Cisco 2011 Annual Report Download - page 81

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outstanding securities lending transactions. We believe these arrangements do not present a material risk or
impact to our liquidity requirements. We did not experience any losses in connection with the secured lending of
securities during the periods presented.
Stock Repurchase Program and Dividends
In September 2001, our Board of Directors authorized a stock repurchase program. As of July 30, 2011, our
Board of Directors had authorized an aggregate repurchase of up to $82 billion of common stock under this
program, and the remaining authorized repurchase amount was $10.2 billion with no termination date. The stock
repurchase activity under the stock repurchase program, reported based on the trade date is summarized as
follows (in millions, except per-share amounts):
Shares
Repurchased
Weighted-
Average Price
per Share
Amount
Repurchased
Cumulative balance at July 25, 2009 .............................. 2,802 $20.41 $57,179
Repurchase of common stock under the stock repurchase program ...... 325 24.02 7,803
Cumulative balance at July 31, 2010 ............................ 3,127 $20.78 $64,982
Repurchase of common stock under the stock repurchase program .. 351 19.36 6,791
Cumulative balance at July 30, 2011 ............................ 3,478 $20.64 $71,773
During fiscal 2011, cash dividends of $0.12 per share, or $658 million, were declared on our outstanding
common stock and paid during the same period. Any future dividends will be subject to the approval of our
Board of Directors.
Liquidity and Capital Resource Requirements
Based on past performance and current expectations, we believe our cash and cash equivalents, investments, cash
generated from operations and ability to access capital markets and committed credit lines will satisfy, through at
least the next 12 months, our liquidity requirements, both in total and domestically, including the following:
working capital needs, capital expenditures, investment requirements, stock repurchases, cash dividends,
contractual obligations, commitments, principal and interest payments on debt, future customer financings, and
other liquidity requirements associated with our operations. There are no other transactions, arrangements, or
relationships with unconsolidated entities or other persons that are reasonably likely to materially affect the
liquidity and the availability of, as well as our requirements for capital resources.
73