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Common Stock Repurchases
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3 Months Ended |
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Mar. 28, 2015
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| Common Stock Repurchases [Abstract] | |
| Common Stock Repurchases [Text Block] |
Note 14: 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 billion in shares of our common stock in open market or negotiated transactions. As of March 28, 2015, $11.6 billion remained available for repurchase under the existing repurchase authorization limit.
During the first three months of 2015, we repurchased 21.3 million shares of common stock at a cost of $750 million (22.1 million shares of common stock at a cost of $545 million in the first three months of 2014). We have repurchased 4.7 billion shares of common stock at a cost of $103 billion since the program began in 1990.
During the fourth quarter of 2014, we entered into a stock repurchase agreement, a portion of which was executed as a forward contract. We received collateral from the counterparty for the value attributable to the forward portion of this contract and invested the collateral into permitted investments considered restricted from other uses. As of December 27, 2014, $325 million of collateral, which approximates fair value, was recorded as both a current asset and current liability on the consolidated condensed balance sheet. The full amount of the collateral was returned to the counterparty during the first quarter of 2015 when the contract settled.
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