Coach 2014 Annual Report Download - page 86

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TABLE OF CONTENTS




Purchases of Coach’s common stock are made from time to time, subject to market conditions and at prevailing market prices, through open market
purchases. Under Maryland law, Coach’s state of incorporation, treasury shares are not allowed. As a result, all repurchased shares are retired when acquired.
The Company may terminate or limit the stock repurchase program at any time.
During fiscal 2014, fiscal 2013, and fiscal 2012, the Company repurchased and retired 10,239, 7,066 and 10,688 shares, respectively, or $524,926,
$400,000, and $700,000 of common stock, respectively, at an average cost of $51.27, $56.61 and $65.49 per share, respectively. As of June 28, 2014, Coach
had $836,701 remaining in the stock repurchase program.

The components of certain balance sheet accounts are as follows:


June 29,
2013
 
Land and building  
$ 168,550
Machinery and equipment 
33,172
Furniture and fixtures 
564,574
Leasehold improvements 
632,550
Construction in progress 
67,665
Less: accumulated depreciation 
(771,740)
Total property and equipment, net  
$ 694,771
 
Payroll and employee benefits  
$ 193,112
Accrued rent 
39,984
Dividends payable 
94,998
Operating expenses 
215,059
Total accrued liabilities  
$ 543,153
 
Deferred lease obligation  
$ 117,502
Gross unrecognized tax benefit 
148,810
Deferred tax liabilities 
52,225
Other 
81,207
Total other liabilities  
$ 399,744
84