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Subsequent Events
12 Months Ended
Dec. 31, 2013
Subsequent Events

19. Subsequent Events

Share Repurchase Authorization

On January 29, 2014, the Board authorized a share repurchase program, under which the Company may repurchase up to $500 million of Common Stock. This share repurchase program replaces the Company’s share repurchase program previously announced on November 5, 2012. In 2013, the Company purchased 0.9 million shares at an aggregate cost of approximately $50 million under the previous share purchase authorization, which is now terminated. In addition, the Board authorized a new evergreen share repurchase program, under which the Company may repurchase, from time to time, the Common Stock to reduce or eliminate dilution associated with issuances of Common Stock under the Company’s incentive plans.

As part of the share repurchase programs, in February 2014, the Company entered into an accelerated share repurchase (“ASR”) contract with a commercial bank to purchase $140 million of the Company’s common stock. The Company paid $140 million to the bank, inclusive of fees, and received an initial delivery of approximately 2 million shares, which reduced the Company’s shares outstanding. The Company used cash on hand to fund the initial purchase price. The total amount of shares to be ultimately delivered by the bank will be determined by the average price per share paid by the bank during the purchase period, which is expected to end in mid-May 2014.

As of the filing of this Annual Report, the Company has made no purchases in 2014 other than those pursuant to the ASR described above.