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Earnings Per Share and Shareholders’ Equity (Deficit) | 6 Months Ended
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Jul. 30, 2022
Earnings Per Share And Shareholders' Equity [Abstract] |
Earnings Per Share and Shareholders’ Equity (Deficit) | Earnings Per Share and Shareholders’ Equity (Deficit) Earnings Per Share Earnings per basic share is computed based on the weighted-average number of common shares outstanding. Earnings per diluted share include the weighted-average effect of dilutive restricted stock units, performance share units and stock options (collectively, "Dilutive Awards") on the weighted-average common shares outstanding. The following table provides the weighted-average shares utilized for the calculation of basic and diluted earnings per share for the second quarters of and year-to-date 2022 and 2021:
| Second Quarter |  | Year-to-Date
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Common Shares | 245 |  |  | 288 |  |  | 250 |  |  | 288 |
Treasury Shares | (15) |  |  | (13) |  |  | (15) |  |  | (11) |
Basic Shares | 230 |  |  | 275 |  |  | 235 |  |  | 277 |
Effect of Dilutive Awards | 1 |  |  | 5 |  |  | 2 |  |  | 5 |
Diluted Shares | 231 |  |  | 280 |  |  | 237 |  |  | 282 |
Anti-dilutive Awards (a) | 2 |  |  | 1 |  |  | 1 |  |  | 1 |
_______________ (a)The awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. Common Stock Share Repurchases 2021 Repurchase Programs In March 2021, the Board authorized a $500 million share repurchase plan (the "March 2021 Program"), which replaced the $79 million remaining under a March 2018 repurchase program. In July 2021, the Board authorized a $1.5 billion share repurchase program (the "July 2021 Program"), which replaced the $36 million remaining under the March 2021 Program. Under the authorization of this program, the Company entered into a stock repurchase agreement with its former Chief Executive Officer and certain of his affiliated entities pursuant to which the Company repurchased 10 million shares of its common stock for an aggregate purchase price of $730 million in July 2021. The Company repurchased the following shares of its common stock during year-to-date 2021:
Repurchase Program | Amount Authorized |  | Shares Repurchased |  | Amount Repurchased |  | Average Stock Price |  |  |  |
| (in millions) |  | (in thousands) |  | (in millions) |  |  |  |  |  |
March 2021 (a) | $ | 500 |  |  | 6,996 |  |  | $ | 464 |  |  | $ | 66.30 |  |  |  |  |
July 2021 (a) | 1,500 |  |  | 10,000 |  |  | 730 |  |  | 73.01 |  |  |  |  |
Total |  |  | 16,996 |  |  | $ | 1,194 |  |  |  |  |  |  |
_______________ (a)Reflects repurchases of L Brands, Inc. common stock prior to the August 2, 2021 spin-off of Victoria's Secret & Co. Under the July 2021 Program, the Company repurchased an additional 11 million shares of its common stock for an aggregate purchase price of $770 million during the third and fourth quarters of 2021. 2022 Repurchase Program In February 2022, the Board authorized a new $1.5 billion share repurchase program (the "February 2022 Program"). As part of the February 2022 Program, the Company entered into an accelerated share repurchase program ("ASR") under which the Company repurchased $1 billion of its own outstanding common stock. The delivery of shares under the ASR resulted in an immediate reduction of the Company's outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net income per share. Pursuant to the Board's authorization, the Company made other share repurchases in the open market under the February 2022 Program during 2022. On February 4, 2022, the Company delivered $1 billion to the ASR bank, and the bank delivered 13.6 million shares of common stock to the Company (the "Initial Shares"). Pursuant to the terms of the ASR, the Initial Shares represented 80% of the number of shares determined by dividing the $1 billion Company payment by the closing price of its common stock on February 2, 2022. In May 2022, the Company received an additional 6.7 million shares of its common stock from the ASR bank for the final settlement of the ASR. The final number of shares of common stock delivered under the ASR was based generally upon a discount to the average daily Rule 10b-18 volume-weighted average price at which the shares of common stock traded during the regular trading sessions on the NYSE during the term of the repurchase period. In connection with the final settlement, in the second quarter the Company reclassified the $200 million recorded in Paid-in Capital as of April 30, 2022. The Company repurchased the following shares of its common stock during year-to-date 2022:
Repurchase Program | Amount Authorized |  | Shares Repurchased |  | Amount Repurchased |  | Average Stock Price |  |  |  |
| (in millions) |  | (in thousands) |  | (in millions) |  |  |  |  |  |
February 2022 | $ | 1,500 |  |  | 6,401 |  |  | $ | 312 |  |  | $ | 48.77 |  |  |  |  |
February 2022 - Accelerated Share Repurchase Program |  | 20,295 |  |  | 1,000 |  |  | 49.27 |  |  |  |  |
Total |  |  | 26,696 |  |  | $ | 1,312 |  |  |  |  |  |  |
The February 2022 Program had $188 million of remaining authority as of July 30, 2022. Common Stock Retirement Shares of common stock repurchased under the July 2021 Program were retired and cancelled upon repurchase. As a result, the Company retired the 10 million shares repurchased under the July 2021 Program in the second quarter of 2021, which resulted in reductions of $5 million in the par value of Common Stock, $32 million in Paid-in Capital and $693 million in Retained Earnings (Accumulated Deficit). Shares of common stock repurchased under the February 2022 Program were retired and cancelled upon repurchase, including shares repurchased under the ASR. As a result, the Company retired the 27 million shares repurchased under the February 2022 Program during 2022, which resulted in reductions of $13 million in the par value of Common Stock, $87 million in Paid-in Capital and $1.212 billion in Retained Earnings (Accumulated Deficit). Dividends The Board suspended the Company's quarterly cash dividend beginning in the second quarter of 2020. In March 2021, the Board reinstated the annual dividend at $0.60 per share, beginning with the quarterly dividend paid in June 2021. In February 2022, the Board increased the annual dividend to $0.80 per share, beginning with the quarterly dividend paid in March 2022. The Company paid the following dividends during 2022 and 2021:
|  | Ordinary Dividends |  |  |  |  |  | Total Paid
|  | (per share) |  | (in millions)
2022 |  |  |  |  |  |  |  |
First Quarter |  | $ | 0.20 |  |  |  |  |  |  | $ | 48 |
Second Quarter |  | 0.20 |  |  |  |  |  |  | 46 |
Total |  | $ | 0.40 |  |  |  |  |  |  | $ | 94 |
2021 |  |  |  |  |  |  |  |
First Quarter |  | $ | — |  |  |  |  |  |  | $ | — |
Second Quarter |  | 0.15 |  |  |  |  |  |  | 42 |
Total |  | $ | 0.15 |  |  |  |  |  |  | $ | 42 |
On September 2, 2022, the Company paid the third quarter 2022 ordinary dividend of $0.20 per share to shareholders of record at the close of business on August 19, 2022.

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- Definition Stockholders Equity and Earnings Per Share. The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Also includes the entire disclosure for earnings per share. + References No definition available. + Details
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