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70
Summary of Stock Repurchases for fiscal 2011, 2010 and 2009
(in thousands, except average amounts)
Board Approval
Date
December 1997
June 2010
Total shares
Total cost
Repurchases
Under the Plan
From employees(1)
Open market
Structured repurchases(2)
Structured repurchases(2)
2011
Shares
1
—
—
21,849
21,850
$ 695,015
Average
$ 33.57
$ —
$ —
$ 31.81
$ 31.81
2010
Shares
1
—
9,358
21,807
31,166
$ 909,900
Average
$ 35.66
$ —
$ 33.11
$ 27.51
$ 29.19
2009
Shares
1
—
15,231
—
15,232
$ 424,851
Average
$ 24.00
$ —
$ 27.89
$ —
$ 27.89
_________________________________________
(1) The repurchases from employees represent shares cancelled when surrendered in lieu of cash payments for the option
exercise price or withholding taxes due.
(2) Stock repurchase agreements executed with large financial institutions. See Stock Repurchase Program above.
Off-Balance Sheet Arrangements and Aggregate Contractual Obligations
Our principal commitments as of December 2, 2011 consist of obligations under operating leases, capital leases, royalty
agreements and various service agreements. See Note 16 of our Notes to Consolidated Financial Statements for additional
information regarding our contractual commitments.
Contractual Obligations
The following table summarizes our contractual obligations as of December 2, 2011 (in millions):
Notes
Operating leases
Capital lease obligations
Purchase obligations
Total
Payment Due by Period
Total
$ 1,931.7
251.2
20.7
296.1
$ 2,499.7
Less than
1 year
$ 62.3
56.8
9.9
267.3
$ 396.3
1-3 years
$ 124.5
70.6
10.8
11.6
$ 217.5
3-5 years
$ 695.3
43.9
—
4.2
$ 743.4
More than
5 years
$ 1,049.6
79.9
—
13.0
$ 1,142.5
Notes
In February 2010, we issued $600.0 million of 3.25% senior notes due February 1, 2015 and $900.0 million of 4.75% senior
notes due February 1, 2020. Interest on the Notes is payable semi-annually, in arrears on February 1 and August 1, commencing
on August 1, 2010. During fiscal 2011 interest payments totaled $62.3 million. At December 2, 2011, our maximum commitment
for interest payments under the Notes was $431.7 million.
Capital Lease Obligation
In June 2010, we entered into a sale-leaseback agreement to sell equipment totaling $32.2 million and leaseback the same
equipment over a period of 43 months. This transaction was classified as a capital lease obligation and recorded at fair value.
Covenants
Our credit facility contains a financial covenant requiring us not to exceed a certain maximum leverage ratio. Our leases
for the East and West Towers and the Almaden Tower are both subject to standard covenants including certain financial ratios as
defined in the lease agreements that are reported to the lessors quarterly. As of December 2, 2011, we were in compliance with
all of our covenants. Our Notes do not contain any financial covenants. We believe these covenants will not impact our credit or
cash in the coming fiscal year or restrict our ability to execute our business plan.
Under the terms of our credit agreement and lease agreements, we are not prohibited from paying cash dividends unless
payment would trigger an event of default or one currently exists. We do not anticipate paying any cash dividends in the foreseeable
future.
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