AMD 2001 Annual Report Download - page 260
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 15: SHARE REPURCHASE PROGRAM
On January 29, 2001, the Company announced that the Board of Directors had
authorized a program to repurchase up to $300 million worth of the Company's
common stock over a period of time to be determined by management. Any such
repurchases will be made, from time to time, in the open market or in privately
negotiated transactions in compliance with Rule 10b-18 of the Securities
Exchange Act, subject to market conditions, applicable legal requirements and
other factors. This program does not obligate the Company to acquire any
particular amount of its common stock, and the program may be suspended at any
time at the Company's discretion. As of December 30, 2001, AMD acquired
approximately 6.3 million shares of its common stock at an aggregate cost of $77
million under the program. Shares repurchased under this program will be used in
connection with the Company's stock option plans.
NOTE 16: CONTINGENCIES
I. Environmental Matters
Clean-Up Orders. Since 1981, the Company has discovered, investigated and begun
remediation of three sites where releases from underground chemical tanks at our
facilities in Santa Clara County, California, adversely affected the
groundwater. The chemicals released into the groundwater were commonly in use in
the semiconductor industry in the wafer fabrication process prior to 1979. At
least one of the released chemicals (which the Company no longer uses) has been
identified as a probable carcinogen.
In 1991, the Company received four Final Site Clean-up Requirements Orders from
the California Regional Water Quality Control Board, San Francisco Bay Region,
relating to the three sites. One of the orders named us as well as TRW
Microwave, Inc. and Philips Semiconductors Corporation. In January 1999, the
Company entered into a settlement agreement with Philips whereby Philips assumed
costs allocated to the Company under this order, although the Company is
responsible for these costs in
44
Source: ADVANCED MICRO DEVIC, 10-K, March 07, 2002