Shareholders' Equity

12 Months Ended

Dec. 31, 2011

Shareholders' Equity

Shareholders' Equity

17. Shareholders' Equity

The following table presents the components of accumulated other comprehensive income, net of tax:

	December 31,
	2011			2010
	(in millions)
Net unrealized securities gains	$	770		$	615
Net unrealized derivatives gains (losses)		(11	)		18
Defined benefit plans		(75	)		(24	)
Foreign currency translation		(46	)		(44	)
Total	$	638		$	565

See Note 5, Note 15 and Note 21 for additional disclosures related to net unrealized securities gains, net unrealized derivatives gains (losses) and net unrealized actuarial gains (losses) on defined benefit plans, respectively.

In May 2010, the Company's Board of Directors authorized the expenditure of up to $1.5 billion for the repurchase of the Company's common stock through the date of its 2012 annual meeting. In June 2011, the Company's Board of Directors authorized an additional expenditure of up to $2.0 billion for the repurchase of the Company's common stock through June 28, 2013. For the years ended December 31, 2011 and 2010, the Company repurchased a total of 27.9 million shares and 13.1 million shares, respectively, of its common stock for an aggregate cost of $1.5 billion and $573 million, respectively. There were no share repurchases during the year ended December 31, 2009. As of December 31, 2011, the Company had $1.5 billion remaining under the share repurchase authorization.

The Company may also reacquire shares of its common stock under its 2005 ICP related to restricted stock awards. Restricted shares that are forfeited before the vesting period has lapsed are recorded as treasury shares. In addition, the holders of restricted shares may elect to surrender a portion of their shares on the vesting date to cover their income tax obligations. These vested restricted shares reacquired by the Company and the Company's payment of the holders' income tax obligations are recorded as a treasury share purchase. For the years ended December 31, 2011, 2010 and 2009, the restricted shares forfeited under the 2005 ICP and recorded as treasury shares were 0.1 million, 0.3 million and 0.3 million, respectively. For the years ended December 31, 2011, 2010 and 2009, the Company reacquired 0.5 million, 0.4 million and 0.5 million shares, respectively, of its common stock through the surrender of restricted shares upon vesting and paid in the aggregate $25 million, $17 million and $11 million, respectively, related to the holders' income tax obligations on the vesting date.

In 2011, the Company reissued 1.7 million treasury shares for restricted stock award grants and issuance of shares vested under the Franchise Advisor Deferral Plan. In 2011 and 2010, the Company reacquired 0.3 million and 0.1 million shares, respectively, of its common stock with an aggregate value of $13 million and $7 million, respectively, from a total return swap used to economically hedge its Franchise Advisor Deferral Plan. See Note 15 for additional information. In 2009, the Company issued and sold 36 million shares of its common stock. The proceeds of $869 million were used for general corporate purposes, including the Company's acquisition of the long-term asset management business of the Columbia Management Group.