Coach 2006 Annual Report Download - page 49
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common shares.
The Coach Board of Directors approved common stock repurchase programs as follows:
September 17, 2001 $ 80,000 September 2004
January 30, 2003 $ 100,000 January 2006
August 12, 2004 $ 200,000 August 2006
May 11, 2005 $ 250,000 May 2007
May 9, 2006 $ 500,000 June 2007
October 20, 2006 $ 500,000 June 2008
Purchases of Coach’s common stock will be made from time to time, subject to market conditions and at prevailing market prices,
through open market purchases. Repurchased shares of common stock will become authorized but unissued shares and may be issued in
the future for general corporate and other purposes. The Company may terminate or limit the stock repurchase program at any time.
During fiscal 2007, 2006 and 2005, the Company repurchased and retired 5,002, 19,055 and 11,000 shares of common stock at an
average cost of $29.99, $31.50 and $24.09 per share, respectively. As of June 30, 2007, Coach had $500,000 remaining in the stock
repurchase program.
The components of certain balance sheet accounts are as follows:
Land $ 27,954 $ 27,954
Machinery and equipment 12,007 14,187
Furniture and fixtures 143,442 136,730
Leasehold improvements 267,935 270,232
Construction in progress 148,191 66,240
Less: accumulated depreciation (231,068) (216,812)
Total property and equipment, net $ 368,461 $ 298,531
Income and other taxes $ 56,486 $ 69,017
Payroll and employee benefits 90,435 78,215
Capital expenditures 32,459 21,243
Operating expenses 119,072 93,360
Total accrued liabilities $ 298,452 $ 261,835
63
Deferred lease incentives $ 75,839 $ 55,038
Other 16,010 6,169
Total other liabilities $ 91,849 $ 61,207
Cumulative translation adjustments $ (12,450) $ (2,506)
Unrealized gains (losses) on cash flow hedging derivatives, net of taxes of
$(796) and $2,365
1,161 (3,547)
SFAS 158 adjustment and minimum pension liability, net of taxes of $981
and $743
(1,503) (1,207)
Accumulated other comprehensive loss $ (12,792) $ (7,260)
On May 3, 2001, Coach declared a “poison pill” dividend distribution of rights to buy additional common stock, to the holder of each
outstanding share of Coach’s common stock.