directors authorized the repurchase of up to 120 million shares of our common stock by December 31, 2017, replacing our previous repurchase program. As of December 31, 2014, we repurchased a total of $12.6 billion of our common stock since the commencement of our repurchase programs in 2007. The table below represents shares repurchased in 2013 under our previous repurchase program, and shares repurchased in 2014 under the new program.

 Number of Shares Purchased Average Price Paid
 20142013 2014 2013
First quarter 7,640,000 5,762,800$ 89.43$ 68.29
Second quarter 8,320,000 6,122,940  96.84  75.71
Third quarter 8,347,000 7,333,788  102.54  78.39
Fourth quarter 7,736,400 9,858,110  113.77  79.68
Total 32,043,400 29,077,638$ 100.65$ 76.26
        
Remaining number of shares that may be repurchased under current authority87,956,600

Management's assessments of market conditions and other pertinent facts guide the timing and volume of all repurchases. We expect to fund any share repurchases under this program through cash generated from operations, the sale or lease of various operating and non-operating properties, debt issuances, and cash on hand. Repurchased shares are recorded in treasury stock at cost, which includes any applicable commissions and fees.

 

From January 1, 2015, through February 6, 2015, we repurchased 2.8 million shares at an aggregate cost of approximately $327 million.