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Stockholders' Equity
 12 Months Ended
Feb. 03, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

9.  Stockholders’ Equity

Capital stock is comprised of the following:

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Par

    

Shares

Type

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Value

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 Authorized

Preferred (5% cumulative)

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$

100.00

 

5,000

Additional preferred

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$

0.01

 

10,000,000

Class A, common

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$

0.01

 

289,000,000

Class B, common

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$

0.01

 

11,000,000

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Holders of Class A Common Stock are empowered as a class to elect one-third of the members of the Board of Directors, and the holders of Class B Common Stock are empowered as a class to elect two-thirds of the members of the

Board of Directors. Shares of Class B Common Stock are convertible at the option of any holder thereof into shares of Class A Common Stock at the rate of one share of Class B Common Stock for one share of Class A Common Stock.

During fiscal 2023 and 2022, no shares of Class B Common Stock were converted to shares of Class A Common Stock.

Stock Repurchase Programs

In March 2018, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock ("March 2018 Stock Plan"). In May 2021, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock ("May 2021 Stock Plan"). In February 2022, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock under an open-ended plan (“February 2022 Stock Plan”). In May 2023, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock under an open-ended plan (“May 2023 Stock Plan”).

The May 2023 Stock Plan permits the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or through privately negotiated transactions.

The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data):

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Fiscal 2023

   

Fiscal 2022

   

Fiscal 2021

Cost of shares repurchased

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$

281,406

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$

436,620

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$

561,102

Number of shares repurchased

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918

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1,709

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3,205

Average price per share

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$

306.66

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$

255.49

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$

175.06

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All repurchases of the Company’s Class A Common Stock above were made at the market price at the trade date, and all amounts paid to reacquire these shares were allocated to treasury stock. As of February 3, 2024, the Company had completed the authorized purchases under the March 2018 Stock Plan, the May 2021 Stock Plan and the February 2022 Stock Plan, and $394.0 million of authorization remained under the May 2023 Stock Plan.

On August 16, 2022, the Inflation Reduction Act of 2022 ("the Act") was signed into law. Under the Act share repurchases after December 31, 2022 are subject to a 1% excise tax. At February 3, 2024, the Company had accrued $2.8 million of excise tax related to its share repurchase program.