Lowe's 2013 Annual Report Download - page 22

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14
Issuer Purchases of Equity Securities
The following table sets forth information with respect to purchases of the Company’s common stock made during the fourth
quarter of 2013:
(In millions, except average
price paid per share)
Total Number of
Shares Purchased 1
Average Price
Paid per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs 2
Dollar Value of
Shares that May
Yet Be Purchased
Under the Plans
or Programs 2
November 2, 2013 – November 29, 20133
4.5
$
48.38
4.5
$
2,083
November 30, 2013 – January 3, 2014
9.1
47.95
9.1
1,646
January 4, 2014 – January 31, 2014
7.9
47.92
7.9
6,268
As of January 31, 2014
21.5
$
48.03
21.5
$
6,268
1 During the fourth quarter of fiscal 2013, the Company repurchased an aggregate of 21.5 million shares of its common stock.
The total number of shares purchased also includes an insignificant number of shares withheld from employees to satisfy
either the exercise price of stock options or the statutory withholding tax liability upon the vesting of restricted stock awards.
2 On February 1, 2013, the Company's Board of Directors authorized a $5.0 billion share repurchase program with no
expiration. As of January 31, 2014, the Company had $1.3 billion remaining available under this authorization. On January
31, 2014, the Company's Board of Directors authorized an additional $5.0 billion of share repurchases with no expiration,
increasing the total share repurchases authorized as of fiscal year end January 31, 2014 to $6.3 billion. In fiscal 2014, the
Company expects to repurchase shares totaling $3.4 billion through purchases made from time to time either in the open
market or through private off market transactions in accordance with SEC regulations.
3 In August 2013, the Company entered into an Accelerated Share Repurchase (ASR) agreement with a third-party financial
institution to repurchase $500 million of the Company's common stock. Pursuant to the ASR agreement, the Company paid
$500 million to the financial institution and received initial delivery of 9.0 million shares in the third quarter of 2013. In
November 2013, the Company finalized the transaction and received an additional 1.5 million shares. The average price
paid per share in settlement of the ASR agreement included in the table above was determined with reference to the volume-
weighted average price of the Company's common stock over the term of the ASR agreement. See Note 9 to the consolidated
financial statements in this report.
Item 6 - Selected Financial Data
Selected Statement of Earnings Data
(In millions, except per share data)
2013
2012
2011
1
2010
2009
Net sales
$
53,417
$
50,521
$
50,208
$
48,815
$
47,220
Gross margin
18,476
17,327
17,350
17,152
16,463
Net earnings
2,286
1,959
1,839
2,010
1,783
Basic earnings per common share
2.14
1.69
1.43
1.42
1.21
Diluted earnings per common share
2.14
1.69
1.43
1.42
1.21
Dividends per share
$
0.700
$
0.620
$
0.530
$
0.420
$
0.355
Selected Balance Sheet Data
Total assets
$
32,732
$
32,666
$
33,559
$
33,699
$
33,005
Long-term debt, excluding current maturities
$
10,086
$
9,030
$
7,035
$
6,537
$
4,528
1 Fiscal 2011 contained 53 weeks, while all other years contained 52 weeks.