Macy's 2009 Annual Report Download - page 94

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
In February 2007, the Company effected the immediate repurchase of 45 million outstanding shares for an
initial payment of approximately $2,000 million, subject to settlement provisions pursuant to the terms of the
related accelerated share repurchase agreements, which included derivative financial instruments indexed to
shares of Common Stock. Upon settlement of the accelerated share repurchase agreements in May and June of
2007, the Company received approximately 700,000 additional shares of Common Stock, resulting in a total of
approximately 45.7 million shares being repurchased.
During 2007, the Company retired 109 million shares of Common Stock.
Common Stock
The holders of the Common Stock are entitled to one vote for each share held of record on all matters
submitted to a vote of shareholders. Subject to preferential rights that may be applicable to any Preferred Stock,
holders of Common Stock are entitled to receive ratably such dividends as may be declared by the Board of
Directors in its discretion, out of funds legally available therefor.
Treasury Stock
Treasury stock contains shares repurchased under the share repurchase program, shares repurchased to cover
employee tax liabilities related to stock plan activity and shares maintained in a trust related to deferred
compensation plans. Under the deferred compensation plans, shares are maintained in a trust to cover the number
estimated to be needed for distribution on account of stock credits currently outstanding.
Changes in the Company’s Common Stock issued and outstanding, including shares held by the Company’s
treasury, are as follows:
Common
Stock
Issued
Treasury Stock
Common
Stock
Outstanding
Deferred
Compensation
Plans Other Total
(thousands)
Balance at February 3, 2007 .............. 604,038.5 (1,239.0) (105,874.9) (107,113.9) 496,924.6
Stock issued under stock plans ............ (81.3) 8,092.2 8,010.9 8,010.9
Stock repurchases:
Repurchase program ................ (85,219.5) (85,219.5) (85,219.5)
Other ............................ (73.2) (73.2) (73.2)
Deferred compensation plan distributions . . . 102.2 102.2 102.2
Retirement of common stock ............. (109,000.0) 109,000.0 109,000.0 –
Balance at February 2, 2008 .............. 495,038.5 (1,218.1) (74,075.4) (75,293.5) 419,745.0
Stock issued under stock plans ............ (157.6) 464.1 306.5 306.5
Stock repurchases:
Repurchase program ................ – –
Other ............................ (25.7) (25.7) (25.7)
Deferred compensation plan distributions . . . 58.0 58.0 58.0
Balance at January 31, 2009 .............. 495,038.5 (1,317.7) (73,637.0) (74,954.7) 420,083.8
Stock issued under stock plans ............ (105.0) 937.9 832.9 832.9
Stock repurchases:
Repurchase program ................ – –
Other ............................ (130.1) (130.1) (130.1)
Deferred compensation plan distributions . . . 56.6 56.6 56.6
Balance at January 30, 2010 .............. 495,038.5 (1,366.1) (72,829.2) (74,195.3) 420,843.2
F-46