Electronic Arts 2015 Annual Report Download - page 162
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Stock Repurchase Program
In July 2012, our Board of Directors authorized a program to repurchase up to $500 million of our common
stock. We repurchased approximately 22 million shares in the open market under this program, including
pursuant to pre-arranged stock trading plans.
In May 2014, a special committee of our Board of Directors, on behalf of the full Board of Directors, authorized
a two-year program to repurchase up to $750 million of our common stock. This repurchase program superseded
and replaced the stock repurchase authorization approved in July 2012. We repurchased approximately
8.3 million shares under this program during fiscal year 2015.
In May 2015, our Board of Directors authorized a new program to repurchase up to $1 billion of our common
stock. This new stock repurchase program, which expires on May 31, 2017, supersedes and replaces the stock
repurchase authorization approved in May 2014. Under this program, we may purchase stock in the open market
or through privately-negotiated transactions in accordance with applicable securities laws, including pursuant to
pre-arranged stock trading plans. The timing and actual amount of the stock repurchases will depend on several
factors including price, capital availability, regulatory requirements, alternative investment opportunities and
other market conditions. We are not obligated to repurchase any specific number of shares under this program
and it may be modified, suspended or discontinued at any time. We continue to actively repurchase shares.
The following table summarizes total shares repurchased and retired during fiscal years 2015 and 2013:
February 2011 Program July 2012 Program May 2014 Program Total
(In millions) Shares Amount Shares Amount Shares Amount Shares Amount
Fiscal Year 2013 . . . 4 $71 22 $278 — — 26 $349
Fiscal Year 2015 . . . — — — — 8 $337 8 $337
During fiscal year 2014, we did not repurchase any shares of our common stock.
(16) INTEREST AND OTHER INCOME (EXPENSE), NET
Interest and other income (expense), net, for the fiscal years ended March 31, 2015, 2014 and 2013 consisted of
(in millions):
Year Ended March 31,
2015 2014 2013
Interest expense ............................................................. $(31) $(30) $(29)
Interest income ............................................................. 10 5 6
Net gain (loss) on foreign currency transactions .................................... (62) 4 2
Net gain (loss) on foreign currency forward contracts ............................... 59 (5) (2)
Other income, net ........................................................... 1 — 2
Interest and other income (expense), net ........................................ $(23) $(26) $(21)
92