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Subsequent Events
12 Months Ended
Apr. 26, 2013
Subsequent Events

18. Subsequent Events

Dividends and Stock Repurchase Program

On May 21, 2013, we announced a quarterly cash dividend of $0.15 per share of common stock, payable on July 23, 2013 to holders of record as of the close of business on July 11, 2013. The timing and amount of future dividends will depend on market conditions, corporate business and financial considerations and regulatory requirements.

 

In May 2013, our Board of Directors approved an increase of $1.6 billion to our stock repurchase program. Under this program, we may purchase shares of our outstanding common stock through open market and privately negotiated transactions at prices deemed appropriate by our management. The stock repurchase program may be suspended or discontinued at any time.

Convertible Notes Settlement

The Convertible Notes matured on June 1, 2013. At the time of settlement, we delivered $1.265 billion in cash to the holders for the outstanding principal amount and issued 4.9 million shares of our common stock for the excess conversion value. In addition, we exercised the Convertible Note hedges, for which we received 3.9 million shares from the counterparties.

Accelerated Share Repurchase Agreement

On June 5, 2013, we entered into a collared accelerated share repurchase agreement (ASR) with a counterparty under which we prepaid $750.0 million to purchase shares of our common stock. In exchange for the up-front payment, the counterparty committed to deliver a number of shares during the ASR’s purchase period, which ends no later than August 29, 2013, although the completion date may be accelerated at the counterparty’s option. The total number of shares to be delivered, and therefore the average price per share, will be determined at the end of the purchase period based on the volume weighted average price of our stock during that period.