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Shareholders' Equity (Deficit) | 12 Months Ended
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Feb. 01, 2025
Stockholders' Equity Note [Abstract] |
Shareholders' Equity (Deficit) | Shareholders’ Equity (Deficit) 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 2024 and 2023:
Repurchase Program |  |  | Shares Repurchased |  | Amount Repurchased |  | Average Stock Price |  |  |  |
|  |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
|  |  | (in thousands) |  | (in millions) |  |  |  |  |  |  |  |
February 2022 |  |  | 842 |  |  | 4,096 |  |  | $ | 39 |  |  | $ | 149 |  |  | $ | 46.08 |  |  | $ | 36.38 |  |  |  |  |
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 $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 2024:
Repurchase Program |  |  | Shares Repurchased |  | Amount Repurchased |  | Average Stock Price |  |  |  |
|  |  | (in thousands) |  | (in millions) |  |  |  |  |  |
January 2024 |  |  | 9,583 |  |  | $ | 361 |  |  | $ | 37.70 |  |  |  |  |
The January 2024 Program had $139 million of remaining authority as of February 1, 2025. There were share repurchases of $1 million reflected in Accounts Payable on the February 1, 2025 Consolidated Balance Sheet. 2025 Share Repurchase Program In January 2025, the Board authorized a new $500 million share repurchase program (the “January 2025 Program”). On February 27, 2025, the Company cancelled the remaining $121 million authorization available under the January 2024 Program and began repurchasing shares under the January 2025 Program. Subsequent to February 1, 2025 through March 14, 2025, the Company repurchased an additional 1.5 million shares of its common stock for $53 million under the January 2024 and January 2025 Programs. 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 10.425 million shares repurchased during 2024, which resulted in reductions of $5 million in the par value of Common Stock, $34 million in Paid-in Capital and $361 million in Retained Earnings (Accumulated Deficit). The Company retired the 4.096 million shares repurchased during 2023, which resulted in reductions of $2 million in the par value of Common Stock, $14 million in Paid-in Capital and $133 million in Retained Earnings (Accumulated Deficit). Dividends The Company paid the following dividends during 2024, 2023 and 2022:
| Ordinary Dividends |  |  |  |  |  | Total Paid
| (per share) |  | (in millions)
2024 |  |  |  |  |  |  |
First Quarter | $ | 0.20 |  |  |  |  |  |  | $ | 45 |
Second Quarter | 0.20 |  |  |  |  |  |  | 45 |
Third Quarter | 0.20 |  |  |  |  |  |  | 44 |
Fourth Quarter | 0.20 |  |  |  |  |  |  | 43 |
2024 Total | $ | 0.80 |  |  |  |  |  |  | $ | 177 |
2023 |  |  |  |  |  |  |
First Quarter | $ | 0.20 |  |  |  |  |  |  | $ | 46 |
Second Quarter | 0.20 |  |  |  |  |  |  | 46 |
Third Quarter | 0.20 |  |  |  |  |  |  | 45 |
Fourth Quarter | 0.20 |  |  |  |  |  |  | 45 |
2023 Total | $ | 0.80 |  |  |  |  |  |  | $ | 182 |
2022 |  |  |  |  |  |  |
First Quarter | $ | 0.20 |  |  |  |  |  |  | $ | 48 |
Second Quarter | 0.20 |  |  |  |  |  |  | 46 |
Third Quarter | 0.20 |  |  |  |  |  |  | 46 |
Fourth Quarter | 0.20 |  |  |  |  |  |  | 46 |
2022 Total | $ | 0.80 |  |  |  |  |  |  | $ | 186 |
On March 7, 2025, the Company paid its first quarter 2025 ordinary dividend of $0.20 per share to stockholders of record at the close of business on February 21, 2025.

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