Note 14: Stockholders' Equity
Dividends
The stockholders of HP common stock are entitled to receive dividends when and as declared by HP's Board of Directors. Dividends are paid quarterly. Dividends declared were $0.55 per common share in fiscal 2013, $0.50 per common share in fiscal 2012 and $0.40 per common share in fiscal 2011.
Share Repurchase Program
HP's share repurchase program authorizes both open market and private repurchase transactions. In fiscal 2013, HP executed share repurchases of 77 million shares which were settled for $1.5 billion. In fiscal 2012, HP executed share repurchases of 67 million shares which were settled for $1.6 billion. In fiscal 2011, HP executed share repurchases of 259 million shares. Repurchases of 262 million shares were settled for $10.1 billion, which included 3 million shares repurchased in transactions that were executed in fiscal 2010 but settled in fiscal 2011. The foregoing shares repurchased and settled in fiscal 2013, fiscal 2012 and fiscal 2011 were all open market repurchase transactions.
In fiscal 2013 and 2012, there was no additional authorization for future share repurchases by HP's Board of Directors. In fiscal 2011, HP's Board of Directors authorized an additional $10.0 billion for future share repurchases. As of October 31, 2013, HP had remaining authorization of approximately $7.6 billion for future share repurchases.
Taxes related to Other Comprehensive Income/Loss
| |
2013 | 2012 | 2011 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| |
In millions |
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|
Tax (expense) benefit on change in unrealized gains/losses on available-for-sale securities: |
||||||||||
|
Tax (expense) benefit on unrealized gains/losses arising during the period |
$ | (14 | ) | $ | 25 | $ | — | |||
|
Tax expense (benefit) on gains/losses reclassified into earnings |
— | — | — | |||||||
|
|
(14 | ) | 25 | — | ||||||
|
Tax benefit (expense) on change in unrealized gains/losses on cash flow hedges: |
||||||||||
|
Tax benefit (expense) on unrealized gains/losses arising during the period |
97 | (137 | ) | 86 | ||||||
|
Tax (benefit) expense on gains/losses reclassified into earnings |
(49 | ) | 143 | (210 | ) | |||||
|
|
48 | 6 | (124 | ) | ||||||
|
Tax (expense) benefit on change in unrealized components of defined benefit plans: |
||||||||||
|
Tax (expense) benefit on net losses arising during the period |
(258 | ) | 261 | 263 | ||||||
|
Tax (benefit) expense on amortization of actuarial loss and prior service benefit |
(35 | ) | (31 | ) | (36 | ) | ||||
|
Tax (expense) benefit on curtailments, settlements and other |
(5 | ) | (48 | ) | 2 | |||||
|
|
(298 | ) | 182 | 229 | ||||||
|
Tax benefit (expense) on change in cumulative translation adjustment |
25 | (25 | ) | (20 | ) | |||||
|
Tax (expense) benefit on other comprehensive income/loss |
$ | (239 | ) | $ | 188 | $ | 85 | |||
The components of accumulated other comprehensive loss, net of taxes, were as follows for the following fiscal years ended October 31:
| |
2013 | 2012 | 2011 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| |
In millions |
|||||||||
|
Net unrealized gain on available-for-sale securities |
$ | 76 | $ | 87 | $ | 37 | ||||
|
Net unrealized loss on cash flow hedges |
(188 | ) | (99 | ) | (41 | ) | ||||
|
Unrealized components of defined benefit plans |
(3,084 | ) | (5,090 | ) | (3,109 | ) | ||||
|
Cumulative translation adjustment |
(582 | ) | (457 | ) | (385 | ) | ||||
|
Accumulated other comprehensive loss |
$ | (3,778 | ) | $ | (5,559 | ) | $ | (3,498 | ) | |