Stock Repurchase Program

8 Months Ended

May 06, 2017

Equity [Abstract]

Stock Repurchase Program

Note I – Stock Repurchase Program

From January 1, 1998 to May 6, 2017, the Company has repurchased a total of 141.9 million shares of its common stock at an aggregate cost of $17.599 billion, including 1,129,821 shares of its common stock at an aggregate cost of $844.2 million during the thirty-six week period ended May 6, 2017. On March 21, 2017, the Board voted to increase the authorization by $750 million. This raised the total value of shares authorized to be repurchased to $18.65 billion. Considering the cumulative repurchases as of May 6, 2017, the Company had $1.051 billion remaining under the Board’s authorization to repurchase its common stock.

Subsequent to May 6, 2017, the Company has repurchased 200,280 shares of its common stock at an aggregate cost of $132.6 million.

During the thirty-six week period ended May 6, 2017, the Company retired 1.8 million shares of treasury stock which had previously been repurchased under the Company’s share repurchase program. The retirement increased Retained deficit by $1.321 billion and decreased Additional paid-in capital by $64.9 million. During the comparable prior year period, the Company retired 2.1 million shares of treasury stock, which increased Retained deficit by $1.424 billion and decreased Additional paid-in capital by $67.0 million.