(BQ) Part 2 book "Financial management" has contents: Cash distributions and capital structure, managing global operations, tactical financial decisions, strategic finance in a dynamic environment, special topics. | 6 Cash Distributions and Capital Structure PART © lulu/ CHAPTER 14 Distributions to Shareholders: Dividends and Repurchases 547 CHAPTER 15 Capital Structure Decisions 589 Copyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Copyright 201 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. CHAPTER 14 Distributions to Shareholders: Dividends and Repurchases © Adalberto Rios Szalay/Sexto Sol/Getty Images A pple’s sales grew by over 65% in 2011 to $108 billion. In mid-2012, Apple’s sales for the first two quarters of 2012 exceeded $85 billion. With a stock price of close to $600 per share, Apple has a market capitalization of well over $500 billion and is sitting on about $110 billion in cash. To put that amount into perspective, Apple has enough cash to pay for California’s general state budget for the entire year of 2012! Apple’s founder and former CEO, Steve Jobs (who passed away in 2011), continually shocked the technology community with innovations such as the iPod, the MacBook Air, the iPhone, and the iPad. His successor, Timothy Cook, shocked the investment community by announcing
