Shareholders' Equity

9 Months Ended

Sep. 30, 2011

Stockholders' Equity [Abstract]

Shareholders' Equity

7. Shareholders’ Equity

Share Repurchase Programs

     In February 2010, we announced that our Board of Directors had authorized an evergreen share repurchase program intended to offset dilution of incremental grants of stock awards associated with our stock incentive plans. The maximum number of shares of our Class A common stock that may be repurchased in any one year (including under an ASR or other arrangement) is equal to the total number of shares issued pursuant to our equity awards in the previous year and the current year. Our February 2010 share repurchase program does not have an expiration date and may be suspended at any time at the discretion of the Board of Directors.

     In February 2011 we entered into an accelerated share repurchase, or ASR, agreement to repurchase $300 million of our Class A common stock, which was recorded as a reduction to shareholders’ equity. Under the ASR program we received and cancelled 7 million shares of our Class A common stock with a weighted average price of $42.64 per share.

     In addition to the shares repurchased under the ASR in February 2011, we repurchased 10 million shares of our Class A common stock at a weighted average price of $36.84 per share in the nine months ended September 30, 2011. We repurchased 9 million shares of our Class A common stock at a weighted average price of $30.65 per share in the nine months ended September 30, 2010. We did not repurchase any shares of our Class A common stock in the three months ended September 30, 2011 and 2010.

     Repurchases under our share repurchase programs were and are intended to be made in open market or privately negotiated transactions in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, or the Exchange Act.

Quarterly Dividend

     In January 2011 our Board of Directors adopted an amendment to the existing dividend policy pursuant to which we increased the quarterly cash dividend by 12.5% to $0.09 per share ($0.36 per share on an annual basis) and declared a quarterly cash dividend of $0.09 per share payable to holders of our common stock. In the three months ended September 30, 2011 and 2010 we paid $48 million and $41 million, respectively, and $145 million and $121 million in the nine months ended September 30, 2011 and 2010, respectively, in dividends to holders of our Class A and Class B common stock. These dividends were paid from U.S. domestic sources other than our retained earnings and are accounted for as reductions of shareholders’ equity.

Comprehensive Income

     The components of comprehensive income, net of taxes, are as follows:

	Nine Months Ended
	September 30,
	2011			2010
	(In millions)
Net income	$	673		$	816
Other comprehensive income (loss):
Unrealized gain on marketable securities		1			1
Translation adjustments		(42	)		12
Total comprehensive income	$	632		$	829