Common Stock Repurchases |
12 Months Ended |
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Dec. 26, 2015 | |
| Common Stock Repurchases [Abstract] | |
| Common Stock Repurchases [Text Block] |
Note 19: 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 December 26, 2015, $9.4 billion remained available for repurchase under the existing repurchase authorization limit.
During 2015, we repurchased 95.7 million shares of common stock at a cost of $3.0 billion (332.4 million shares of common stock at a cost of $10.8 billion in 2014 and 94.1 million shares of common stock at a cost of $2.1 billion in 2013). We have repurchased 4.8 billion shares of common stock at a cost of $104.9 billion since the program began in 1990.
Restricted Stock Unit Withholdings
We grant RSUs pursuant to the 2006 Plan. 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 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 2015, we withheld 13.5 million shares of common stock to satisfy $442 million (12.0 million shares of common stock to satisfy $332 million in 2014 and 13.1 million shares of common stock to satisfy $293 million in 2013) of employees’ tax obligations.
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