Stock Repurchase Program

5 Months Ended

Feb. 10, 2018

Equity [Abstract]

Stock Repurchase Program

Note I – Stock Repurchase Program

From January 1, 1998 to February 10, 2018, the Company has repurchased a total of 143.1 million shares of its common stock at an aggregate cost of $18.354 billion, including 824,733 shares of its common stock at an aggregate cost of $527.5 million during the twenty-four week period ended February 10, 2018. 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 February 10, 2018, the Company had $296.2 million remaining under the Board’s authorization to repurchase its common stock.

During the twenty-four week period ended February 10, 2018, the Company retired 1.5 million shares of treasury stock which had previously been repurchased under the Company’s share repurchase program. The retirement increased Retained deficit by $918.5 million and decreased Additional paid-in capital by $60.5 million. During the comparable prior year period, the Company retired 1.8 million shares of treasury stock, which increased Retained deficit by $1.321 billion and decreased Additional paid-in capital by $64.9 million.

Subsequent to February 10, 2018, the Company has repurchased 382,928 shares of its common stock at an aggregate cost of $264.9 million.