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Common Stock Repurchases
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9 Months Ended |
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Sep. 28, 2013
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| Common Stock Repurchases [Abstract] | |
| Common Stock Repurchases [Text Block] |
Note 13: 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 purchases or negotiated transactions. As of September 28, 2013, $3.7 billion remained available for repurchase under the existing repurchase authorization limit. During the third quarter of 2013, we repurchased 23.6 million shares of common stock at a cost of $536 million (46.4 million shares of common stock at a cost of $1.2 billion in the third quarter of 2012). During the first nine months of 2013, we repurchased 72.1 million shares of common stock at a cost of $1.6 billion (143.9 million shares of common stock at a cost of $3.8 billion in the first nine months of 2012). We have repurchased 4.3 billion shares at a cost of $91 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. In our consolidated condensed financial statements, we also treat shares withheld for tax purposes on behalf of our employees in connection with the vesting of restricted stock units as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These withheld shares are not considered common stock repurchases under our authorized common stock repurchase plan. During the first nine months of 2013, we withheld 12.6 million shares to satisfy $280 million (11.7 million shares to satisfy $325 million during the first nine months of 2012) of employees’ tax obligations.
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