Home Depot 2011 Annual Report Download - page 4

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to capital allocation, investing to maintain and improve the health of our business and returning excess cash to our
shareholders in the form of dividends and share repurchases. During the year, we reset our targeted dividend payout
to 50 percent of net earnings, up from our previous target of 40 percent. We are aiming to maintain an adjusted debt
to EBITDAR ratio of approximately two times. After meeting the needs of the business, we will use excess cash to
repurchase shares, with the intent of completing the remaining $6.4 billion of share repurchases under our current
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combination of excess cash and a debt-funded accelerated share repurchase program, and we plan to repurchase an
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a solid dividend, coupled with prudent use of cash, will create the most value for all stakeholders.
INTERCONNECTED RETAIL
We remain committed to our interconnected retail strategy of leveraging our e-commerce business to drive
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INTERNATIONAL
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that addresses customer needs in that market.
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in home improvement retail. I hope as you spend time in our store or on our website or mobile applications you will
see continued improvement.
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