Other Financial Data
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Mar. 29, 2014
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Other Financial Data | Other Financial Data Statement of Operations Information Other Charges Other charges included in Operating earnings consist of the following:
During the three months ended March 29, 2014, the Company completed the sale of a building and parcel of land with a net book value of $3 million for net cash proceeds of $24 million resulting in a gain on sale of $21 million. Other Income (Expense) Interest expense, net, and Other, both included in Other income (expense), consist of the following:
Earnings Per Common Share The computation of basic and diluted earnings per common share is as follows:
In the computation of diluted earnings per common share for the three months ended March 29, 2014 and March 30, 2013, the assumed exercise of 5.0 million and 4.5 million stock options, respectively, were excluded because their inclusion would have been antidilutive. Balance Sheet Information Cash and Cash Equivalents The Company’s cash and cash equivalents (which are highly-liquid investments with an original maturity of three months or less) were $3.1 billion at March 29, 2014 and $3.2 billion at December 31, 2013. Of these amounts, $64 million at March 29, 2014 and $63 million at December 31, 2013 were restricted. Investments Investments consist of the following:
The Company had no unrealized gains or losses on its investments as of both March 29, 2014 and December 31, 2013. Accounts Receivable, Net Accounts receivable, net, consists of the following:
Inventories, Net Inventories, net, consist of the following:
Other Current Assets Other current assets consist of the following:
Property, Plant and Equipment, Net Property, plant and equipment, net, consists of the following:
During the first quarter of 2014, the Company entered into an arrangement to transfer its Reynosa, Mexico manufacturing operation including the land, building, equipment, inventory, and employees to a contract manufacturer. The transaction closed subsequent to the quarter ended March 29, 2014. As a result of the expected sales proceeds, the Company recognized an impairment loss of $6 million during the quarter ended March 29, 2014, within Other charges in its condensed consolidated statements of operations. Depreciation expense for the three months ended March 29, 2014 and March 30, 2013 was $50 million and $45 million, respectively. Other Assets Other assets consist of the following:
Accrued Liabilities Accrued liabilities consist of the following:
Other Liabilities Other liabilities consist of the following:
Stockholders’ Equity Share Repurchase Program: The Company paid an aggregate of $57 million during the first quarter of 2014, including transaction costs, to repurchase approximately one million shares at an average price of $66.32 per share. As of March 29, 2014, the Company had used approximately $5.3 billion of the share repurchase authority, including transaction costs, to repurchase shares, leaving $1.7 billion of authority available for future repurchases. Payment of Dividends: During the three months ended March 29, 2014 and March 30, 2013, the Company paid $79 million and $72 million, respectively, in cash dividends to holders of its common stock. Accumulated Other Comprehensive Loss The following table displays the changes in Accumulated other comprehensive loss, net of tax, by component from January 1, 2014 to March 29, 2014:
The following table displays the amounts reclassified from Accumulated other comprehensive loss and the affected line item in the condensed consolidated statement of operations during the three months ended March 29, 2014 and March 30, 2013:
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