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Share Repurchases and Share Retirements | 12 Months Ended
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Feb. 02, 2019
Equity [Abstract] |
Share Repurchases and Share Retirements | NOTE 15—SHARE REPURCHASES AND SHARE RETIREMENTS Fiscal 2018 $700 Million Share Repurchase Program On October 10, 2018, the Company’s Board of Directors authorized a share repurchase program of up to $700 million (the “Fiscal 2018 $700 Million Repurchase Program”). Under the Fiscal 2018 $700 Million Repurchase Program, the Company repurchased approximately 2.0 million shares of its common stock at an average price of $122.10 per share, for an aggregate repurchase amount of approximately $250 million, during fiscal 2018. As of February 2, 2019, there was $450 million available under the Fiscal 2018 $700 Million Repurchase Program. In March 2019, the Board of Directors replenished the amount of such repurchase program to the original amount of $700 million. Fiscal 2017 $700 Million Share Repurchase Program On May 2, 2017, the Company’s Board of Directors authorized a share repurchase program of up to $700 million (the “Fiscal 2017 $700 Million Repurchase Program”). Under the Fiscal 2017 $700 Million Repurchase Program, the Company repurchased approximately 12.4 million shares of its common stock at an average price of $56.60 per share, for an aggregate repurchase amount of approximately $700 million, during the three months ended July 29, 2017. As the Fiscal 2017 $700 Million Repurchase Program was completed during the three months ended July 29, 2017, there will be no repurchases in future periods under this repurchase authorization. Fiscal 2017 $300 Million Share Repurchase Program On February 21, 2017, the Company’s Board of Directors authorized a share repurchase program of up to $300 million (the “Fiscal 2017 $300 Million Repurchase Program”). Under the Fiscal 2017 $300 Million Repurchase Program, the Company repurchased approximately 7.8 million shares of its common stock at an average price of $38.24 per share, for an aggregate repurchase amount of approximately $300 million, during the three months ended April 29, 2017. As the Fiscal 2017 $300 Million Repurchase Program was completed during the three months ended April 29, 2017, there will be no repurchases in future periods under this repurchase authorization. Share Repurchases Under Equity Plans As of February 2, 2019 and February 3, 2018, the aggregate unpaid principal amount of the notes payable for share repurchases of $19.6 million and $19.4 million, respectively. As of February 2, 2019, $0.9 million and $18.7 million were included in other current liabilities and other non-current obligations on the consolidated balance sheets. As of February 3, 2018, $19.4 million was included in other non-current obligations. The Company recorded interest expense on the outstanding notes of $1.0 million in each of fiscal 2018, fiscal 2017 and fiscal 2016. Of the $19.6 million and $19.4 million notes payable for share repurchases outstanding as of February 2, 2019 and February 3, 2018, respectively, $15.5 million was due to a current board member of the Company. Share Retirements In fiscal 2018, the Company retired 22,267,711 shares of its common stock related to shares it had repurchased under the Fiscal 2017 $300 Million Repurchase Program, Fiscal 2017 $700 Million Repurchase Program and Fiscal 2018 $700 Million Repurchase Program. As a result of this retirement, the Company reclassified a total of $1,250.3 million from treasury stock, of which $591.5 million was allocated to additional paid-in capital and $658.8 million was allocated to retained earnings (accumulated deficit) on the consolidated balance sheets and consolidated statements of shareholders’ equity (deficit) as of February 2, 2019. There was no impact on the consolidated statements of income or cash flows related to this share retirement activity. In fiscal 2017, the Company retired 294,888 shares of its common stock related to shares it had repurchased under the Company’s equity plans. As a result of this retirement, the Company reclassified a total of $19.5 million from treasury stock, all of which was allocated to additional paid-in capital on the consolidated balance sheets and consolidated statements of shareholders’ equity (deficit) as of February 3, 2018. There was no impact on the consolidated statements of income or cash flows related to this share retirement activity.

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- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=2208821 + Details
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