Costco 2013 Annual Report Download - page 64
Download and view the complete annual report
Please find page 64 of the 2013 Costco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54 -
55 -
56 -
57 -
58 -
59 -
60 -
61 -
62 -
63 -
64 -
65 -
66 -
67 -
68 -
69 -
70 -
71 -
72 -
73 -
74 -
75
-
76
-
77
-
78
-
79
-
80
 |
 |
62
At the end of 2013, future minimum payments, net of sub-lease income of $150 for all years combined, under
non-cancelable operating leases with terms of at least one year and capital leases were as follows:
Operating
Leases Capital
Leases
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 189 $ 17
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 17
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167 16
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 16
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 16
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,753 338
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,597 420
Less amount representing interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (224)
Net present value of minimum lease payments. . . . . . . . . . . . . . . . . . . . . . . 196
Less current installments(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4)
Long-term capital lease obligations less current installments(2) . . . . . . . . . . . $192
_______________
(1) Included in other current liabilities.
(2) Included in deferred income taxes and other liabilities.
Note 6—Stockholders’ Equity
Dividends
The Company’s current quarterly dividend rate is $0.31 per share. In December 2012, the Company paid a
special cash dividend of $7.00 per share, totaling approximately $3,049.
Stock Repurchase Programs
The Company’s stock repurchase program is conducted under a $4,000 authorization by the Board of
Directors approved in April 2011, which expires in April 2015. As of the end of 2013, the total amount
repurchased under this plan was $945. The following table summarizes the Company’s stock repurchase
activity:
Shares
Repurchased
(000’s)
Average
Price per
Share Total Cost
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357 $ 96.41 $ 34
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,272 84.75 617
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,939 71.74 641
These amounts differ from the stock repurchase balances in the accompanying consolidated statements of
cash flows due to changes in unsettled stock repurchases at the end of each fiscal year.
Accumulated Other Comprehensive (Loss) Income
Accumulated other comprehensive (loss) income, net of tax where applicable, was $(122) and $156 at the
end of 2013 and 2012, respectively, and was comprised primarily of unrealized foreign-currency translation
adjustments. In 2012, as part of the acquisition of the noncontrolling interest in Mexico, the Company
reclassified $155 of accumulated unrealized losses on foreign-currency translation adjustments to Costco’s
accumulated other comprehensive income. This balance was previously included as a component of non-
controlling interest.