Note 18: 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 September 29, 2012, $6.3 billion remained available for repurchase under the existing repurchase authorization limit. During the third quarter of 2012, we repurchased 46.4 million shares of common stock at a cost of $1.2 billion (186.2 million shares of common stock at a cost of $4.0 billion in the third quarter of 2011). During the first nine months of 2012, we repurchased 143.9 million shares of common stock at a cost of $3.8 billion (468.6 million shares of common stock at a cost of $10.0 billion in the first nine months of 2011). We have repurchased 4.2 billion shares at a cost of $88 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 the first nine months of 2012, we withheld 11.7 million shares to satisfy $325 million (9.5 million shares to satisfy $187 million during the first nine months of 2011) of employees' tax obligations. Although shares withheld are not issued, they are treated as common stock repurchases in our consolidated condensed financial statements, as they reduce the number of shares that would have been issued upon vesting.