Common Stock Repurchases |
6 Months Ended |
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Jul. 02, 2016 | |
| Common Stock Repurchases [Abstract] | |
| Common Stock Repurchases [Text Block] |
Note 17: Common Stock Repurchases
Common Stock Repurchase Program
We have an ongoing authorization, originally approved by our Board of Directors in 2005, and subsequently amended, to repurchase up to $65.0 billion in shares of our common stock in open market or negotiated transactions. As of July 2, 2016, $7.8 billion remained available for repurchase under the existing repurchase authorization limit.
During the second quarter of 2016, we repurchased 26.0 million shares of common stock at a cost of $799 million (23.6 million shares of common stock at a cost of $750 million during the second quarter of 2015). During the first six months of 2016, we repurchased 52.8 million shares of common stock at a cost of $1.6 billion (44.9 million shares of common stock at a cost of $1.5 billion in the first six months of 2015). We have repurchased 4.8 billion shares of common stock at a cost of $106.5 billion since the program began in 1990.
Restricted Stock Unit Withholdings
We issue RSUs as part of our equity incentive plans. For the majority of RSUs granted, the number of shares of common stock issued on the date the RSUs vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. In our consolidated condensed financial statements, we treat shares of common stock withheld for tax purposes on behalf of our employees in connection with the vesting of RSUs as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These withheld shares of common stock are not considered common stock repurchases under our authorized common stock repurchase plan. During the first six months of 2016, we withheld 12.7 million shares of common stock to satisfy $394 million (12.2 million shares of common stock to satisfy $399 million during the first six months of 2015) of employees’ tax obligations.
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