Share Repurchase Programs

6 Months Ended

Jun. 30, 2013

Payments for Repurchase of Equity [Abstract]

Share Repurchase Programs

Share Repurchase Program

On September 19, 2012, the Company’s Board of Directors authorized a new share repurchase program for up to $6.0 billion of outstanding common stock (the “2012 Repurchase Program”). The share repurchase authorization, which was effective immediately, permits the Company to effect repurchases from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions. The 2012 Repurchase Program may be modified or terminated by the Board of Directors at any time.

During April 2013, the Company repurchased an aggregate of 6.4 million shares of common stock for approximately $355 million, pursuant to the 2012 Repurchase Program. No repurchases occurred during May and June of 2013. During the six months ended June 30, 2013, the Company repurchased an aggregate of 13.8 million shares of common stock for approximately $748 million, pursuant to the 2012 Repurchase Program. As of June 30, 2013, approximately $3.9 billion remained available for future repurchases under the 2012 Repurchase Program.