McKesson 2011 Annual Report Download - page 31

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McKESSON CORPORATION
25
In October 2010, the Board approved a plan to repurchase up to $1.0 billion of the Company’s common stock of
which $500 million remained available for future repurchases as of March 31, 2011. In March 2011, we entered
into an accelerated share repurchase (“ASR”) program with a third party financial institution to repurchase $275
million of the Company’s common stock. The program was funded with cash on hand. As of March 31, 2011, we
had received 3.1 million shares representing the minimum number of shares due under the program. The ASR
program was completed on May 2, 2011 and we received 0.4 million additional shares on May 5, 2011. The total
number of shares repurchased under the ASR program was 3.5 million shares at an average price per share of
$79.65. In addition, we repurchased 2.8 million shares for $225 million during the fourth quarter of 2011 through
regular open market transactions at an average price per share of $79.00. In April 2011, the Board authorized the
repurchase of up to an additional $1.0 billion of the Company’s common stock.
Stock repurchases may be made from time-to-time in open market transactions, privately negotiated
transactions, through accelerated share repurchase programs, or by any combination of such methods. The timing of
any repurchases and the actual number of shares repurchased will depend on a variety of factors, including our stock
price, corporate and regulatory requirements, restrictions under our debt obligations and other market and economic
conditions.