TARGET CORP | 2013 | FY | 3

Share Repurchase

We repurchase shares primarily through open market transactions under a $5 billion share repurchase program authorized by our Board of Directors in January 2012. During the first quarter of 2012, we completed a $10 billion share repurchase program that was authorized by our Board of Directors in November 2007.

Share Repurchases
(millions, except per share data)
2013

2012

2011

Total number of shares purchased
21.9

32.2

37.2

Average price paid per share
$
67.41

$
58.96

$
50.89

Total investment
$
1,474

$
1,900

$
1,894



Of the shares reacquired, a portion was delivered upon settlement of prepaid forward contracts as follows:

Settlement of Prepaid Forward Contracts (a)
(millions)
2013

2012

2011

Total number of shares purchased
0.2

0.5

1.0

Total cash investment
$
14

$
25

$
52

Aggregate market value (b)
$
17

$
29

$
52

(a) 
These contracts are among the investment vehicles used to reduce our economic exposure related to our nonqualified deferred compensation plans. The details of our positions in prepaid forward contracts have been provided in Note 25.
(b) 
At their respective settlement dates.

us-gaap:TreasuryStockTextBlock