Cisco 2004 Annual Report Download - page 38

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Common Stock Accumulated
and Other Total
Shares of Additional Retained Comprehensive Shareholders’
Common Stock Paid-In Capital Earnings Income (Loss) Equity
BALANCE AT JULY 28, 2001 7,324 $ 20,051 $ 7,344 $(275) $ 27,120
Net income — — 1,893 — 1,893
Change in unrealized gains and losses on investments, net of tax — — — 224 224
Other — — — 24 24
Comprehensive income 2,141
Issuance of common stock 76 655 — — 655
Repurchase of common stock (124) (350) (1,504) — (1,854)
Tax benefits from employee stock option plans — 61 — — 61
Purchase acquisitions 27 346 — — 346
Amortization of deferred stock-based compensation — 187 — — 187
BALANCE AT JULY 27, 2002 7,303 $ 20,950 $ 7,733 $ (27) $28,656
Net income — — 3,578 — 3,578
Change in unrealized gains and losses on investments, net of tax — — — 352 352
Other — — — 29 29
Comprehensive income 3,959
Issuance of common stock 68 578 — — 578
Repurchase of common stock (424) (1,232) (4,752) — (5,984)
Tax benefits from employee stock option plans — 132 — — 132
Purchase acquisitions 51 557 — — 557
Amortization of deferred stock-based compensation — 131 — — 131
BALANCE AT JULY 26, 2003 6,998 $21,116 $ 6,559 $ 354 $28,029
Net income — — 4,401 — 4,401
Change in unrealized gains and losses on investments, net of tax — — — (161) (161)
Other — — — 19 19
Comprehensive income 4,259
Issuance of common stock 122 1,257 — — 1,257
Repurchase of common stock (408) (1,284) (7,796) — (9,080)
Tax benefits from employee stock option plans — 537 — — 537
Purchase acquisitions — 6 — — 6
Amortization of deferred stock-based compensation — 186 — — 186
Variable stock-based compensation — 58 — — 58
Cumulative effect of accounting change, net of tax — 567 — — 567
Acquisition of Andiamo Systems, Inc. 23 7 — — 7
BALANCE AT JULY 31, 2004 6,735 $ 22,450 $ 3,164 $ 212 $25,826
Supplemental Information
In September 2001, the Company’s Board of Directors authorized a stock repurchase program. As of July 31, 2004, the Company’s
Board of Directors has authorized the repurchase of up to $25 billion of common stock under this program. For additional information
regarding stock repurchases, see Note 9 to the Consolidated Financial Statements. The purchase price of shares of common stock
repurchased was reflected as a reduction to retained earnings and common stock and additional paid-in capital. Issuance of common
stock and the tax benefit related to employee stock option plans are recorded as an increase to common stock and additional paid-in
capital. The stock repurchases pursuant to this program are summarized in the table below (in millions):
Common Stock Accumulated
and Other Total
Shares of Additional Retained Comprehensive Shareholders’
Common Stock Paid-In Capital Earnings Income (Loss) Equity
Repurchases of common stock 956 $ 2,866 $14,052 $ — $16,918
See Notes to Consolidated Financial Statements.
2004 ANNUAL REPORT 41
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in millions)