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Stock Repurchase Programs
3 Months Ended
Mar. 29, 2013
Stock Repurchase Programs

12. Stock Repurchase Programs

We repurchase outstanding common stock under two plans authorized by our Board of Directors. In addition, we purchase shares to cover withholding taxes on shares issued under employee stock plans.

We intend to use cash generated by employee stock option exercises (other than those of Company officers and board members) to repurchase stock through the use of a 10b5-1 plan. There were no purchases in the first quarter of 2013 under this plan.

 

 

We intend to continue to make repurchases of our outstanding common stock under a previously authorized $600 million repurchase plan. As of March 29, 2013, we have purchased 68.1 million shares of our common stock under the $600 million repurchase plan at a total cost of $401.2 million, leaving $198.8 million available to be purchased under this plan. We purchased 11.5 million shares for $25.7 million in the first quarter of 2013 under this plan.

We may change our repurchase activity and we provide no assurance that we will continue our repurchase activity in the future.

In addition, we purchased 0.6 million shares for $1.3 million in the first quarter of 2013 to cover minimum withholding taxes on shares issued under employee stock plans.

We record repurchased shares as Treasury stock.