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Equity
 9 Months Ended
Apr. 28, 2012
Equity

11. Equity

 

Summary of Changes in Equity:   Nine Months Ended  
    April 28, 
2012		     April 30,
2011(a)		  
    (millions)  
Balance at beginning of period   $ 1,158.0     $ 1,014.7  
Comprehensive income:                
Net income     160.6       142.3  
Foreign currency translation adjustment     0.1       0  
Net change in unrealized gains (losses) on available-for-sale investments     1.4       0.9  
Total comprehensive income     162.1       143.2  
Other, including change in non-controlling interest in Fiscal 2011     2.7       (0.2 )
Purchases of common stock     (37.2 )     (47.4 )
Shares issued and equity grants made pursuant to stock-based compensation plans     39.7       31.8  
Balance at end of period   $ 1,325.3     $ 1,142.1  

 

 

(a) Includes amounts attributable to a non-controlling interest of $1.4 million as of July 31, 2010 and $1.6 million as of April 30, 2011. The Company sold its interest in its majority-owned investment during the fourth quarter of Fiscal 2011, thereby eliminating the non-controlling interest.

 

Common Stock Repurchase Program

 

On September 22, 2011, the Company’s Board of Directors authorized an expansion of its existing stock repurchase program (the “Stock Repurchase Program”) by $100 million. When taken with the existing availability under the previous program, the availability to repurchase shares of common stock was increased to $127.1 million as of the date of authorization.

 

During the nine months ended April 28, 2012, the Company purchased 2.7 million shares at an aggregate cost of $37.2 million. The remaining availability under the Stock Repurchase Program was approximately $89.9 million at April 28, 2012. Treasury (reacquired) shares are retired and treated as authorized but unissued shares.

 

Common Stock Split

 

On April 3, 2012, the Company issued a two-for-one common stock split (“stock split”) to stockholders of record at the close of business on March 20, 2012. The stock split was effectuated through a 100% stock dividend and entitled each stockholder of record to receive one additional share of common stock for each share of common stock they owned. As such, approximately 77.0 million shares outstanding immediately prior to the stock split were converted into 153.9 million shares after the stock split. The Company recorded an increase in common stock of $0.8 million and corresponding decrease in additional-paid-in-capital as a result of the stock split. In addition, the number of shares of the Company’s common stock issuable upon exercise of outstanding stock options and other Restricted Equity Awards have been adjusted to reflect the stock split. All common share and per common share data, except par value per share, presented in the consolidated financial statements and the accompanying notes has been adjusted to reflect the stock split.