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Equity
9 Months Ended
Sep. 27, 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 the February 5, 2013 share repurchase program 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 4.8 million shares of its common stock at an average price of $84.59 per share for an aggregate amount of $404 million from January 1, 2013 through September 27, 2013. Approximately 2.1 million of the share repurchases, for an aggregate amount of $168 million, were repurchased pursuant to the April 26, 2011 share repurchase program. The remaining share repurchases were made pursuant to the share repurchase program authorized on February 5, 2013. All share repurchases of L-3 Holdings’ common stock have been recorded as treasury shares.

 

At September 27, 2013, the remaining dollar value of authorization under the February 5, 2013 share repurchase program was $1,264 million. From September 28, 2013 through October 23, 2013, L-3 Holdings repurchased 527,135 shares of its common stock at an average price of $93.88 per share for an aggregate amount of $49 million under the February 5, 2013 share repurchase program.

On June 19, 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 $50 million on September 16, 2013. Also, on October 22, 2013, L-3 Holdings’ Board of Directors declared a quarterly cash dividend of $0.55 per share, payable on December 16, 2013, to shareholders of record at the close of business on November 18, 2013.