In July 2009, the company announced that its board of directors authorized the company to repurchase up to $2.0 billion of its common stock on the open market or in private transactions. During the fourth quarter of 2010, the company repurchased 3.5 million shares for $180 million under this program. The remaining authorization under this program totaled approximately $500 million at December 31, 2010. This program does not have an expiration date.