Costco 2014 Annual Report Download - page 61

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Capital Leases
Gross assets recorded under capital leases were $200 and $201 at the end of 2014 and 2013,
respectively. These assets are recorded net of accumulated amortization of $35 and $28 at the end of
2014 and 2013, respectively.
At the end of 2014, future minimum payments, net of sub-lease income of $149 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
2015 ..............................................................................................................................
.
$ 196
$
17
2016 ..............................................................................................................................
.
194
16
2017 ..............................................................................................................................
.
188
16
2018 ..............................................................................................................................
.
182
17
2019 ..............................................................................................................................
.
171
17
Thereafter .....................................................................................................................
.
2,127
327
Total ..............................................................................................................................
.
$ 3,058
$
410
Less amount representing interest ...........................................................................
.
(
217
)
Net present value of minimum lease payments .....................................................
.
193
Less current installments(1) ........................................................................................
.
(
7
)
Long-term capital lease obligations less current installments(2) ...........................
.
186
_______________
(1) Included in other current liabilities in the accompanying consolidated balance sheets.
(2) Included in deferred income taxes and other liabilities in the accompanying consolidated balance sheets.
Note 6—Stockholders’ Equity
Dividends
The Company’s current quarterly dividend rate is $0.355 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 2014, the total amount
repurchased under this plan was $1,279. The following table summarizes the Company’s stock
repurchase activity:
Shares
Repurchased
(
000’s
)
Average
Price per
Share Total Cost
2014 ..................................................................................................... 2,915 $ 114.45
$334
2013 ..................................................................................................... 357 96.41
34
2012 ..................................................................................................... 7,272 84.75
617
These amounts may 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.
59
$