Yahoo 2015 Annual Report Download - page 77

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current year, they are reported as financing activities in the consolidated statements of cash flows.
See Note 14—“Employee Benefits” in the Notes to our consolidated financial statements for additional
information.
Stock Repurchases
In May 2012, the Board authorized a stock repurchase program allowing us to repurchase up to $5
billion of our outstanding shares of common stock. The May 2012 repurchase program, which by its
terms would have expired in June 2015, was exhausted in the first quarter of 2014. In November 2013,
the Board authorized a stock repurchase program allowing us to repurchase up to an additional $5
billion of our outstanding shares of common stock. The November 2013 repurchase program has a
remaining authorization of $726 million and by its terms will expire in December 2016. In March 2015,
the Board approved an additional share repurchase program of $2 billion, which will expire in March
2018. The dollar value of the available shares of common stock authorized to be repurchased under
the March 2015 program and the November 2013 program is $2.726 billion. Repurchases under the
March 2015 and the November 2013 programs may take place in the open market or in privately
negotiated transactions, including structured and derivative transactions such as accelerated share
repurchase transactions, and may be made under a Rule 10b5-1 plan.
During the year ended December 31, 2015, we repurchased approximately 4 million shares of our
common stock under the November 2013 program at an average price of $47.65 per share for a total
of approximately $204 million.
During the year ended December 31, 2014, we repurchased approximately 102 million shares of our
common stock under the May 2012 and November 2013 programs at an average price of $40.94 per
share for a total of approximately $4.2 billion. This amount includes approximately 40 million shares
of our common stock repurchased at an average price of $43.47 per share (for a total of
approximately $1.7 billion) under an accelerated share repurchase entered into in each of September
and October 2014.
During the year ended December 31, 2013, we repurchased approximately 129 million shares of our
common stock under the May 2012 program at an average price of $25.95 per share for a total of
approximately $3.3 billion. These repurchases included the repurchase of 40 million shares of our
common stock beneficially owned by Third Point LLC on July 25, 2013. These shares were
repurchased pursuant to a Purchase Agreement entered into on July 22, 2013, prior to the market
opening for trading in Yahoo stock, at $29.11 per share, which was the closing price of our common
stock on July 19, 2013. The total purchase price for these shares was $1.2 billion. The repurchase
transaction was funded primarily with cash as well as borrowings of $150 million under our Credit
Agreement that have been repaid.
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