The Boeing board of directors has raised the company’s authorisation for its share repurchase program to $14 billion and declared that the company’s quarterly dividend will increase 20 per cent to $1.09 per share.

“Once again, we are demonstrating our commitment to a balanced cash deployment strategy that fuels investments in our people, innovation and growth, and returns significant value to our shareholders,” said Boeing president Dennis Muilenburg.

“Our strategy is rooted in a foundation of strong operating performance across our business, confidence in our team and long-term market outlook and an unmatched portfolio of products and services.”

The new $14 billion repurchase authorisation replaces the $12 billion authorisation approved last December, of which $5.25 billion remained.

Share repurchases for 2015 have been completed for a year-end total of $6.75 billion.

Repurchase activity is expected to resume in January 2016.

The timing and volume of repurchases are at the discretion of Boeing management, however it is expected that repurchases under the new share authorisation will be made over the next two to three years.

Boeing has increased the dividend for five consecutive years and has paid a dividend consistently for more than 75 years.

“We continue to take a disciplined approach to managing our financial strength, channelling our strong cash flow generation toward continued investments in the business and consistent returns for our shareholders,” said Greg Smith, Boeing chief financial officer.

The dividend declared today is payable March 4th, 2016, to shareholders of record as of February 12th, 2016