XML 24 R13.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Stockholders' Equity
 6 Months Ended
Aug. 03, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchase Program
During fiscal 2022, the Board of Directors authorized a $200 million share repurchase program (the “2021 Share Repurchase Program”). On March 14, 2022, the Board of Directors expanded the repurchase authorization under the 2021 Share Repurchase Program by $100 million. In January 2024, the Board of Directors expanded the repurchase authorization by approximately $1.4 million to cover the repurchases associated with the January 2024 issuance of the January Additional 2028 Notes (as defined in Note 11). As of February 3, 2024, the Company had no remaining authority under the 2021 Share Repurchase Program to purchase its common stock.
On March 25, 2024, the Board of Directors authorized a new $200 million share repurchase program (the “2024 Share Repurchase Program”). Repurchases under the 2024 Share Repurchase Program 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 the three and six months ended August 3, 2024, the Company repurchased 2.3 million and 2.6 million shares of the Company’s common stock under its 2024 Share Repurchase Program at an aggregate cost of $50.5 million and $60.8 million, respectively, including excise tax. During the three months ended July 29, 2023, there were no share repurchases. During the six months ended July 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. As of August 3, 2024, the Company had remaining authority under the 2024 Share Repurchase Program to purchase $139.8 million of its common stock.
Dividends
The following sets forth the cash dividend declared per share:
Three Months EndedSix Months Ended
Aug 3, 2024Jul 29, 2023Aug 3, 2024Jul 29, 2023
Cash dividend declared per share$0.300 $0.300 $2.850 $0.525 
The indenture governing the 2024 Notes required 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. On March 20, 2024, the Company announced a special cash dividend of $2.25 per share on the Company’s common stock in addition to the quarterly cash dividend of $0.30 per share. The dividends were paid on May 3, 2024 to shareholders of record as of the close of business on April 17, 2024. In accordance with the terms of the indentures governing the 2028 Notes, the Company has adjusted the conversion rate and the conversion price of the 2028 Notes for quarterly dividends exceeding $0.225 per share. Corresponding adjustments have been made to the strike prices with respect to the convertible note hedges and the warrants entered into by the Company in connection with the offering of the 2028 Notes, each of which was decreased in accordance with the terms of the applicable convertible note hedge confirmations and warrant confirmations. Refer to Note 11 for more information.
For each of the periods presented, dividends paid also included the impact from vesting of restricted stock units that are considered non-participating securities and are only entitled to dividend payments once the respective awards vest.
Accumulated Other Comprehensive Income (Loss)
The changes in accumulated other comprehensive income (loss) (“AOCL”), net of related income taxes, are (in thousands):
Foreign Currency Translation AdjustmentDerivative Financial Instruments Designated as Cash Flow HedgesDefined Benefit PlansTotal
Three Months Ended Aug 3, 2024
Balance at May 4, 2024$(139,108)$2,221 $(161)$(137,048)
Gains (losses) arising during the period1,441 (1,832)(282)(673)
Reclassification to net earnings (loss) for (gains) losses realized— 87 (24)63 
Net other comprehensive income (loss)1,441 (1,745)(306)(610)
Balance at August 3, 2024$(137,667)$476 $(467)$(137,658)
Six Months Ended Aug 3, 2024
Balance at February 3, 2024$(136,115)$(544)$(351)$(137,010)
Losses arising during the period(1,552)(687)(49)(2,288)
Reclassification to net earnings for (gains) losses realized— 1,707 (67)1,640 
Net other comprehensive income (loss)(1,552)1,020 (116)(648)
Balance at August 3, 2024$(137,667)$476 $(467)$(137,658)
Three Months Ended Jul 29, 2023
Balance at April 29, 2023$(128,147)$(7,869)$(3,461)$(139,477)
Gains (losses) arising during the period4,978 2,455 (145)7,288 
Reclassification to net earnings for (gains) losses realized— (391)23 (368)
Net other comprehensive income (loss)4,978 2,064 (122)6,920 
Balance at July 29, 2023$(123,169)$(5,805)$(3,583)$(132,557)
Six Months Ended Jul 29, 2023
Balance at January 28, 2023$(129,168)$(1,584)$(3,321)$(134,073)
Gains (losses) arising during the period5,999 1,513 (306)7,206 
Reclassification to net earnings for (gains) losses realized— (5,734)44 (5,690)
Net other comprehensive income (loss)5,999 (4,221)(262)1,516 
Balance at July 29, 2023$(123,169)$(5,805)$(3,583)$(132,557)
Details on reclassifications out of AOCL to net earnings (loss) are (in thousands):
Three Months EndedSix Months EndedLocation of (Gain) Loss Reclassified from AOCL into Earnings (Loss)
Aug 3, 2024Jul 29, 2023Aug 3, 2024Jul 29, 2023
Derivative financial instruments designated as cash flow hedges:
Foreign exchange currency contracts$56 $(311)$2,101 $(6,204)Cost of product sales
Interest rate swap(57)(148)(212)(276)Interest expense
      Less income tax effect88 68 (182)746 Income tax expense
87 (391)1,707 (5,734)
Defined benefit plans:
Net actuarial (gain) loss amortization(4)65 (7)127 Other expense, net
Prior service credit amortization(40)(40)(80)(79)Other expense, net
      Less income tax effect20 (2)20 (4)Income tax expense
(24)23 (67)44 
Total reclassifications during the period$63 $(368)$1,640 $(5,690)