We continue to create value and we return cash to shareowners through increased dividends. And we instituted a 23% increase earlier this year and in fact have a three year compound annual dividend growth of 22%.
In addition, we’ve already completed a $1 billion share repurchase program that started late in 2010. This year we began a second $1 billion share repurchase program with a goal of at least $500 million in repurchases by the end of this year. These initiatives remain possible for our continuing strong free cash flow as well as our focused on driving shareowner value.
At the core of this growth is a focused approach to our business. For more than five years, our work has been guided by a very clear operating framework, which creates a vision, clear strategic priorities and very clear financial objectives.
Our plans and all of our actions regarded by three priorities, first, to be number one or number two in every category for we choose to compete. Second, to be our customers’ most valued supplier and third to create a winning inclusive culture that attracts, develops and retains a highly talented and diverse workforce.For those of you who follow our company closely, these priorities are very familiar. Yet, they remain as vital and as relevant as ever and they are essential through our success as we continue to drive consistent long-term profitable growth. Clearly, our primary focus is to drive sustainable value building growth. And let’s discuss the strategies and the initiatives that are at the heart of that growth and that enable us to continue to deliver value for our stakeowners. Sustained growth is attainable impart because the nonalcoholic ready-to-drink category or NARTD is the largest fast moving consumer goods category in our territories. This category experienced value growth of 6.5% in our territories last year 2011 despite the overall difficult economic environment, which is a very impressive demonstration of the categories potential. Read the rest of this transcript for free on seekingalpha.com