Both common stock and mandatory convertible preferred stock are covered under the plan, the company said.
Purchases can include transactions in the open market, including 10b5-1 plans, or through private negotiations.
Share repurchases may be suspended or discontinued at any time, the company said.
Both Northrop Grumman (NYSE: NOC) and Harris Corp. (NYSE: HRS) are also undertaking share repurchase plans, with Northrop planning to buy back $2 billion in shares.
Harris plans to repurchase $200 million shares after it closes the sale of its broadcast group to a private equity firm.