The following is a summary of our share repurchases for the periods
presented. We did not repurchase any shares of common stock in
2012.
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Years Ended December 31, |
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2014(a) |
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2013 |
Shares repurchased (in thousands)
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9,569 |
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5,368 |
Weighted average per share purchase price
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$43.89 |
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$43.48 - $45.95 |
Total repurchases (in millions)
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$600 |
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$239 |
(a) |
In February 2014, the Board of
Directors authorized up to $600 million in share
repurchases. During the third quarter of 2014, we entered into
accelerated share repurchase (“ASR”) agreements with
two financial institutions to repurchase an aggregate of $600
million of our common stock. At the beginning of the ASR repurchase
periods, we delivered the $600 million in cash and received
9.6 million shares, which represented 70% of the shares
expected to be repurchased based on then-current market prices.
These agreements were completed in February 2015 and we received
approximately 2.8 million additional shares. The final
weighted average per share purchase price for the completed ASR
agreements was $48.58. |
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