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Subsequent Events
 12 Months Ended
Jan. 29, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dividends
On March 16, 2022, the Company announced a regular quarterly cash dividend of $0.225 per share on the Company’s common stock. The cash dividend will be paid on April 15, 2022 to shareholders of record as of the close of business on March 30, 2022. In connection with the increase to the quarterly cash dividend, the Company
will adjust the conversion rate (which is expected to increase) and the conversion price (which is expected to decrease) of the convertible senior notes in accordance with the terms of the indenture governing the convertible senior notes, to be effective as of March 29, 2022. A corresponding adjustment is expected to be made to the strike prices with respect to the convertible note hedges and the warrants entered into by the Company in connection with the offering of the convertible senior notes, with the strike price decreased and the number of options increased in accordance with the terms of the convertible note hedge confirmations and warrant confirmations, respectively.
Share Repurchase
On March 14, 2022, the Board of Directors expanded its repurchase authorization by $100 million, leaving a new capacity of $249.0 million.
On March 18, 2022, pursuant to existing stock repurchase authorizations, the Company entered into an ASR agreement (the “2022 ASR Contract”) with Barclays Bank PLC (in such capacity, the “2022 ASR Counterparty”), to repurchase an aggregate of $175.0 million of the Company’s common stock.
Under the 2022 ASR Contract, the Company made a payment of $175.0 million to the 2022 ASR Counterparty and received an initial delivery of 3.3 million shares of its common stock on March 21, 2022, representing approximately 40% ($70.0 million) of the total shares expected to be repurchased under the 2022 ASR Contract. The exact number of shares the Company will repurchase under the 2022 ASR Contract will be based generally upon the average daily volume weighted average price of the common stock during the repurchase period, less a discount. Final settlement of the transactions under the 2022 ASR Contract is expected to occur by the end of the third quarter of 2022.