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54
repurchase agreement, $600.0 million remains under our current authority. See Note 13 of our Notes to Consolidated Financial
Statements for further discussion of our stock repurchase programs.
See Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
for share repurchases during the quarter ended November 29, 2013.
Summary of Stock Repurchases for Fiscal 2013, 2012 and 2011
(in thousands, except average amounts)
Board Approval
Date Repurchases
Under the Plan
2013 2012 2011
Shares Average Shares Average Shares Average
December 1997 From employees(1) — $ — 1 $ 33.57
Structured repurchases(2) — $ — — $ — — $ —
June 2010 Structured repurchases(2) — $ — 9,482 $ 32.17 21,849 $ 31.81
April 2012 Structured repurchases(2) 21,603 $ 46.47 2,038 $ 32.87 — $ —
Total shares 21,603 $ 46.47 11,520 $ 32.29 21,850 $ 31.81
Total cost $1,003,794 $ 371,995 $ 695,015
_________________________________________
(1) The repurchases from employees represent shares canceled 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 November 29, 2013 consist of obligations under operating leases, capital leases, royalty
agreements and various service agreements. See Note 15 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 November 29, 2013 (in millions):
Payment Due by Period
Total Less than
1 year 1-3 years 3-5 years More than
5 years
Notes $ 1,807.2 $ 62.3 $ 695.3 $ 85.5 $ 964.1
Operating lease obligations 214.1 47.2 62.8 43.7 60.4
Capital lease obligations 18.2 14.9 3.3 — —
Purchase obligations 498.3 390.8 80.8 16.7 10.0
Total $ 2,537.8 $ 515.2 $ 842.2 $ 145.9 $ 1,034.5
Senior 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 2013 interest payments totaled $62.3 million. At November 29, 2013, our maximum commitment
for interest payments under the Notes was $307.1 million.
Capital Lease Obligation
In the first quarter of fiscal 2013, we entered into a sale-leaseback agreement totaling $25.7 million over a period of 24
months. This transaction was classified as a capital lease obligation and was recorded at fair value.
Covenants
Our credit facility contains a financial covenant requiring us not to exceed a maximum leverage ratio. Our Almaden Tower
lease includes certain financial ratios as defined in the lease agreements that are reported to the lessors quarterly. As of November 29,
2013, we were in compliance with all of our 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. Our Notes do not contain any financial covenants.
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