Note 23: Common Stock Repurchases

Common Stock Repurchase Program

We have an ongoing authorization, since October 2005, as amended, from our Board of Directors to repurchase up to $45 billion in shares of our common stock in open market or negotiated transactions. As of December 29, 2012, $5.3 billion remained available for repurchase under the existing repurchase authorization limit. During 2012, we repurchased 191.0 million shares of common stock at a cost of $4.8 billion (642.3 million shares of common stock at a cost of $14.1 billion in 2011 and 70.3 million shares of common stock at a cost of $1.5 billion in 2010). We have repurchased 4.3 billion shares at a cost of $89 billion since the program began in 1990.

Restricted Stock Unit Withholdings

We issue restricted stock units as part of our equity incentive plans. For the majority of restricted stock units granted, the number of shares issued on the date the restricted stock units vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. During 2012, we withheld 12.6 million shares to satisfy $345 million of employees' tax obligations (10.3 million shares to satisfy $207 million during 2011 and 10.1 million shares to satisfy $236 million during 2010). Although shares withheld are not issued, they are treated as common stock repurchases in our consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting.