XML 23 R11.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Net Income Per Share and Shareholders’ Equity (Deficit)
 6 Months Ended
Aug. 03, 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 second quarters of and year-to-date 2024 and 2023:
 Second QuarterYear-to-Date
2024202320242023
(in millions)
Common Shares237 243 239 244 
Treasury Shares(15)(15)(15)(15)
Basic Shares222 228 224 229 
Effect of Dilutive Awards1 1 1 1 
Diluted Shares223 229 225 230 
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”). Under the February 2022 Program, the Company repurchased the following shares of its common stock during year-to-date 2024 and 2023:
Repurchase ProgramShares
Repurchased		Amount
Repurchased		Average Stock Price
202420232024202320242023
(in thousands)(in millions)
February 2022842 1,326 $39 $50 $46.08 $37.65 
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 year-to-date 2024:
Repurchase ProgramShares
Repurchased		Amount
Repurchased		Average Stock Price
(in thousands)(in millions)
January 20244,921 $210 $42.72 
The January 2024 Program had $290 million of remaining authority as of August 3, 2024. There were share repurchases of $2 million reflected in Accounts Payable on the August 3, 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 5.763 million shares repurchased during year-to-date 2024, which resulted in reductions of $3 million in the par value of Common Stock, $17 million in Paid-in Capital and $229 million in Retained
Earnings (Accumulated Deficit). The Company retired the 1.326 million shares repurchased year-to-date 2023, which resulted in reductions of $1 million in the par value of Common Stock, $4 million in Paid-in Capital and $45 million in Retained Earnings (Accumulated Deficit).
Dividends
The Company paid the following dividends during the first and second quarters of 2024 and 2023:
Ordinary DividendsTotal Paid
(per share)(in millions)
2024
First Quarter$0.20 $45 
Second Quarter0.20 45 
Total$0.40 $90 
2023
First Quarter$0.20 $46 
Second Quarter0.20 46 
Total$0.40 $92 
In August 2024, the Company declared its third quarter 2024 ordinary dividend of $0.20 per share payable on September 6, 2024 to stockholders of record at the close of business on August 23, 2024.