Northrop Grumman 2013 Annual Report Download - page 32

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NORTHROP GRUMMAN CORPORATION
-22-
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFLIATED PURCHASERS
The table below summarizes our repurchases of common stock during the three months ended December 31, 2013:
Period
Number
of Shares
Purchased(1)
Average
Price
Paid per
Share(2)
Numbers of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
Approximate Dollar
Value of Shares that
May Yet Be
Purchased under the
Plans or Programs
($ in millions)
October 2,548,724 $ 97.38 2,548,724 $3,556
November 1,827,800 109.38 1,827,800 3,356
December 2,249,602 111.57 2,249,602 3,105
Total 6,626,126 $105.51 6,626,126 $3,105
(1) On May 15, 2013, the company's board of directors authorized a share repurchase program of up to $4.0 billion
of the company’s common stock. Repurchases under this program commenced in September 2013 upon the
completion of the company's 2010 repurchase program. As of December 31, 2013, repurchases under the
program totaled $895 million, and $3.1 billion remained under this share repurchase authorization. The
repurchase program is expected to expire when we have used all authorized funds for repurchase.
(2) Includes commissions paid.
Share repurchases take place from time to time, subject to market conditions and management's discretion, in the
open market or in privately negotiated transactions. The company retires its common stock upon repurchase and has
not made any purchases of common stock other than in connection with these publicly announced repurchase
program authorizations.
In connection with the spin-off of our former shipbuilding business, we obtained a Private Letter Ruling from the
Internal Revenue Service (IRS) that generally limited our share repurchases to approximately 88 million shares
within two years of the spin-off. The limitation expired on March 31, 2013. During this two year period, we
repurchased approximately 67 million shares of our common stock.