Nordstrom 2009 Annual Report Download - page 59

Download and view the complete annual report

Please find page 59 of the 2009 Nordstrom 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.

Page out of 84

  • 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
  • 81
  • 82
  • 83
  • 84

Nordstrom, Inc. and subsidiaries 51
Nordstrom, Inc.
Notes to Consolidated Financial Statements
Dollar and share amounts in millions except per share, per option and unit amounts
NOTE 9: COMMITMENTS AND CONTINGENT LIABILITIES
Our estimated total purchase obligations, capital expenditure contractual commitments and inventory purchase orders were $1,221 as of January 30,
2010. In connection with the purchase of foreign merchandise, we have outstanding import letters of credit totaling $5 as of January 30, 2010.
We are subject from time to time to various claims and lawsuits arising in the ordinary course of business including lawsuits alleging violations by us
of state and/or federal wage and hour laws. Some of these suits purport or have been determined to be class actions and/or seek substantial
damages. While we cannot predict the outcome of these matters with certainty, we do not believe any such claim, proceeding or litigation, either
alone or in aggregate, will have a material impact on our financial condition, results of operations or cash flows.
NOTE 10: SHAREHOLDERS’ EQUITY
Share Repurchase Program
The following is a summary of the activity related to our share repurchase programs in 2007, 2008 and 2009:
Period Shares
Average Price
per Share Amount
Capacity at February 4, 2007 $592
August 2007 authorization 1,500
November 2007 authorization 1,000
Shares repurchased (2/4/07 to 2/2/08) 39.1 $44.17 (1,728)
Capacity at February 2, 2008 $1,364
Shares repurchased (2/3/08 to 1/31/09) 6.9 $34.29 (238)
Capacity at January 31, 2009 $1,126
Shares repurchased (2/1/09 to 1/30/10) - - -
Unused capacity upon program expiration in August 2009 (1,126)
Capacity at January 30, 2010 -
Fiscal 2007 share repurchases included $300 repurchased as part of an accelerated share repurchase program. We repurchased 5.4 shares of our
common stock on May 23, 2007 at $55.17 per share and in June 2007, we received 0.4 shares at no additional cost, based on the volume weighted
average price of our common stock from June 1, 2007 to June 26, 2007. This resulted in an average price per share of $51.69 for the accelerated
share repurchase as a whole.
Dividends
We paid dividends of $0.64 per share in 2009 and 2008 and $0.54 per share in 2007.