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Net Income Per Share and Shareholders’ Equity (Deficit) | 3 Months Ended
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May 04, 2024
Net Income Per Share and Shareholders’ Equity (Deficit) [Abstract] |
Earnings Per Share and Shareholders’ Equity (Deficit) | Net Income Per Share and Shareholders’ Equity (Deficit) Net Income Per Share Net Income per Basic Share is computed based on the weighted-average number of common shares outstanding. Net Income per Diluted Share includes the weighted-average effect of dilutive restricted share 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 Net Income per Basic and Diluted Share for the first quarters of 2024 and 2023:
| First Quarter |  |
| 2024 |  | 2023 |  |  |  |
| (in millions)
Common Shares | 240 |  |  | 244 |  |  |  |  |
Treasury Shares | (15) |  |  | (15) |  |  |  |  |
Basic Shares | 225 |  |  | 229 |  |  |  |  |
Effect of Dilutive Awards | 1 |  |  | 1 |  |  |  |  |
Diluted Shares | 226 |  |  | 230 |  |  |  |  |
Anti-dilutive Awards (a) | 1 |  |  | 1 |  |  |  |  |
_______________ (a)These awards were excluded from the calculation of Net Income per Diluted Share because their inclusion would have been anti-dilutive. Common Stock Repurchases 2022 Share Repurchase Program In February 2022, the Company’s Board of Directors (the “Board”) authorized a $1.5 billion share repurchase program (the “February 2022 Program”). The Company did not repurchase any shares of its common stock under the February 2022 Program during the first quarter of 2023. Under the February 2022 Program, the Company repurchased the following shares of its common stock during the first quarter of 2024:
Repurchase Program |  |  | Shares Repurchased |  | Amount Repurchased |  | Average Stock Price |  |  |  |
|  |  | (in thousands) |  | (in millions) |  |  |  |  |  |
February 2022 |  |  | 842 |  |  | $ | 39 |  |  | $ | 46.08 |  |  |  |  |
The February 2022 Program had no remaining authority as of May 4, 2024. There were share repurchases of $1 million reflected in Accounts Payable on the February 3, 2024 Consolidated Balance Sheet. 2024 Share Repurchase Program In January 2024, the Board authorized a new $500 million share repurchase program (the “January 2024 Program”). Under the January 2024 Program, the Company repurchased the following shares of its common stock during the first quarter of 2024:
Repurchase Program |  |  | Shares Repurchased |  | Amount Repurchased |  | Average Stock Price |  |  |  |
|  |  | (in thousands) |  | (in millions) |  |  |  |  |  |
January 2024 |  |  | 1,329 |  |  | $ | 60 |  |  | $ | 45.32 |  |  |  |  |
The January 2024 Program had $440 million of remaining authority as of May 4, 2024. There were share repurchases of $5 million reflected in Accounts Payable on the May 4, 2024 Consolidated Balance Sheet. Common Stock Retirement Shares of common stock repurchased under the February 2022 and January 2024 Programs are retired and cancelled upon repurchase. As a result, the Company retired the 2.171 million shares repurchased during the first quarter of 2024, which resulted in reductions of $1 million in the par value of Common Stock, $5 million in Paid-in Capital and $93 million in Retained Earnings (Accumulated Deficit). Dividends The Company paid the following dividends during the first quarters of 2024 and 2023:
| Ordinary Dividends |  | Total Paid
| (per share) | (in millions)
2024 |  |  |
First Quarter | $ | 0.20 |  |  | $ | 45 |
2023 |  |  |
First Quarter | $ | 0.20 |  |  | $ | 46 |
In May 2024, the Company declared its second quarter 2024 ordinary dividend of $0.20 per share payable on June 21, 2024 to stockholders of record at the close of business on June 7, 2024.

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- Definition Net Income Per Share and Shareholders’ Equity (Deficit). 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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