Note 8 - Shareholders' Equity

6 Months Ended

Aug. 27, 2016

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

8) Shareholders’ Equity

The Company has authorization to make repurchases from time to time in the open market or through other parameters approved by the Board of Directors pursuant to existing rules and regulations.

Between December 2004 and September 2015, the Company’s Board of Directors authorized, through several share repurchase programs, the repurchase of $11.950 billion of its shares of common stock. The Company also acquires shares of its common stock to cover employee related taxes withheld on vested restricted stock and performance stock unit awards. In the first six months of fiscal 2016, the Company repurchased approximately 6.5 million shares of its common stock for a total cost of approximately $299.5 million, bringing the aggregate total of common stock repurchased to approximately 187.4 million shares for a total cost of approximately $10.0 billion since the initial authorization in December 2004. The Company has approximately $2.0 billion remaining of authorized share repurchases as of August 27, 2016.

The Company’s Board of Directors declared quarterly dividends of $0.125 per share in each of the first two quarters of fiscal 2016, totaling $0.250 per share for the first six months ended August 27, 2016. Subsequent to the end of the second quarter of fiscal 2016, on September 21, 2016, the Company’s Board of Directors declared a quarterly dividend of $0.125 per share to be paid on January 17, 2017 to shareholders of record at the close of business on December 16, 2016. Future cash dividends on the Company’s common stock are subject to the determination by the Board of Directors based on an evaluation of the Company’s, financial condition and requirements, business conditions and other factors.