v2.4.0.6
Share Repurchase
6 Months Ended
Jul. 28, 2012
Share Repurchase  
Share Repurchase

9. Share Repurchase

 

We repurchase shares primarily through open market transactions under a $5 billion share repurchase program authorized by our Board of Directors in January 2012. During the first quarter of 2012, we completed a $10 billion share repurchase program that was authorized by our Board of Directors in November 2007.

 

Share Repurchases

 

Three Months Ended

 

 

Six Months Ended

 

 

 

July 28,

 

July 30,

 

 

July 28,

 

July 30,

 

(millions, except per share data)

 

2012

 

2011

 

 

2012

 

2011

 

Total number of shares purchased

 

9.6

 

14.3

 

 

20.2

 

29.7

 

Average price paid per share

 

  $

57.09

 

  $

48.11

 

 

  $

57.21

 

  $

50.81

 

Total investment

 

  $

549

 

  $

688

 

 

  $

1,154

 

  $

1,507

 

 

Of the shares repurchased, a portion was delivered upon settlement of prepaid forward contracts as follows:

 

Settlement of Prepaid Forward Contracts(a)

 

Three Months Ended

 

 

Six Months Ended

 

 

 

July 28,

 

July 30,

 

 

July 28,

 

July 30,

 

(millions)

 

2012

 

2011

 

 

2012

 

2011

 

Total number of shares purchased

 

0.2

 

0.2

 

 

0.4

 

0.3

 

Total cash investment

 

  $

11

 

  $

7

 

 

  $

23

 

  $

14

 

Aggregate market value(b)

 

  $

11

 

  $

7

 

 

  $

24

 

  $

14

 

(a) These contracts are among the investment vehicles used to reduce our economic exposure related to our nonqualified deferred compensation plans. The details of our positions in prepaid forward contracts have been provided in Note 10.

(b) At their respective settlement dates.