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Stockholders' Equity | 3 Months Ended
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Apr. 29, 2023
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity Share Repurchase Program During fiscal 2022, the Board of Directors terminated its previous 2012 $500 million share repurchase program (the “2012 Share Repurchase Program”) and authorized a new $200 million share repurchase program (the “2021 Share Repurchase Program”). On March 14, 2022, the Board of Directors expanded its repurchase authorization under the 2021 Share Repurchase Program by $100 million. Repurchases may be made on the open market or in privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available means. There is no minimum or maximum number of shares to be repurchased under the program and the program may be discontinued at any time without prior notice. During March 2022, pursuant to existing share repurchase authorizations, the Company entered into an accelerated share repurchase agreement (the “2022 ASR Contract”) with a financial institution (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 in exchange for approximately 8.5 million shares of its common stock in the first half of fiscal 2023. During the three months ended April 29, 2023, the Company repurchased 2.2 million shares under its 2021 Share Repurchase Program at an aggregate cost of $42.8 million, including excise tax. These shares were repurchased through broker assisted market transactions in connection with the exchange and subscription offering related to the 2024 Notes and the 2028 Notes. During the three months ended April 30, 2022, the Company repurchased 3.8 million shares under its 2021 Share Repurchase Program at an aggregate cost of $81.7 million, which is inclusive of the shares repurchased under the 2022 ASR Contract. As of April 29, 2023, the Company had remaining authority under the 2021 Share Repurchase Program to purchase $19.7 million of its common stock. Dividends The following sets forth the cash dividend declared per share:
|  |  | Three Months Ended
|  |  |  |  | Apr 29, 2023 |  | Apr 30, 2022
Cash dividend declared per share |  |  |  |  | $ | 0.225 |  |  | $ | 0.225 |
The indenture governing the 2024 Notes requires an adjustment to the conversion rate and the conversion price of the 2024 Notes for quarterly dividends exceeding $0.1125 per share. The indenture governing the 2028 Notes requires an adjustment to the conversion rate and the conversion price of the 2028 Notes for quarterly dividends exceeding $0.225 per share. On, May 24, 2023, the Company announced an increase to its regular quarterly cash dividend from $0.225 to $0.30 per share on the Company’s common stock. 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 Notes in accordance with the terms of the indenture governing the respective Notes, effective as of June 6, 2023. 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 corresponding Notes, each of which will be decreased in accordance with the terms of the applicable convertible note hedge confirmations and warrant confirmations. Refer to Note 17 for more information. For each of the periods presented, dividends paid also included the impact from vesting of restricted stock units that are considered non-participating securities and are only entitled to dividend payments once the respective awards vest. Decisions on whether, when and in what amounts to continue making any future dividend distributions will remain at all times entirely at the discretion of the Company’s Board of Directors, which reserves the right to change or terminate the Company’s dividend practices at any time and for any reason without prior notice. The payment of cash dividends in the future will be based upon a number of business, legal and other considerations, including the Company’s cash flow from operations, capital expenditures, debt service and covenant requirements, cash paid for income taxes, earnings, share repurchases, economic conditions and U.S. and global liquidity. Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss), net of related income taxes, are (in thousands):
| Foreign Currency Translation Adjustment |  | Derivative Financial Instruments Designated as Cash Flow Hedges |  |  | Defined Benefit Plans |  | Total
| Three Months Ended Apr 29, 2023
Balance at January 28, 2023 | $ | (129,168) |  |  | $ | (1,584) |  |  |  | $ | (3,321) |  |  | $ | (134,073) |
Gains (losses) arising during the period | 1,021 |  |  | (942) |  |  |  | (161) |  |  | (82) |
Reclassification to net earnings (loss) for (gains) losses realized | — |  |  | (5,343) |  |  |  | 21 |  |  | (5,322) |
Net other comprehensive income (loss) | 1,021 |  |  | (6,285) |  |  |  | (140) |  |  | (5,404) |
Balance at April 29, 2023 | $ | (128,147) |  |  | $ | (7,869) |  |  |  | $ | (3,461) |  |  | $ | (139,477) |
| Three Months Ended Apr 30, 2022
Balance at January 29, 2022 | $ | (135,861) |  |  | $ | 7,280 |  |  |  |  | $ | (6,968) |  |  | $ | (135,549) |
Gains (losses) arising during the period | (17,440) |  |  | 7,563 |  |  |  |  | 152 |  |  | (9,725) |
Reclassification to net earnings for (gains) losses realized | — |  |  | (1,443) |  |  |  |  | 4 |  |  | (1,439) |
Net other comprehensive income (loss) | (17,440) |  |  | 6,120 |  |  |  |  | 156 |  |  | (11,164) |
Balance at April 30, 2022 | $ | (153,301) |  |  | $ | 13,400 |  |  |  |  | $ | (6,812) |  |  | $ | (146,713) |
Details on reclassifications out of accumulated other comprehensive income (loss) to net earnings (loss) are (in thousands):
|  |  | Three Months Ended |  | Location of (Gain) Loss Reclassified from Accumulated OCI into Earnings (Loss)
|  |  |  |  | Apr 29, 2023 |  | Apr 30, 2022 |
Derivative financial instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts |  |  |  |  | $ | (5,893) |  |  | $ | (1,674) |  |  | Cost of product sales
Interest rate swap |  |  |  |  | (128) |  |  | 61 |  |  | Interest expense
Less income tax effect |  |  |  |  | 678 |  |  | 170 |  |  | Income tax (benefit) expense
|  |  |  |  | (5,343) |  |  | (1,443) |  |  |
Defined benefit plans: |  |  |  |  |  |  |  |  |
Net actuarial loss amortization |  |  |  |  | 62 |  |  | 30 |  |  | Other expense
Prior service credit amortization |  |  |  |  | (39) |  |  | (23) |  |  | Other expense
Less income tax effect |  |  |  |  | (2) |  |  | (3) |  |  | Income tax (benefit) expense
|  |  |  |  | 21 |  |  | 4 |  |  |
Total reclassifications during the period |  |  |  |  | $ | (5,322) |  |  | $ | (1,439) |  |  |

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