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C » Topics » Share Repurchases

These excerpts taken from the C 10-K filed Feb 27, 2009.

Share Repurchases

Under its long-standing repurchase program, the Company buys back common shares in the market or otherwise from time to time. This program is used for many purposes, including offsetting dilution from stock-based compensation programs.

The following table summarizes the Company’s share repurchases during 2008:

 

In millions, except per share amounts  

Total shares

repurchased

   

Average

price paid

per share

   

Dollar

value of

remaining

authorized

repurchase

program

First quarter 2008

        

Open market repurchases (1)

   0.2    $ 27.19    $ 6,743

Employee transactions (2)

   5.0      25.26      N/A

Total first quarter 2008

   5.2    $ 25.31    $ 6,743

Second quarter 2008

        

Open market repurchases (3)

   —    $ —    $ 6,743

Employee transactions

   0.8      22.91      N/A

Total second quarter 2008

   0.8    $ 22.91    $ 6,759

Third quarter 2008

        

Open market repurchases (3)

   0.1    $ 20.27    $ 6,742

Employee transactions

   1.5      17.94      N/A

Total third quarter 2008

   1.6    $ 17.96    $ 6,742

October 2008

        

Open market repurchases (3)

   —    $ —    $ 6,742

Employee transactions

   0.2      18.96      N/A

November 2008

        

Open market repurchases (3)

   0.1    $ 8.06    $ 6,741

Employee transactions

   0.4      15.20      N/A

December 2008

        

Open market repurchases (3)

   —    $ —    $ 6,741

Employee transactions

   0.6      8.37      N/A

Fourth quarter 2008

        

Open market repurchases (3)

   0.1    $ 9.72    $ 6,741

Employee transactions

   1.2      12.63      N/A

Total fourth quarter 2008

   1.3    $ 12.42    $ 6,741

Year-to-date 2008

        

Open market repurchases

   0.4    $ 21.30    $ 6,741

Employee transactions

   8.5      21.94      N/A

Total year-to-date 2008

   8.9    $ 21.91    $ 6,741

 

(1) All open market repurchases were transacted under an existing authorized share repurchase plan. On April 17, 2006, the Board of Directors authorized up to an additional $10 billion in share repurchases.
(2) Consists of shares added to treasury stock related to activity on employee stock option program exercises, where the employee delivers existing shares to cover the option exercise, or under the Company’s employee restricted or deferred stock program, where shares are withheld to satisfy tax requirements.
(3) Represents repurchases recorded related to customer fails/errors.
N/A Not applicable.

 

236

Table of Contents

 

Share Repurchases

Under its long-standing repurchase program, the Company buys back common shares in the market or otherwise from time to time. This program is used for many purposes, including offsetting dilution from stock-based compensation programs.

The following table summarizes the Company’s share repurchases during 2008:

 

In millions, except per share amounts  

Total shares

repurchased

   

Average

price paid

per share

   

Dollar

value of

remaining

authorized

repurchase

program

First quarter 2008

        

Open market repurchases (1)

   0.2    $ 27.19    $ 6,743

Employee transactions (2)

   5.0      25.26      N/A

Total first quarter 2008

   5.2    $ 25.31    $ 6,743

Second quarter 2008

        

Open market repurchases (3)

   —    $ —    $ 6,743

Employee transactions

   0.8      22.91      N/A

Total second quarter 2008

   0.8    $ 22.91    $ 6,759

Third quarter 2008

        

Open market repurchases (3)

   0.1    $ 20.27    $ 6,742

Employee transactions

   1.5      17.94      N/A

Total third quarter 2008

   1.6    $ 17.96    $ 6,742

October 2008

        

Open market repurchases (3)

   —    $ —    $ 6,742

Employee transactions

   0.2      18.96      N/A

November 2008

        

Open market repurchases (3)

   0.1    $ 8.06    $ 6,741

Employee transactions

   0.4      15.20      N/A

December 2008

        

Open market repurchases (3)

   —    $ —    $ 6,741

Employee transactions

   0.6      8.37      N/A

Fourth quarter 2008

        

Open market repurchases (3)

   0.1    $ 9.72    $ 6,741

Employee transactions

   1.2      12.63      N/A

Total fourth quarter 2008

   1.3    $ 12.42    $ 6,741

Year-to-date 2008

        

Open market repurchases

   0.4    $ 21.30    $ 6,741

Employee transactions

   8.5      21.94      N/A

Total year-to-date 2008

   8.9    $ 21.91    $ 6,741

 

(1) All open market repurchases were transacted under an existing authorized share repurchase plan. On April 17, 2006, the Board of Directors authorized up to an additional $10 billion in share repurchases.
(2) Consists of shares added to treasury stock related to activity on employee stock option program exercises, where the employee delivers existing shares to cover the option exercise, or under the Company’s employee restricted or deferred stock program, where shares are withheld to satisfy tax requirements.
(3) Represents repurchases recorded related to customer fails/errors.
N/A Not applicable.

 

236

Table of Contents

 

This excerpt taken from the C 10-K filed Feb 22, 2008.

Share Repurchases

Under its long-standing repurchase program, the Company buys back common shares in the market or otherwise from time to time. This program is used for many purposes, including to offset dilution from stock-based compensation programs.

The following table summarizes the Company’s share repurchases during 2007:


 

In millions, except per share amounts  

Total shares

repurchased

   

Average

price paid

per share

   

Dollar

value of

remaining

authorized

repurchase

program

First quarter 2007

        

Open market repurchases (1)

   12.1    $ 53.37    $ 6,767

Employee transactions (2)

   8.1      54.55      N/A

Total first quarter 2007

   20.2    $ 53.85    $ 6,767

Second quarter 2007

        

Open market repurchases (3)

   0.1    $ 51.42    $ 6,759

Employee transactions

   1.3      53.43      N/A

Total second quarter 2007

   1.4    $ 53.20    $ 6,759

Third quarter 2007

        

Open market repurchases (3)

   0.2    $ 46.95    $ 6,749

Employee transactions

   2.6      51.69      N/A

Total third quarter 2007

   2.8    $ 51.34    $ 6,749

October 2007

        

Open market repurchases (3)

   —    $ —    $ 6,749

Employee transactions

   0.1      45.16      N/A

November 2007

        

Open market repurchases (3)

   —    $ —    $ 6,749

Employee transactions

   0.2      34.60      N/A

December 2007

        

Open market repurchases (3)

   —    $ —    $ 6,749

Employee transactions

   0.2      34.72      N/A

Fourth quarter 2007

        

Open market repurchases (3)

   —    $ —    $ 6,749

Employee transactions

   0.5      37.21      N/A

Total fourth quarter 2007

   0.5    $ 37.21    $ 6,749

Year-to-date 2007

        

Open market repurchases

   12.4    $ 53.24    $ 6,749

Employee transactions

   12.5      53.14      N/A

Total year-to-date 2007

   24.9    $ 53.18    $ 6,749

 

(1) All open market repurchases were transacted under an existing authorized share repurchase plan. On April 17, 2006, the Board of Directors authorized up to an additional $10 billion in share repurchases.
(2) Consists of shares added to treasury stock related to activity on employee stock option program exercises, where the employee delivers existing shares to cover the option exercise, or under the Company’s employee restricted or deferred stock program, where shares are withheld to satisfy tax requirements.
(3) Represents repurchases recorded related to customer fails/errors.
N/A Not applicable.

 

199

Table of Contents

 

This excerpt taken from the C 10-K filed Feb 23, 2007.

Share Repurchases

Under its long-standing repurchase program (which was expanded in the 2006 second quarter as noted below), the Company buys back common shares in the market or otherwise from time to time.

The following table summarizes the Company’s share repurchases during 2006:

 

In millions, except per share amounts   Total shares
repurchased		    Average
price paid
per share		    Dollar
value of
remaining
authorized
repurchase
program

First quarter 2006

        

Open market repurchases (1)

   42.9    $ 46.58    $ 2,412

Employee transactions (2)

   8.7      46.40      N/A

Total first quarter 2006

   51.6    $ 46.55    $ 2,412

Second quarter 2006

        

Open market repurchases

   40.8    $ 48.98    $ 10,412

Employee transactions

   2.8      49.71      N/A

Total second quarter 2006

   43.6    $ 49.02    $ 10,412

Third quarter 2006

        

Open market repurchases

   40.9    $ 48.90    $ 8,412

Employee transactions

   1.5      48.75      N/A

Total third quarter 2006

   42.4    $ 48.89    $ 8,412

October 2006

        

Open market repurchases

   7.2    $ 50.41    $ 8,049

Employee transactions

   4.4      50.98      N/A

November 2006

        

Open market repurchases

   5.7    $ 50.16    $ 7,764

Employee transactions

   0.5      50.45      N/A

December 2006

        

Open market repurchases

   6.5    $ 54.34    $ 7,412

Employee transactions

   7.4      54.52      N/A

Fourth quarter 2006

        

Open market repurchases

   19.4    $ 51.66    $ 7,412

Employee transactions

   12.3      53.09      N/A

Total fourth quarter 2006

   31.7    $ 52.21    $ 7,412

Year-to-date 2006

        

Open market repurchases

   144.0    $ 48.60    $ 7,412

Employee transactions

   25.3      50.15      N/A

Total year-to-date 2006

   169.3    $ 48.83    $ 7,412

 

(1) All open market repurchases were transacted under an existing authorized share repurchase plan. On April 17, 2006, the Board of Directors authorized up to an additional $10 billion in share repurchases.
(2) Consists of shares added to treasury stock related to activity on employee stock option program exercises, where the employee delivers existing shares to cover the option exercise, or under the Company’s employee restricted or deferred stock program, where shares are withheld to satisfy tax requirements.
N/A Not applicable

 

174

Table of Contents

 

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 27, 2009
10-K
Feb 22, 2008
10-K
Feb 23, 2007

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