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Share Repurchase Program
9 Months Ended
Sep. 30, 2011
Share Repurchase Program 
Share Repurchase Program
SHARE REPURCHASE PROGRAM
In October 2010, our Board of Directors approved a resolution to authorize the repurchase of up to 65 million shares, for an aggregate purchase price of not more than $1 billion, subject to economic, operating, and other factors, including acquisition opportunities. We can repurchase shares in the open market and in privately negotiated transactions.
During the first nine months of 2011, we repurchased $600 million in outstanding shares, representing 22.1 million shares at an average price of $27.13 per share. Since the inception of the program in the fourth quarter of 2010, we have repurchased a cumulative $800 million in outstanding shares, representing 30.1 million shares at an average price of $26.55 per share. We plan to repurchase $200 million in additional outstanding shares under this program by the end of 2011, subject to economic, operating, and other factors, including acquisition opportunities. In addition to market conditions, we consider alternative uses of cash and/or debt, balance sheet ratios, and shareowner returns when evaluating share repurchases. Repurchased shares are added to treasury stock and are available for general corporate purposes, including acquisition financing and the funding of various employee benefit and compensation plans.
In September 2011, our Board of Directors approved a resolution to authorize additional share repurchases for an aggregate purchase price of not more than $1 billion. These repurchases will be in addition to those authorized under the October 2010 resolution and are subject to the cumulative 65 million share repurchase limit. We currently expect to purchase no less than $500 million in outstanding shares during 2012 under this program, subject to economic, operating, and other factors, including acquisition opportunities.