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Accelerated Share Repurchase
9 Months Ended
Oct. 28, 2012
Accelerated Share Repurchase  
Accelerated Share Repurchase [Text Block]
ACCELERATED SHARE REPURCHASE
In the first quarter of fiscal 2012, the Company entered into an Accelerated Share Repurchase ("ASR") agreement with a third-party financial institution to repurchase $1.0 billion of the Company’s common stock. Under this agreement, the Company paid $1.0 billion to the financial institution, using cash on hand, and received an initial delivery of approximately 17 million shares in the first quarter of fiscal 2012. The transaction was completed in the second quarter of fiscal 2012, at which time the Company received approximately 3 million additional shares. The $1.0 billion of shares repurchased are included in Treasury Stock in the accompanying Consolidated Balance Sheets as of October 28, 2012. The final number of shares delivered upon settlement of the $1.0 billion ASR agreement was determined with reference to the average price of the Company’s common stock over the term of the agreement.
In the second quarter of fiscal 2012, the Company entered into an ASR agreement with a third-party financial institution to repurchase $1.4 billion of the Company’s common stock. Under this agreement, the Company paid $1.4 billion to the financial institution, using cash on hand, and received an initial delivery of approximately 22 million shares in the second quarter of fiscal 2012. The transaction was completed in the third quarter of fiscal 2012, at which time the Company received approximately 5 million additional shares. The $1.4 billion of shares repurchased are included in Treasury Stock in the accompanying Consolidated Balance Sheets as of October 28, 2012. The final number of shares delivered upon settlement of the $1.4 billion ASR agreement was determined with reference to the average price of the Company’s common stock over the term of the agreement.
In the third quarter of fiscal 2012, the Company entered into an ASR agreement with a third-party financial institution to repurchase $650 million of the Company’s common stock. Under this agreement, the Company paid $650 million to the financial institution, using cash on hand, and received an initial delivery of approximately 9 million shares in the third quarter of fiscal 2012. The fair market value of the 9 million shares on the date of purchase was $526 million and was included in Treasury Stock in the accompanying Consolidated Balance Sheets as of October 28, 2012. The remaining $124 million was included in Paid-In Capital in the accompanying Consolidated Balance Sheets as of October 28, 2012. The final number of shares delivered upon settlement of the $650 million ASR agreement will be determined with reference to the average price of the Company’s common stock over the term of the agreement.