Common Stock Repurchases

12 Months Ended

Dec. 31, 2011

Common Stock Repurchases [Abstract]

Common Stock Repurchases

Note 6 — Common Stock Repurchases

On March 9, 2011, the Company's Board of Directors authorized a new stock repurchase program of up to $750.0 million of its common stock. Repurchases under this program have been funded from the proceeds of the sale of the ESG business, available cash and short-term investments. Through December 31, 2011, the Company had repurchased 72.4 million shares for $498.8 million and $251.2 million remained available under this stock repurchase program. On March 17, 2010, the Company announced that its Board of Directors had authorized a stock repurchase program of up to $250.0 million of the Company's common stock in open market or privately negotiated transactions. The Company repurchased 51.4 million shares for $249.9 million in cash during the year ended December 31, 2010, effectively completing the program. Repurchased shares are retired immediately after the repurchases are completed. Retirement of repurchased shares is recorded as a reduction of common stock and additional paid-in capital.