1 unchanged sentence
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
−Removed: Share repurchase activity during the three months ended December 25, 2021 was as follows (in millions, except number of shares, which are reflected in thousands, and per share amounts):
+Added: Share repurchase activity during the three months ended March 26, 2022 was as follows (in millions, except number of shares, which are reflected in thousands, and per share amounts):
Periods Total Number
5 unchanged sentences
Under the Plans or Programs (1)
−Removed: September 26, 2021 to October 30, 2021:
+Added: December 26, 2021 to January 29, 2022:
+Added: November 2021 ASRs 4,887 (2)
Open market and privately negotiated purchases
43,330 $ 170.99 43,330
−Removed: October 31, 2021 to November 27, 2021:
−Removed: November 2021 ASRs 30,405 (2)
+Added: January 30, 2022 to February 26, 2022:
Open market and privately negotiated purchases
42,895 $ 169.71 42,895
−Removed: November 28, 2021 to December 25, 2021:
+Added: February 27, 2022 to March 26, 2022:
Open market and privately negotiated purchases
1 unchanged sentence
Total 141,934 $ 17,579
−Removed: (1) As of December 25, 2021, the Company was authorized to purchase up to $315 billion of the Company’s common stock under the Program, announced on April 28, 2021, of which $274.5 billion had been utilized.
−Removed: The remaining $40.5 billion in the table represents the amount available to repurchase shares under the Program as of December 25, 2021.
−Removed: The Program does not obligate the Company to acquire any specific number of shares.
+Added: (1) On April 28, 2021, the Board of Directors authorized the purchase of an additional $90 billion of the Company’s common stock under the Program.
+Added: As of March 26, 2022, total utilization under the April 2021 authorization was $72.4 billion.
+Added: On April 28, 2022, the Company announced the Board of Directors increased the Program authorization by $90 billion.
+Added: The Program does not obligate the Company to acquire a minimum amount of shares.
Under the Program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
−Removed: (2) In November 2021, the Company entered into new accelerated share repurchase agreements (“ASRs”).
−Removed: Under the terms of the agreements, two financial institutions committed to deliver shares of the Company’s common stock during the purchase periods in exchange for up-front payments totaling $6.0 billion.
−Removed: The total number of shares ultimately delivered under the ASRs, and therefore the average repurchase price paid per share, is determined based on the volume-weighted average price of the Company’s common stock during the ASRs’ purchase periods, which end in the second quarter of 2022.
+Added: (2) In November 2021, the Company entered into accelerated share repurchase agreements (“ASRs”) to purchase up to a total of $6.0 billion of the Company’s common stock.
+Added: In January 2022, the purchase periods for these ASRs ended and an additional 5 million shares were delivered and retired.
+Added: In total, 35 million shares were delivered under these ASRs at an average repurchase price of $170.01 per share.
Defaults Upon Senior Securities
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.