XML 199 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Equity
6 Months Ended
Jun. 28, 2013
Text Block [Abstract]  
Equity

12.  Equity

The $1.5 billion share repurchase program authorized on April 26, 2011 by L-3 Holdings’ Board of Directors expired on April 30, 2013. On February 5, 2013, L-3 Holdings’ Board of Directors approved a new share repurchase program that authorizes L-3 Holdings to repurchase up to an additional $1.5 billion of its common stock through June 30, 2015. Repurchases of L-3 Holdings’ common stock under both share repurchase programs are made at management’s discretion in accordance with applicable U.S. Federal securities laws in the open market or otherwise. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, legal requirements, other investment opportunities (including acquisitions), market conditions and other factors. L-3 Holdings repurchased 3.1 million shares of its common stock at an average price of $80.39 per share for an aggregate amount of $248 million from January 1, 2013 through June 28, 2013. Approximately 942,000 of the share repurchases, for an aggregate amount of $80 million, were repurchased pursuant to the February 5, 2013 share repurchase program. The other share repurchases were made pursuant to the share repurchase program authorized on April 26, 2011. All share repurchases of L-3 Holdings’ common stock have been recorded as treasury shares.

At June 28, 2013, the remaining dollar value of authorization under the February 5, 2013 share repurchase program was $1,420 million. From June 29, 2013 through July 26, 2013, L-3 Holdings repurchased 237,241 shares of its common stock at an average price of $88.41 per share for an aggregate amount of $21 million under the February 5, 2013 share repurchase program.

On April 30, 2013, L-3 Holdings’ Board of Directors declared a cash dividend of $0.55 per share, which resulted in the Company paying total cash dividends of $49 million on June 17, 2013. Also, on June 19, 2013, L-3 Holdings’ Board of Directors declared a quarterly cash dividend of $0.55 per share, payable on September 16, 2013, to shareholders of record at the close of business on August 19, 2013.