TJX's financial strength and flexibility have always been cornerstones of our success and give us great confidence in our ability to succeed in many kinds of economic and retail cycles across different geographies. We have a consistent history of generating large amounts of cash through our strong operations and have delivered superior financial returns that are among the highest in retail. We operate with an off-price cost structure and are extremely focused on returns on investment. Our 22% return on invested capital in 2016 reflects our disciplined approach to capital allocation.1 We have an "A+" S&P Global credit rating, one of the strongest we have seen in the retail industry, and ample financial liquidity, which offers our vendors, landlords and other business associates a high degree of confidence. Our tremendous cash flow has allowed us to simultaneously invest in the growth of our business while returning value to shareholders. We deploy our cash with a careful balance between maintaining our flexibility, reinvesting in the growth of our businesses and redistributing cash to our shareholders through our dividend and share repurchase programs.
In 2017, we plan to continue to balance growth with investing in our future while returning value to shareholders. Our capital spending plan of $1.2 billion includes investments in new stores and store remodels, our global supply chain and distribution network, IT systems, new seeds for growth, and talent and training. Simultaneously, we plan to continue our significant dividend and share buyback programs. In April 2017, our Board of Directors approved a 20% increase in the quarterly per-share dividend, the 21st consecutive year of a dividend increase. We are also planning $1.3 billion to $1.8 billion of share repurchases in 2017. Through our substantial share buyback program, as of the end of 2016, we had repurchased over $18 billion of TJX stock since 1997. All of these actions underscore our confidence in our ability to continue the profitable growth of our off-price value concept around the world while continuing to return value to shareholders.