Share Repurchase

We repurchase shares primarily through open market transactions under a $5 billion share repurchase program authorized by our Board of Directors in January 2012.

During the first quarter of 2015, we entered into an accelerated share repurchase agreement (ASR) to repurchase $200 to $300 million of our common stock under the existing share repurchase program. Under the agreement, we prepaid $300 million and received an initial delivery of 2.2 million shares, which were retired, resulting in a $180 million reduction to shareholders' investment. Because the minimum repurchase will be $200 million, as of May 2, 2015, $20 million is included as an additional reduction to shareholders' investment and $100 million is included in other current assets in the Consolidated Statement of Financial Position. The ASR is not accounted for as a derivative instrument.

In May 2015, the contract was settled and we received an additional 1.1 million shares, which were retired, and $35 million for the remaining amount not settled in shares. We repurchased a total of 3.3 million shares under the ASR for a total cash investment of $265 million ($80.74 per share).



Share Repurchases (excluding ASR)	Three Months Ended
(millions, except per share data)	May 2, 2015 ^(a)		May 3, 2014
Total number of shares purchased	3.7		—
Average price paid per share	$	80.85	$	—
Total investment	$	300	$	—

Note: Accelerated share repurchase activity is omitted because the transaction was not fully settled as of May 2, 2015.

^(a) Includes 0.1 million shares delivered upon the noncash settlement of prepaid contracts which had an original cash investment of $3 million and an aggregate market value at their settlement dates of $7 million. These contracts are among the investment vehicles used to reduce our economic exposure related to our nonqualified deferred compensation plans. Note 9 provides the details of our positions in prepaid forward contracts.