Repurchase of Common Stock

We have a $5.0 billion share repurchase program that was authorized by our Board of Directors in June 2011. There is no expiration date governing the period over which we can repurchase shares under the June 2011 share repurchase program. As of January 30, 2016, $3.0 billion remained available for share repurchases. On February 25, 2016, we announced our intent to repurchase up to an additional $1.0 billion over two years.

On January 22, 2016, we entered into a variable notional accelerated share repurchase agreement ("ASR") with a third party financial institution to repurchase $150 million to $175 million of our common stock. Under the agreement, we paid $175 million at the beginning of the contract and received an initial delivery of 4.4 million shares on January 25, 2016. We retired these shares and recorded a $120 million reduction to shareholders' equity. As of January 30, 2016, the remaining $55 million was included as a reduction of shareholders' equity in Prepaid share repurchase in the Condensed Consolidated Balance Sheets. The ASR was settled on February 17, 2016, for a final notional amount of $165 million. Accordingly, we received 1.6 million shares, which were retired, and a $10 million cash payment from our counter-party equal to the difference between the $175 million up-front payment and the final notional amount.

The following table presents information regarding the shares we repurchased during the three months and nine months ended October 29, 2016, and October 31, 2015 ($ and shares in millions, except per share amounts):



	Three Months Ended				Nine Months Ended
	October 29, 2016		October 31, 2015		October 29, 2016		October 31, 2015
Total cost of shares repurchased
Open market⁽¹⁾	$	206	$	64	$	483	$	388
Settlement of January 2016 ASR	—		—		45		—
Total	$	206	$	64	$	528	$	388

Average price per share
Open market	$	37.67	$	35.17	$	33.52	$	34.20
Settlement of January 2016 ASR	$	—	$	—	$	28.55	$	—
Average	$	37.67	$	35.17	$	33.03	$	34.20

Number of shares repurchased and retired
Open market⁽¹⁾	5.5		1.8		14.4		11.3
Settlement of January 2016 ASR	—		—		1.6		—
Total	5.5		1.8		16.0		11.3


(1)	As of October 29, 2016, $11 million, or 0.3 million shares, in trades remained unsettled. As of October 31, 2015, $3 million, or 0.1 million shares, in trades remained unsettled. The liability for unsettled trades is included in Accrued liabilities in the Condensed Consolidated Balance Sheets.

At October 29, 2016, approximately $2.5 billion remained available for additional purchases under the June 2011 share repurchase program. Repurchased shares are retired and constitute authorized but unissued shares.