Macy's 2015 Annual Report Download - page 92

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-43
12. Shareholders’ Equity
The authorized shares of the Company consist of 125 million shares of preferred stock (“Preferred Stock”), par value
of $.01 per share, with no shares issued, and 1,000 million shares of Common Stock, par value of $.01 per share, with
341.6 million shares of Common Stock issued and 310.3 million shares of Common Stock outstanding at January 30, 2016,
and with 379.6 million shares of Common Stock issued and 340.6 million shares of Common Stock outstanding at
January 31, 2015 (with shares held in the Company’s treasury being treated as issued, but not outstanding).
The Company retired 38.0 million, 31.0 million and 34.0 million shares of Common Stock during 2015, 2014 and
2013, respectively.
The Company's board of directors approved an additional authorization to purchase Common Stock of $1,500
million on May 13, 2015. 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 $16,500 million of Common
Stock. All authorizations are cumulative and do not have an expiration date. During 2015, the Company purchased
approximately 34.8 million shares of Common Stock under its share repurchase program for a total of $2,000 million.
During 2014, the Company purchased approximately 31.9 million shares of Common Stock under its share repurchase
program for a total of $1,900 million. During 2013, the Company purchased approximately 33.6 million shares of Common
Stock under its share repurchase program for a total of $1,570 million. As of January 30, 2016, $532 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.