McKesson 2014 Annual Report Download - page 109

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McKESSON CORPORATION
FINANCIAL NOTES (Continued)
106
V. Other Matters
The Company is involved in various other litigation and governmental proceedings, not described above, that arise in the
normal course of business. While it is not possible to determine the ultimate outcome or the duration of any such litigation or
governmental proceedings, the Company believes, based on current knowledge and the advice of counsel, that such litigation and
proceedings will not have a material impact on the Company’s financial position or results of operations.
23. Stockholders’ Equity
Each share of the Company’s outstanding common stock is permitted one vote on proposals presented to stockholders and is
entitled to share equally in any dividends declared by the Company’s Board of Directors (the “Board”).
In July 2013, the quarterly dividend was raised from $0.20 to $0.24 per common share for dividends declared after such date,
until further action by the Board. Dividends were $0.92 per share in 2014 and $0.80 per share in 2013 and 2012. The Company
anticipates that it will continue to pay quarterly cash dividends in the future. However, the payment and amount of future dividends
remain within the discretion of the Board and will depend upon the Company’s future earnings, financial condition, capital
requirements and other factors.
Share Repurchase Plans
Stock repurchases may be made from time-to-time in open market transactions, privately negotiated transactions, through
accelerated share repurchase (“ASR”) programs, or by any combination of such methods. The timing of any repurchases and the
actual number of shares repurchased will depend on a variety of factors, including our stock price, corporate and regulatory
requirements, restrictions under our debt obligations and other market and economic conditions.
Information regarding the share repurchase activity over the last three years is as follows:
Share Repurchases (1)
(In millions, except price per share data)
Total
Number of
Shares
Purchased (2) (3)
Average
Price
Paid Per
Share
Approximate
Dollar Value of
Shares that
May
Yet Be
Purchased
Under the
Programs
Balance, March 31, 2011 $ 499
Share repurchase plans approved:
April 2011 1,000
January 2012 650
Shares repurchased 20 $ 83.47 (1,850)
Balance, March 31, 2012 $ 299
Share repurchase plans approved:
April 2012 700
January 2013 500
Shares repurchased 13 $ 100.82 (1,159)
Balance, March 31, 2013 $ 340
Shares repurchased — $ — —
Balance, March 31, 2014 $ 340
(1) This table does not include shares tendered to satisfy the exercise price in connection with cashless exercises of employee stock options or shares tendered
to satisfy tax withholding obligations in connection with employee equity awards.
(2) All of the shares purchased were part of the publicly announced programs.
(3) The number of shares purchased reflects rounding adjustments.