Stockholders' Equity

12 Months Ended

Jan. 28, 2018

STOCKHOLDERS' EQUITY

Stock Rollforward

A reconciliation of the number of shares of our common stock follows.



in millions	Fiscal		Fiscal		Fiscal
in millions	2017		2016		2015
Common stock:
Balance at beginning of year	1,776		1,772		1,768
Shares issued under employee stock plans	4		4		4
Balance at end of year	1,780		1,776		1,772
Treasury stock:
Balance at beginning of year	(573	)	(520	)	(461	)
Repurchases of common stock	(49	)	(53	)	(59	)
Balance at end of year	(622	)	(573	)	(520	)
Shares outstanding at end of year	1,158		1,203		1,252

Accelerated Share Repurchase Agreements. We enter into ASR agreements from time to time with third-party financial institutions to repurchase shares of our common stock. Under an ASR agreement, we pay a specified amount to the financial institution and receive an initial delivery of shares. This initial delivery of shares represents the minimum number of shares that we may receive under the agreement. Upon settlement of the ASR agreement, the financial institution delivers additional shares, with the final number of shares delivered determined with reference to the volume weighted average price per share of our common stock over the term of the agreement, less a negotiated discount. The transactions are accounted for as equity transactions and are included in treasury stock when the shares are received, at which time there is an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share.

The terms of each ASR agreement entered into during the last three fiscal years, structured as outlined above, follow (in millions).



Agreement Date	Settlement Date	Agreement Amount		Initial Shares Delivered	Additional Shares Delivered	Total Shares Delivered
Q1 2015	Q1 2015	$	850	7.0	0.5	7.5
Q2 2015	Q3 2015	1,500		12.0	1.3	13.3
Q3 2015	Q4 2015	1,375		10.1	1.3	11.4
Q4 2015	Q4 2015	1,500		9.7	1.7	11.4
Q2 2017	Q2 2017	1,650		9.7	1.1	10.8
Q3 2017	Q4 2017	1,200		6.7	0.7	7.4