Coach 2014 Annual Report Download - page 86
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Purchases of Coach’s common stock are made from time to time, subject to market conditions and at prevailing market prices, through open market
purchases. Under Maryland law, Coach’s state of incorporation, treasury shares are not allowed. As a result, all repurchased shares are retired when acquired.
The Company may terminate or limit the stock repurchase program at any time.
During fiscal 2014, fiscal 2013, and fiscal 2012, the Company repurchased and retired 10,239, 7,066 and 10,688 shares, respectively, or $524,926,
$400,000, and $700,000 of common stock, respectively, at an average cost of $51.27, $56.61 and $65.49 per share, respectively. As of June 28, 2014, Coach
had $836,701 remaining in the stock repurchase program.
The components of certain balance sheet accounts are as follows:
June 29,
2013
Land and building
$ 168,550
Machinery and equipment
33,172
Furniture and fixtures
564,574
Leasehold improvements
632,550
Construction in progress
67,665
Less: accumulated depreciation
(771,740)
Total property and equipment, net
$ 694,771
Payroll and employee benefits
$ 193,112
Accrued rent
39,984
Dividends payable
94,998
Operating expenses
215,059
Total accrued liabilities
$ 543,153
Deferred lease obligation
$ 117,502
Gross unrecognized tax benefit
148,810
Deferred tax liabilities
52,225
Other
81,207
Total other liabilities
$ 399,744
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