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Subsequent Events:
3 Months Ended
Mar. 31, 2012
Subsequent Events:  
Subsequent Events:

14. Subsequent Events: On April 17, 2012, the company announced that it had signed a definitive agreement with Toshiba TEC for the sale of its Retail Store Solutions business to Toshiba TEC, and a multi-year business partner agreement between the company and Toshiba TEC to integrate retail store solutions for Smarter Commerce. The transaction price is $850 million, and the company will receive approximately $800 million in cash, net of closing date working capital adjustments. In addition, the company will receive a 19.9 percent ownership for three years in the new holding company that Toshiba TEC will establish for the business. This transaction is subject to regulatory requirements and customary closing conditions and is expected to close in phases, with the initial closing expected in late second quarter or early third quarter of 2012, and subsequent closings by the end of the year. The company expects to recognize a total pre-tax gain on the sale between $450 million and $550 million. This gain will be recognized consistent with the closing schedule for the transaction.

 

On April 24, 2012, the company announced that the Board of Directors approved a quarterly dividend of $0.85 per common share. The dividend is payable June 9, 2012 to shareholders of record on May 10, 2012. The dividend declaration represents an increase of $0.10 and is 13 percent higher than the prior quarterly dividend of $0.75 per common share.

 

On April 24, 2012, the company announced that the Board of Directors authorized $7 billion in additional funds for use in the company’s common stock repurchase program.