Equity (Tables)

9 Months Ended

Sep. 30, 2013

In 2011, the Board of Directors approved a stock repurchase program authorizing the purchase of up to 50.0 million shares (the “2011 Repurchase Program”), which was approximately 17% of the total shares of our outstanding common stock at that time. Share repurchases for the periods ended September 30 were as follows:



(in millions, except average price)	Three Months				Nine Months
	2013		2012		2013		2012
Total number of shares purchased ^{1, 2}	6.4		5.9		15.0		6.8
Average price paid per share ^{2, 3}	$	61.42	$	50.35	$	61.42	$	50.35
Total cash utilized	$	350	$	295	$	850	$	295


¹	The three and nine month periods ended September 30, 2013 and the nine month ended September 30, 2012 include shares received as part of our accelerated share repurchase agreements described in more detail below.

In any period, cash used in financing activities related to common stock repurchased may differ from the comparable change in equity, reflecting timing differences between the recognition of share repurchase transactions and their settlement for cash. As such, in the third quarter of 2012, 0.5 million shares were repurchased for $25.6 million, which settled in October 2012. Excluding these 0.5 million shares, the average price paid per share was $49.99.


³	Average price paid per share information does not include the accelerated share repurchase transaction as discussed in more detail below.

Schedule of redeemable noncontrolling interest

Changes to redeemable noncontrolling interest during the nine months ended September 30, 2013 were as follows:



(in millions)
Balance as of December 31, 2012	$	810
Net income attributable to noncontrolling interest	60
Distributions to noncontrolling interest	(51		)
Redemption value adjustment	(9		)
Balance as of September 30, 2013	$	810