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Share Repurchase Program and Share Retirement | 12 Months Ended
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Jan. 28, 2023
Share Repurchase Program and Share Retirement |
Share Repurchase Program and Share Retirement | NOTE 17—SHARE REPURCHASE PROGRAM AND SHARE RETIREMENT Share Repurchase Program In 2018, our Board of Directors authorized a share repurchase program. On June 2, 2022, the Board of Directors authorized an additional $2.0 billion for the purchase of shares of our outstanding common stock, increasing the total authorized size of the share repurchase program to $2,450 million (the “Share Repurchase Program”). We did not make any repurchases under this program during either fiscal 2021 or fiscal 2020. In fiscal 2022, we repurchased 3,719,550 shares of our common stock under the Share Repurchase Program at an average price of $268.83 per share, for an aggregate repurchase amount of approximately $1.0 billion. As of January 28, 2023, $1,450 million remains available for future share repurchases under this program. Share Retirements In fiscal 2022, we retired 3,719,550 shares of common stock related to shares we repurchased under the Share Repurchase Program. As a result of this retirement, we reclassified a total of $444 million and $560 million from treasury stock to additional paid-in capital and retained earnings, respectively, on the consolidated balance sheets and consolidated statements of stockholders’ equity. There was no impact on the consolidated statements of income or cash flows related to the 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 https://asc.fasb.org/subtopic&trid=2208821 + Details
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