Ross 2015 Annual Report Download - page 39

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We repurchased 13.7 million, 14.8 million, and 16.4 million shares of common stock for aggregate purchase prices of
approximately $700 million, $550 million, and $550 million in fiscal 2015, 2014, and 2013, respectively. We also acquired 1.3
million, 1.1 million, and 1.0 million shares in fiscal 2015, 2014, and 2013, respectively, of treasury stock from our employee
stock equity compensation programs, for aggregate purchase prices of approximately $68.9 million, $39.0 million, and $29.9
million during fiscal 2015, 2014, and 2013, respectively. In February 2015, our Board of Directors approved a two-year $1.4
billion stock repurchase program for fiscal 2015 and 2016.
On March 1, 2016, our Board of Directors declared a quarterly cash dividend of $0.1350 per common share, payable on
March 31, 2016. Our Board of Directors declared cash dividends of $0.1175 per common share in February, May, August,
and November 2015, cash dividends of $0.1000 per common share in February, May, August, and November 2014, and
cash dividends of $0.0850 per common share in May, August, and November 2013.
During fiscal 2015, 2014, and 2013, we paid dividends of $192.3 million, $168.5 million, and $147.9 million, respectively.
Short-term trade credit represents a significant source of financing for merchandise inventory. Trade credit arises from
customary payment terms and trade practices with our vendors. We regularly review the adequacy of credit available to us
from all sources and expect to be able to maintain adequate trade credit, bank lines, and other credit sources to meet our
capital and liquidity requirements, including lease payment obligations, in 2016.
Our existing $600 million unsecured revolving credit facility expires in June 2017 and contains a $300 million sublimit for
issuance of standby letters of credit. Interest on this facility is based on LIBOR plus an applicable margin (currently 100 basis
points) and is payable quarterly and upon maturity. As of January 30, 2016, we had no borrowings or standby letters of credit
outstanding on this facility and our $600 million credit facility remains in place and available. We plan to renew our revolving
credit facility in 2016.
We estimate that existing cash balances, cash flows from operations, bank credit lines, and trade credit are adequate to
meet our operating cash needs and to fund our planned capital investments, common stock repurchases, and quarterly
dividend payments for at least the next twelve months.
Contractual Obligations
The table below presents our significant contractual obligations as of January 30, 2016:
($000)
Less than
1 year
1 - 3
years
3 - 5
years
After 5
years
Total
¹
Senior notes
$
—
$
85,000
$
—
$
315,000
$
400,000
Interest payment obligations
18,105
36,210
25,364
37,995
117,674
Operating leases (rent obligations)
458,667
895,398
596,640
480,480
2,431,185
New York buying office ground lease²
6,418
12,835
12,835
952,569
984,657
Purchase obligations
1,713,166
7,927
158
—
1,721,251
Total contractual obligations
$
2,196,356
$
1,037,370
$
634,997
$
1,786,044
$
5,654,767
1 We have a $94.2 million liability for unrecognized tax benefits that is included in Other long-term liabilities on our Consolidated Balance Sheets. This liability is
excluded from the schedule above as the timing of payments cannot be reasonably estimated.
² Our New York buying office building is subject to a 99-year ground lease.