Stock Repurchase Program

8 Months Ended

May 07, 2016

Equity [Abstract]

Stock Repurchase Program

Note I – Stock Repurchase Program

From January 1, 1998 to May 7, 2016 the Company has repurchased a total of 140.3 million shares at an aggregate cost of $16.385 billion, including 1.4 million shares of its common stock at an aggregate cost of $1.083 billion during the thirty-six week period ended May 7, 2016. On March 22, 2016 the Board voted to increase the authorization by $750 million to raise the cumulative share repurchase authorization from $16.4 billion to $17.15 billion. Considering the cumulative repurchases as of May 7, 2016, the Company had $765.1 million remaining under the Board’s authorization to repurchase its common stock.

Subsequent to May 7, 2016, the Company has repurchased 339,423 shares of its common stock at an aggregate cost of $259.0 million.

During the thirty-six week period ended May 7, 2016, the Company retired 2.1 million shares of treasury stock which had previously been repurchased under the Company’s share repurchase program. The retirement increased Retained deficit by $1.424 billion and decreased Additional paid-in capital by $67.0 million. During the comparable prior year period, the Company retired 2.1 million shares of treasury stock, which increased Retained deficit by $1.050 billion and decreased Additional paid-in capital by $57.4 million.