Xerox 2013 Annual Report Download - page 70

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We expect total share repurchases of at least $500 million in 2014.
Refer to Note 19 - Shareholders’ Equity – Treasury Stock in the Consolidated Financial Statements for additional
information regarding our share repurchase programs.
Dividends
The Board of Directors declared aggregate dividends of $287 million, $226 million and $241 million on common
stock in 2013, 2012 and 2011, respectively. The increase in 2013 as compared to prior years is primarily due to the
increase in the quarterly dividend to 5.75 cents per share in 2013 partially offset by a lower level of outstanding
shares as a result of the repurchase of shares under our share repurchase programs.
The Board of Directors declared aggregate dividends of $24 million on the Series A Convertible Preferred Stock in
each of the years in the three year period ended December 31, 2013. The preferred shares were issued in 2010 in
connection with the acquisition of ACS.
In January 2014, the Board of Directors approved an increase in the Company's quarterly cash dividend from 5.75
cents per share to 6.25 cents per share, beginning with the dividend payable April 30, 2014.
Liquidity and Financial Flexibility
We manage our worldwide liquidity using internal cash management practices, which are subject to (1) the statutes,
regulations and practices of each of the local jurisdictions in which we operate, (2) the legal requirements of the
agreements to which we are a party and (3) the policies and cooperation of the financial institutions we utilize to
maintain and provide cash management services.
Our principal debt maturities are in line with historical and projected cash flows and are spread over the next ten
years as follows (in millions):
Year Amount
2014(1) $1,112
2015 1,283
2016 975
2017 1,018
2018 1,011
2019 1,156
2020 7
2021 1,067
2022 —
2023 and thereafter 350
Total $7,979
______________
(1) Includes $5 million of Notes Payable.
Foreign Cash
At December 31, 2013, we had $1.8 billion of cash and cash equivalents on a consolidated basis. Of that amount,
approximately $600 million was held outside the U.S. by our foreign subsidiaries to fund future working capital,
investment and financing needs of our foreign subsidiaries. Accordingly, we have asserted that such funds are
indefinitely reinvested outside the U.S.
We believe we have sufficient levels of cash and cash flows to support our domestic requirements. However, if the
cash held by our foreign subsidiaries was needed to fund our U.S. requirements, there would not be a significant
tax liability associated with the repatriation, as any U.S. liability would be reduced by the foreign tax credits
associated with the repatriated earnings.
However, our determination above is based on the assumption that only the cash held outside the U.S. would be
repatriated as a result of an unanticipated or unique domestic need. It does not assume repatriation of the entire
amount of indefinitely reinvested earnings of our foreign subsidiaries. As disclosed in Note 16- Income and Other
Taxes in our Consolidated Financial Statements, we have not estimated the potential tax consequences associated
with the repatriation of the entire amount of our foreign earnings indefinitely reinvested outside the U.S. We do not
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