Yesterday after market close, we announced that our Board has authorized $5 billion for stock repurchase.  This is an addition to the $2.16 billion remaining from prior authorizations at the end of the Q2 FY12.

Over the past five years, we’ve been able to more than double the percentage of capital we’ve allocated to research and development, capital expenditures and acquisitions while continuing an ongoing stock repurchase program.   This authorization allows us the flexibility to continue making opportunistic share repurchases as a key element of our disciplined capital allocation strategy.  We maintain our stock repurchase outlook of 10% – 30% of free cash flow for the remainder of the year and will continue to make capital allocation decisions to optimize long-term business performance and shareholder return.

As always we welcome your comments.