Oracle 2010 Annual Report Download - page 122

Table of Contents
ORACLE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
May 31, 2011
13. STOCKHOLDERS’ EQUITY
Stock Repurchases
Our Board of Directors has approved a program for us to repurchase shares of our common stock. On October 20, 2008, we announced that our Board of
Directors approved the expansion of our repurchase program by $8.0 billion and as of May 31, 2011, approximately $4.1 billion was available for share
repurchases pursuant to our stock repurchase program. We repurchased 40.4 million shares for $1.2 billion (including 0.7 million shares for $24 million that were
repurchased but not settled), 43.3 million shares for $1.0 billion and 225.6 million shares for $4.0 billion in fiscal 2011, 2010 and 2009, respectively, under the
applicable repurchase programs.
Our stock repurchase authorization does not have an expiration date and the pace of our repurchase activity will depend on factors such as our working capital
needs, our cash requirements for acquisitions and dividend payments, our debt repayment obligations or repurchase of our debt, our stock price, and economic
and market conditions. Our stock repurchases may be effected from time to time through open market purchases or pursuant to a Rule 10b5-1 plan. Our stock
repurchase program may be accelerated, suspended, delayed or discontinued at any time.
Dividends on Common Stock
During fiscal 2011, our Board of Directors declared cash dividends of $0.21 per share of our outstanding common stock, which we paid during the same period.
In June 2011, our Board of Directors declared a quarterly cash dividend of $0.06 per share of outstanding common stock payable on August 3, 2011 to
stockholders of record as of the close of business on July 13, 2011. Future declarations of dividends and the establishment of future record and payment dates are
subject to the final determination of our Board of Directors.
Accumulated Other Comprehensive Income
The following table summarizes, as of each balance sheet date, the components of our accumulated other comprehensive income, net of income taxes:
May 31,
(in millions) 2011 2010
Foreign currency translation gains, net $ 649 $ 169
Unrealized losses on derivative financial instruments, net (131) (131)
Unrealized gains on marketable securities, net 30 4
Unrealized losses on defined benefit plans, net (6) (38)
Total accumulated other comprehensive income $ 542 $ 4
14. EMPLOYEE BENEFIT PLANS
Stock-based Compensation Plans
Stock Option Plans
In fiscal 2001, we adopted the 2000 Long-Term Equity Incentive Plan, which provides for the issuance of non-qualified stock options and incentive stock
options, as well as stock purchase rights, stock appreciation rights and long-term performance awards to our eligible employees, officers, and directors who are
also employees or consultants, independent consultants and advisers. During the second quarter of fiscal 2011, our stockholders, upon the recommendation of our
Board of Directors, approved the adoption of the Amended and
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Source: ORACLE CORP, 10-K, June 28, 2011 Powered by Morningstar® Document Research℠