XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.23.3

Stockholders' Equity | 9 Months Ended
--- | ---
Oct. 28, 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 October 28, 2023, there were no share repurchases. During the nine months ended October 28, 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 October 29, 2022, there were no share repurchases. During the nine months ended October 29, 2022, the Company repurchased 9.0 million shares of the Company’s common stock under its 2021 Share Repurchase Program at an aggregate cost of $186.7 million, which is inclusive of the shares repurchased under the 2022 ASR Contract. As of October 28, 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 |  | Nine Months Ended
| Oct 28, 2023 |  | Oct 29, 2022 |  | Oct 28, 2023 |  | Oct 29, 2022
Cash dividend declared per share | $ | 0.300 |  |  | $ | 0.225 |  |  | $ | 0.825 |  |  | $ | 0.675 |
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 accordance with the terms of the indentures governing the respective Notes, the Company has adjusted the conversion rates and the conversion prices of the 2024 Notes and the 2028 Notes for quarterly dividends exceeding $0.1125 per share and $0.225 per share, respectively. Corresponding adjustments have been made to the strike prices with respect to the convertible note hedges and the warrants entered into by the Company in connection with the offerings of the corresponding Notes, each of which was decreased in accordance with the terms of the applicable convertible note hedge confirmations and warrant confirmations. Refer to Note 10 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 Oct 28, 2023
Balance at July 29, 2023 | $ | (123,169) |  |  | $ | (5,805) |  |  | $ | (3,583) |  |  | $ | (132,557) |
Gains (losses) arising during the period | (26,663) |  |  | 5,870 |  |  | 184 |  |  | (20,609) |
Reclassification to net earnings for (gains) losses realized | — |  |  | (6) |  |  | 22 |  |  | 16 |
Net other comprehensive income (loss) | (26,663) |  |  | 5,864 |  |  | 206 |  |  | (20,593) |
Balance at October 28, 2023 | $ | (149,832) |  |  | $ | 59 |  |  | $ | (3,377) |  |  | $ | (153,150) |
| Nine Months Ended Oct 28, 2023
Balance at January 28, 2023 | $ | (129,168) |  |  | $ | (1,584) |  |  | $ | (3,321) |  |  | $ | (134,073) |
Gains (losses) arising during the period | (20,664) |  |  | 7,383 |  |  | (122) |  |  | (13,403) |
Reclassification to net earnings for (gains) losses realized | — |  |  | (5,740) |  |  | 66 |  |  | (5,674) |
Net other comprehensive income (loss) | (20,664) |  |  | 1,643 |  |  | (56) |  |  | (19,077) |
Balance at October 28, 2023 | $ | (149,832) |  |  | $ | 59 |  |  | $ | (3,377) |  |  | $ | (153,150) |
| Three Months Ended Oct 29, 2022
Balance at July 30, 2022 | $ | (163,862) |  |  | $ | 14,240 |  |  | $ | (6,902) |  |  | $ | (156,524) |
Gains (losses) arising during the period | (9,685) |  |  | 6,136 |  |  | 150 |  |  | (3,399) |
Reclassification to net earnings for gains realized | — |  |  | (3,709) |  |  | (8) |  |  | (3,717) |
Net other comprehensive income (loss) | (9,685) |  |  | 2,427 |  |  | 142 |  |  | (7,116) |
Balance at October 29, 2022 | $ | (173,547) |  |  | $ | 16,667 |  |  | $ | (6,760) |  |  | $ | (163,640) |
| Nine Months Ended Oct 29, 2022
Balance at January 29, 2022 | $ | (135,861) |  |  | $ | 7,280 |  |  | $ | (6,968) |  |  | $ | (135,549) |
Gains (losses) arising during the period | (37,686) |  |  | 15,578 |  |  | 221 |  |  | (21,887) |
Reclassification to net earnings for gains realized | — |  |  | (6,191) |  |  | (13) |  |  | (6,204) |
Net other comprehensive income (loss) | (37,686) |  |  | 9,387 |  |  | 208 |  |  | (28,091) |
Balance at October 29, 2022 | $ | (173,547) |  |  | $ | 16,667 |  |  | $ | (6,760) |  |  | $ | (163,640) |
Details on reclassifications out of accumulated other comprehensive income (loss) to net earnings are (in thousands):
| Three Months Ended |  | Nine Months Ended |  | Location of (Gain) Loss Reclassified from Accumulated OCI into Earnings
| Oct 28, 2023 |  | Oct 29, 2022 |  | Oct 28, 2023 |  | Oct 29, 2022 |
Derivative financial instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Foreign exchange currency contracts | $ | 130 |  |  | $ | (4,141) |  |  | $ | (6,074) |  |  | $ | (7,013) |  |  | Cost of product sales
Interest rate swap | (158) |  |  | (30) |  |  | (434) |  |  | 66 |  |  | Interest expense
Less income tax effect | 22 |  |  | 462 |  |  | 768 |  |  | 756 |  |  | Income tax expense (benefit)
| (6) |  |  | (3,709) |  |  | (5,740) |  |  | (6,191) |  |  |
Defined benefit plans: |  |  |  |  |  |  |  |  |
Net actuarial loss amortization | 64 |  |  | 13 |  |  | 191 |  |  | 55 |  |  | Other expense
Prior service credit amortization | (40) |  |  | (22) |  |  | (119) |  |  | (67) |  |  | Other expense
Less income tax effect | (2) |  |  | 1 |  |  | (6) |  |  | (1) |  |  | Income tax expense (benefit)
| 22 |  |  | (8) |  |  | 66 |  |  | (13) |  |  |
Total reclassifications during the period | $ | 16 |  |  | $ | (3,717) |  |  | $ | (5,674) |  |  | $ | (6,204) |  |  |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration