Sprint - Nextel 2007 Annual Report Download - page 125

SPRINT NEXTEL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Share Repurchase Program
On July 25, 2006, our board of directors authorized the purchase of up to $6.0 billion of our Series 1
common stock through open market purchases. This authorization expired in January 2008. As of December 31,
2007, we had repurchased 185 million shares of our Series 1 common stock for $3.5 billion at an average price of
$18.77 per share.
Common Stock Reserved for Future Grants
As of December 31, 2007, Series 1 common stock reserved for future grants under plans providing for the
grant of stock options and other equity-based awards, future grants under the employees stock purchase plan or
future issuances under various other arrangements included:
Shares
(in millions)
Employees stock purchase plan ...................................... 19.3
Officer and key employees’ and directors’ stock options and other equity-based
awards ........................................................ 200.6
5.25% convertible debt conversion rights ............................... 11.3
231.2
Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss are as follows:
As of December 31,
2007 2006
(in millions)
Unrecognized net periodic pension and postretirement benefit cost .............. $(158) $(172)
Unrealized net gains related to investments ................................. 11 4
Foreign currency translation adjustments ................................... 36 20
Accumulated other comprehensive loss .................................... $(111) $(148)
Note 11. Share-Based Compensation
As of December 31, 2007, we sponsored four equity incentive plans, the 2007 Omnibus Incentive Plan, or 2007
Plan; the 1997 Long-Term Incentive Program, or the 1997 Program; the Nextel Incentive Equity Plan, or the Nextel
Plan; and the Management Incentive Stock Option Plan, or MISOP, as well as our Employees Stock Purchase Plan, or
ESPP. On May 8, 2007, our shareholders approved the 2007 Plan, under which we may grant stock options, stock
appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other equity-
based and cash awards to our employees, outside directors and certain other service providers. Options are generally
granted with an exercise price equal to the market value of the underlying shares on the grant date, generally vest on an
annual basis over three years, and generally have a contractual term of ten years. Employees and directors who are
granted restricted stock units are not required to pay for the shares but generally must remain employed with us, or
continue to serve as a member of our board of directors, until the restrictions lapse, which is typically three years for
employees and one year for directors. The Human Capital and Compensation Committee, or HC&CC, of our board of
directors, or one or more executive officers should the HC&CC so authorize, as provided in the 2007 Plan, will
determine the terms of each equity-based award. On February 11, 2008, we made certain amendments to the 2007 Plan
to comply with new tax regulations, including new regulations under Section 409A of the Internal Revenue Code. No
new grants can be made under the 1997 Program, the Nextel Plan or the MISOP.
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