Stock Repurchase Program

12 Months Ended

Aug. 31, 2019

Note K – Stock Repurchase Program

During 1998, the Company announced a program permitting the Company to repurchase a portion of its outstanding shares not to exceed a dollar maximum established by the Board. The program was amended on September 26, 2018 to increase the repurchase authorization to $20.9 billion from $19.65 billion and on March 20, 2019 to increase the repurchase authorization to $21.9 billion from $20.9 billion. From January 1998 to August 31, 2019, the Company has repurchased a total of 146.9 million shares at an aggregate cost of $21.423 billion.

The Company’s share repurchase activity consisted of the following:


	Year Ended
(in thousands)	August 31, 2019		August 25, 2018		August 26, 2017
Amount	$	2,004,896	$	1,592,013	$	1,071,649
Shares		2,182		2,398		1,495

During fiscal year 2019, the Company retired 2.6 million shares of treasury stock which had previously been repurchased under the Company’s share repurchase program. The retirement increased Retained deficit by $1.707 billion and decreased Additional

paid-in

capital by $125.4 million. During the comparable prior year period, the Company retired 1.5 million shares of treasury stock, which increased Retained deficit by $918.5 million and decreased Additional

paid-in

capital by $60.5 million.

On October 7, 2019, the Board voted to authorize the repurchase of an additional $1.25 billion of the Company’s common stock in connection with our ongoing share repurchase program. Since the inception of the repurchase program in 1998, the Board has authorized $23.2 billion in share repurchases. Subsequent to August 31, 2019, the Company has repurchased

259,384

shares of common stock at an aggregate cost of $

284.6

million. Considering the cumulative repurchases and the increase in authorization subsequent to August 31, 2019, we have $

1.44

billion remaining under the Board’s authorization to repurchase its common stock.