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STOCKHOLDERS' EQUITY AND BENEFIT PLANS | 3 Months Ended
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Mar. 30, 2013
STOCKHOLDERS' EQUITY AND BENEFIT PLANS |
STOCKHOLDERS' EQUITY AND BENEFIT PLANS | 6. STOCKHOLDERS’ EQUITY AND BENEFIT PLANS Common Stock Repurchase Programs. Purchases of the Company’s common stock are made from time to time pursuant to its repurchase programs, subject to market conditions and at prevailing market prices, through the open market. Repurchased shares of common stock are recorded at cost and become authorized but unissued shares which may be issued in the future for general corporate or other purposes. The Company may terminate or limit its stock repurchase program at any time. In the event the repurchased shares are cancelled, the Company accounts for retirements by allocating the repurchase price to common stock, additional paid-in capital and retained earnings. The repurchase price allocation is based upon the equity contribution associated with historical issuances. The repurchase programs are conducted pursuant to Rule 10b-18 of the Exchange Act. During the First Quarter, the Company completed its $750 million buyback plan authorized in August 2010. The Company repurchased 9.6 million shares of common stock under that plan, of which $38.6 million, or 0.4 million shares, were repurchased during the First Quarter. In addition, the Company repurchased $18.0 million of its common stock in the First Quarter, or 0.2 million shares, under the Company’s $1 billion repurchase plan, which was authorized in 2012. As of March 30, 2013, the Company had $1.0 billion of repurchase authorizations remaining under the combined repurchase plans. During the First Quarter, the Company effectively retired 0.6 million shares of common stock repurchased under its repurchase programs. The effective retirement of repurchased common stock decreased common stock by $6,000, additional paid-in capital by $2.0 million, retained earnings by $54.6 million and treasury stock by $56.5 million. At December 29, 2012 and March 30, 2013, all treasury stock had been effectively retired. The following table reflects the Company’s common stock repurchase activity for the periods indicated (in millions):
|  |  |  |  |  | For the 13 Weeks Ended March 30, 2013 |  | For Fiscal Year 2012 |
Fiscal Year Authorized |  | Dollar Value Authorized |  | Termination Date |  | Number of Shares Repurchased |  | Dollar Value Repurchased |  | Number of Shares Repurchased |  | Dollar Value Repurchased |
2012 |  | $ | 1,000.0 |  | December 2016 |  | 0.2 |  | $ | 18.0 |  | 0.0 |  | $ | 0.0 |
2010 |  | $ | 30.0 |  | None |  | 0.0 |  | $ | 0.0 |  | 0.0 |  | $ | 0.0 |
2010 |  | $ | 750.0 |  | December 2013 |  | 0.4 |  | $ | 38.6 |  | 3.0 |  | $ | 261.3 |
Stock-Based Compensation Plans. The Company accounts for stock-based compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation (“ASC 718”), using the Black-Scholes option pricing model to determine the fair value of stock options and stock appreciation rights at the date of grant. The Company’s grants under its current stock-based compensation plans generally include: (i) stock options and restricted stock for its international employees, (ii) restricted stock units for its non-employee directors and (iii) stock appreciation rights, restricted stock and restricted stock units for its U.S.-based employees. There have been no significant changes to the Company’s stock-based compensation plans since the 2012 Form 10-K. The following table summarizes stock options and stock appreciation rights activity during the First Quarter:
Stock Options and Stock Appreciation Rights |  | Number of Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |
|  | in thousands |  |  |  |  |  | in thousands |
Outstanding at December 29, 2012 |  | 1,039 |  | $ | 63.56 |  | 6.4 |  | $ | 36,708 |
Granted |  | 32 |  | 105.47 |  |  |  |  |
Exercised |  | (101 | ) | 32.99 |  |  |  | 6,844 |
Forfeited or expired |  | (12 | ) | 82.79 |  |  |  |  |
Outstanding at March 30, 2013 |  | 958 |  | 67.97 |  | 6.4 |  | 35,658 |
Exercisable at March 30, 2013 |  | 617 |  | 51.21 |  | 5.6 |  | 30,582 |
Nonvested at March 30, 2013 |  | 341 |  | 98.23 |  | 7.8 |  | 5,076 |
Expected to vest |  | 309 |  | $ | 98.23 |  | 7.8 |  | $ | 4,618 |
The aggregate intrinsic value shown in the table above is before income taxes and is based on (i) the exercise price for outstanding and exercisable options/rights at March 30, 2013 and (ii) the fair market value of the Company’s common stock on the exercise date for options/rights that were exercised during the First Quarter. Stock Options and Stock Appreciation Rights Outstanding and Exercisable. The following table summarizes information with respect to stock options and stock appreciation rights outstanding and exercisable at March 30, 2013:
|  | Stock Options and Stock Appreciation Rights Outstanding |  | Stock Options and Stock Appreciation Rights Exercisable |
|  |  |  |  |  | Weighted- |  |  |  |  |
|  |  |  | Weighted- |  | Average |  |  |  | Weighted- |
|  |  |  | Average |  | Remaining |  |  |  | Average |
|  | Number of |  | Exercise |  | Contractual |  | Number of |  | Exercise |
Range of Exercise Prices |  | Shares |  | Price |  | Term (Years) |  | Shares |  | Price |
|  | in thousands |  |  |  |  |  | in thousands |  |  |
$13.65 - $26.29 |  | 223 |  | $ | 17.87 |  | 3.9 |  | 180 |  | $ | 18.81 |
$26.29 - $39.44 |  | 216 |  | 34.79 |  | 5.3 |  | 215 |  | 34.78 |
$39.44 - $52.58 |  | 30 |  | 43.15 |  | 4.8 |  | 30 |  | 43.15 |
$65.73 - $78.88 |  | 7 |  | 68.59 |  | 8.4 |  | 3 |  | 69.53 |
$78.88 - $92.02 |  | 196 |  | 81.46 |  | 7.6 |  | 106 |  | 81.23 |
$92.02 - $105.17 |  | 8 |  | 99.37 |  | 9.3 |  | 1 |  | 93.29 |
$105.17 - $118.31 |  | 25 |  | 106.40 |  | 8.0 |  | 0 |  | 0.00 |
$118.31 - $131.46 |  | 253 |  | 128.02 |  | 8.5 |  | 82 |  | 127.93 |
Total |  | 958 |  | $ | 67.97 |  | 6.4 |  | 617 |  | $ | 51.21 |
Restricted Stock and Restricted Stock Units. The following table summarizes restricted stock and restricted stock unit activity during the First Quarter:
Restricted Stock and Restricted Stock Units |  | Number of Shares |  | Weighted-Average Grant-Date Fair Value |
|  | IN THOUSANDS |  |  |
Nonvested at December 29, 2012 |  | 277 |  | $ | 68.69 |
Granted |  | 104 |  | 106.22 |
Vested |  | (139 | ) | 53.62 |
Forfeited |  | (7 | ) | 72.73 |
Nonvested at March 30, 2013 |  | 235 |  | 94.09 |
Expected to vest |  | 216 |  | $ | 94.09 |
The total fair value of restricted stock and restricted stock units vested during the First Quarter was approximately $14.7 million. Accumulated Other Comprehensive Income. The following table illustrates changes in the balances of each component of accumulated other comprehensive income, net of taxes (in thousands):
|  | For the 13 Weeks Ended March 30, 2013 |
|  |  |  | Unrealized |  |  |  |  |
|  | Currency |  | Gains (Losses) on |  | Gains |  |  |
|  | Translation |  | Securities Available |  | (Losses) on |  |  |
|  | Adjustments |  | for Sale |  | Forward Contracts |  | Total |
Beginning balance |  | $ | 30,181 |  | $ | (475 | ) | $ | (946 | ) | $ | 28,760 |
Other comprehensive (loss) income before reclassifications, net of tax expense of $3,474 |  | (19,837 | ) | (71 | ) | 3,345 |  | (16,563 | )
Amounts reclassed from accumulated other comprehensive income, net of tax expense of $87 |  | 0 |  | 0 |  | (46 | ) | (46 | )
Total other comprehensive (loss) income |  | (19,837 | ) | (71 | ) | 3,391 |  | (16,517 | )
Ending balance |  | $ | 10,344 |  | $ | (546 | ) | $ | 2,445 |  | $ | 12,243 |
|  | For the 13 Weeks Ended March 31, 2012 |
|  |  |  | Unrealized |  |  |  |  |
|  | Currency |  | Gains (Losses) on |  | Gains |  |  |
|  | Translation |  | Securities Available |  | (Losses) on |  |  |
|  | Adjustments |  | for Sale |  | Forward Contracts |  | Total |
Beginning balance |  | $ | 18,953 |  | $ | (446 | ) | $ | 3,673 |  | $ | 22,180 |
Other comprehensive income (loss) before reclassifications, net of tax benefit of $1,081 |  | 10,071 |  | 50 |  | (497 | ) | 9,624 |
Amounts reclassed from accumulated other comprehensive income, net of tax expense of $444 |  | 0 |  | 0 |  | 852 |  | 852 |
Total other comprehensive income (loss) |  | 10,071 |  | 50 |  | (1,349 | ) | 8,772 |
Ending balance |  | $ | 29,024 |  | $ | (396 | ) | $ | 2,324 |  | $ | 30,952 |

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- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Also includes disclosure of compensation-related costs for equity-based compensation which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details, and employee stock purchase plan details. + References No definition available. + Details
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