Citibank 2010 Annual Report Download - page 305

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Citigroup continues to evaluate its current and projected space
requirements and may determine from time to time that certain of its
premises and facilities are no longer necessary for its operations. There is no
assurance that Citigroup will be able to dispose of any such excess premises
or that it will not incur charges in connection with such dispositions. Such
disposition costs may be material to Citigroup’s operating results in a given
period.
Citi has developed programs to achieve long-term energy efficiency
objectives and reduce its greenhouse gas emissions with respect to its
properties. These activities could help to mitigate, but will not eliminate,
Citigroup’s risk of increased costs from potential future regulatory
requirements that would impact Citi as a consumer of energy.
For further information concerning leases, see Note 28 to the Consolidated
Financial Statements.
LEGAL PROCEEDINGS
For a discussion of Citigroup’s litigation and related matters, see Note 29 to
the Consolidated Financial Statements.
UNREGISTERED SALES OF EQUITY; PURCHASES OF
EQUITY SECURITIES; DIVIDENDS
Unregistered Sales of Equity Securities
None.
Share Repurchases
Under its long-standing repurchase program, Citigroup may buy back
common shares in the market or otherwise from time to time. This program
is used for many purposes, including offsetting dilution from stock-based
compensation programs.
The following table summarizes Citigroup’s share repurchases
during 2010:
In millions, except per share amounts
Total shares
purchased (1)
Average
price paid
per share
Approximate dollar
value of shares that
may yet be purchased
under the plan or
programs
First quarter 2010
Open market repurchases (1) — $ — $6,739
Employee transactions (2) 12.5 3.57 N/A
Total first quarter 2010 12.5 $3.57 $6,739
Second quarter 2010
Open market repurchases (1) — $ — $6,739
Employee transactions (2) 121.2 4.93 N/A
Total second quarter 2010 121.2 $4.93 $6,739
Third quarter 2010
Open market repurchases (1) — $ — $6,739
Employee transactions (2) 14.3 3.95 N/A
Total third quarter 2010 14.3 $3.95 $6,739
October 2010
Open market repurchases (1) 0.2 $4.01 $6,739
Employee transactions (2) 1.5 4.15 N/A
November 2010
Open market repurchases (1) — — 6,739
Employee transactions (2) 1.5 4.18 N/A
December 2010
Open market repurchases (1) — — 6,739
Employee transactions (2) 1.5 4.77 N/A
Fourth quarter 2010
Open market repurchases (1) 0.2 $4.01 $6,739
Employee transactions (2) 4.5 4.37 N/A
Total fourth quarter 2010 4.7 4.35 $6,739
Full year 2010
Open market repurchases (1) 0.2 $4.01 $6,739
Employee transactions (2) 152.5 4.71 N/A
Full year 2010 152.7 $4.71 $6,739
(1) Open market repurchases are transacted under an existing authorized share repurchase plan. Since 2000, the Board of Directors has authorized the repurchase of shares in the aggregate amount of $40 billion under
Citi’s existing share repurchase plan.
(2) Consists of shares added to treasury stock related to activity on employee stock option program exercises, where the employee delivers existing shares to cover the option exercise, or under Citi’s employee restricted or
deferred stock program, where shares are withheld to satisfy tax requirements.
N/A Not applicable
For so long as the U.S. government continues to hold any Citigroup trust
preferred securities acquired pursuant to the exchange offers consummated
in 2009, Citigroup is prohibited from redeeming or repurchasing any of its
equity or trust preferred securities, subject to certain customary exemptions.