v2.4.0.6
Share Repurchase
9 Months Ended
Oct. 27, 2012
Share Repurchase  
Share Repurchase

10. 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

 

Nine Months Ended

 

 

 

October 27,

 

October 29,

 

October 27,

 

October 29,

 

(millions, except per share data)

 

2012

 

2011

 

2012

 

2011

 

Total number of shares purchased

 

1.7

 

4.5

 

21.8

 

34.1

 

Average price paid per share

 

$

62.90

 

$

50.45

 

$

57.53

 

$

50.76

 

Total investment

 

$

104

 

$

226

 

$

1,255

 

$

1,733

 

 

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

 

Nine Months Ended

 

 

 

October 27,

 

October 29,

 

October 27,

 

October 29,

 

(millions)

 

2012

 

2011

 

2012

 

2011

 

Total number of shares purchased

 

0.1

 

0.5

 

0.5

 

0.8

 

Total cash investment

 

$

4

 

$

26

 

$

25

 

$

40

 

Aggregate market value(b)

 

$

5

 

$

26

 

$

29

 

$

40

 

(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 are provided in Note 11.

(b)  At their respective settlement dates.