Oracle 2012 Annual Report Download - page 76

Senior Notes: As of May 31, 2012 and May 31, 2011, we had $14.8 billion of senior notes outstanding of
which $1.3 billion matures and is payable in fiscal 2013. In accordance with our obligations under a registration
rights agreement entered into in July 2010 in connection with the original issuance of our $3.25 billion of fixed
rate senior notes consisting of $1.0 billion of 3.875% notes due July 2020 (2020 Notes) and $2.25 billion of
5.375% notes due July 2040 (2040 Notes, and together with the 2020 Notes, the Original Senior Notes), on
December 16, 2011 we completed a registered offer to exchange the Original Senior Notes for new freely
tradable notes having terms substantially identical to the Original Senior Notes. An aggregate of $994 million
principal amount of the 2020 Notes and an aggregate of $2.24 billion principal amount of the 2040 Notes were
tendered and exchanged in the offer. Additional details regarding these senior notes and all other borrowings are
included in Note 8 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report.
Common Stock Repurchases: Our Board of Directors has approved a program for us to repurchase shares of
our common stock. On December 20, 2011, we announced that our Board of Directors approved an expansion of
our stock repurchase program by an additional $5.0 billion. On June 18, 2012, we announced that our Board of
Directors approved a further expansion by an additional $10.0 billion. As of May 31, 2012, approximately $3.1
billion remained available for stock repurchases under the stock repurchase program prior to the June 2012
additional amount authorized. We repurchased 207.3 million shares for $6.0 billion, 40.4 million shares for $1.2
billion and 43.3 million shares for $1.0 billion in fiscal 2012, 2011 and 2010, respectively. 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 repayments, our debt
repayment obligations (described further below), 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.
Cash Dividends: In fiscal 2012, we declared and paid cash dividends of $0.24 per share that totaled $1.2
billion. In June 2012, our Board of Directors declared a quarterly cash dividend of $0.06 per share of outstanding
common stock payable on August 3, 2012 to stockholders of record as of the close of business on July 13, 2012.
Future declarations of dividends and the establishment of future record and payment dates are subject to the final
determination of our Board of Directors.
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