Macy's 2012 Annual Report Download - page 87

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-40
The Company's board of directors approved additional authorizations to purchase Common Stock of $1,000 million on
January 5, 2012 and $1,500 million on December 7, 2012. Combined with previous authorizations commencing in January
2000, the Company’s board of directors has from time to time approved authorizations to purchase, in the aggregate, up to
$12,000 million of Common Stock. All authorizations are cumulative and do not have an expiration date. During 2012, the
Company purchased approximately 35.6 million shares of Common Stock under its share repurchase program for a total of
$1,350 million. During 2011, the Company purchased approximately 16.4 million shares of Common Stock under its share
repurchase program for a total of $500 million. As of February 2, 2013, $1,502 million of authorization remained unused. The
Company may continue or, from time to time, suspend repurchases of its shares under its share repurchase program, depending
on prevailing market conditions, alternative uses of capital and other factors.
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:
Treasury Stock
Common
Stock
Issued
Deferred
Compensation
Plans Other Total
Common
Stock
Outstanding
(thousands)
Balance at January 30, 2010 .................... 495,038.5 (1,366.1)(72,829.2)(74,195.3) 420,843.2
Stock issued under stock plans ................ (48.8) 2,439.5 2,390.7 2,390.7
Stock repurchases
Repurchase program......................... — —
Other ................................................. (58.5)(58.5)(58.5)
Deferred compensation plan
distributions.......................................... 165.9 165.9 165.9
Balance at January 29, 2011 .................... 495,038.5 (1,249.0)(70,448.2)(71,697.2) 423,341.3
Stock issued under stock plans ................ (87.2) 7,274.1 7,186.9 7,186.9
Stock repurchases
Repurchase program......................... (16,356.5)(16,356.5)(16,356.5)
Other ................................................. (80.1)(80.1)(80.1)
Deferred compensation plan
distributions.......................................... 89.4 89.4 89.4
Retirement of common stock................... (7,700.0) 7,700.0 7,700.0 —
Balance at January 28, 2012 .................... 487,338.5 (1,246.8)(71,910.7)(73,157.5) 414,181.0
Stock issued under stock plans ................ (89.2) 10,325.1 10,235.9 10,235.9
Stock repurchases
Repurchase program......................... (35,572.9)(35,572.9)(35,572.9)
Other ................................................. (1,269.4)(1,269.4)(1,269.4)
Deferred compensation plan
distributions.......................................... 126.5 126.5 126.5
Retirement of common stock................... (42,732.7) 42,732.7 42,732.7 —
Balance at February 2, 2013 .................... 444,605.8 (1,209.5)(55,695.2)(56,904.7) 387,701.1