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Table of Contents E. I. du Pont de Nemours and Company
Notes to the Consolidated Financial Statements (continued)
(Dollars in millions, except per share)
Remediation activities vary substantially in duration and cost from site to site. These activities, and their associated costs, depend on the mix of unique site
characteristics, evolving remediation technologies, diverse regulatory agencies and enforcement policies, as well as the presence or absence of potentially
responsible parties. At December 31, 2011, the Consolidated Balance Sheet included a liability of $416, relating to these matters and, in management's
opinion, is appropriate based on existing facts and circumstances. The average time frame, over which the accrued or presently unrecognized amounts may be
paid, based on past history, is estimated to be 15-20 years. Considerable uncertainty exists with respect to these costs and, under adverse changes in
circumstances, potential liability may range up to three times the amount accrued as of December 31, 2011.
Other
The company has various purchase commitments incident to the ordinary conduct of business. In the aggregate, such commitments are not at prices in excess
of current market.
16. STOCKHOLDERS' EQUITY
The company's Board of Directors authorized a $2,000 share buyback plan in June 2001. During 2011, the company purchased and retired 13.8 million shares
at a total cost of $672 under this plan. During 2010, the company purchased and retired 5.4 million shares at a total cost of $250. During 2009, there were no
purchases of stock under this plan. As of December 31, 2011, the company has purchased 39.7 million shares at a total cost of $1,884. In April 2011, the
company's Board of Directors authorized a $2,000 share buyback plan. This plan will not commence until the plan authorized in June 2001 is completed.
There is no expiration date on the current authorizations.
Common stock held in treasury is recorded at cost. When retired, the excess of the cost of treasury stock over its par value is allocated between reinvested
earnings and additional paid-in capital.
Set forth below is a reconciliation of common stock share activity for the years ended December 31, 2011, 2010 and 2009:
Shares of common stock Issued Held In Treasury
Balance January 1, 2009 989,415,000 (87,041,000)
Issued 1,440,000 —
Balance December 31, 2009 990,855,000 (87,041,000)
Issued 18,891,000 —
Repurchased — (5,395,000)
Retired (5,395,000) 5,395,000
Balance December 31, 2010 1,004,351,000 (87,041,000)
Issued 22,650,000 —
Repurchased — (13,837,000)
Retired (13,837,000) 13,837,000
Balance December 31, 2011 1,013,164,000 (87,041,000)
F-25