Share Repurchase Programs

12 Months Ended

Dec. 31, 2011

Share Repurchase Programs [Abstract]

Share Repurchase Programs

16. Share Repurchase Programs

As of January 19, 2010, the Company completed its $750 million share repurchase program that was announced on July 27, 2009, after repurchasing an additional 1.1 million shares in January 2010 for $90 million at an average purchase price of $78.36 per share. In February 2010, the Board of Directors authorized the repurchase of up to $250 million of the Company’s common stock, which was completed on May 26, 2010, after repurchasing 3.3 million shares at an average purchase price of $76.29 per share.

As of August 9, 2011, the Company completed its $1.4 billion share repurchase program. The program was announced in August 2010 and authorized the Company to repurchase in the aggregate up to $1 billion of its outstanding common stock. The Board of Directors amended this program in May 2011, authorizing an additional $400 million in repurchases for a total of $1.4 billion under this program. The Company repurchased 15.0 million shares at an average price of $93.05 per share under this program.

In August 2011, the Board of Directors approved a new share repurchase program authorizing the Company to repurchase in the aggregate up to $750 million of its outstanding common stock. Purchases by the Company under this program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchases or otherwise, as determined by the Company’s management. The repurchases are funded from existing cash balances, including proceeds from the Company’s August 2011 issuance of the Notes (see Note 10 for a description of the Notes).

This program does not obligate the Company to acquire any particular amount of common stock. The timing, frequency and amount of repurchase activity will depend on a variety of factors such as levels of cash generation from operations, cash requirements for investment in the Company’s business, current stock price, market conditions and other factors. The share repurchase program may be suspended, modified or discontinued at any time and has no set expiration date.

During the year ended 2011, the Company repurchased approximately 15.6 million shares of its common stock under two share repurchase programs: the $1.4 billion share repurchase program and the $750 million share repurchase program at an average price of $101.94 per share, for a total of $1.6 billion. As of December 31, 2011, the maximum value of shares that could yet be purchased under the $750 million share repurchase program was $187 million.

As of December 31, 2011, total shares repurchased under share repurchase programs authorized by the Board since the Separation were as follows:

Program	Amount Authorized		Number of Shares Repurchased
	(In millions)		(In millions)
July 2008 - October 2008	$	400		5.9
May 2009 - July 2009		250		3.7
July 2009 - January 2010		750		9.7
February 2010 - May 2010		250		3.3
August 2010* - August 2011		1,400		15.0
August 2011 -		750		5.1
Total	$	3,800		42.7

* As amended on May 19, 2011