Common Stock Repurchases

3 Months Ended

Mar. 31, 2013

Equity [Abstract]

Common Stock Repurchases

Note 3 — Common Stock Repurchases

On August 1, 2012, the Company’s board of directors authorized a common stock repurchase program of up to $500.0 million of its common stock. As of March 31, 2013, $417.9 million remained available for repurchases under this program.

During the three months ended March 31, 2013, the Company repurchased 8.6 million shares for $60.8 million. During the three months ended April 1, 2012, the Company repurchased 4.6 million shares for $38.2 million. 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.