STOCKHOLDERS' EQUITY |
6 Months Ended |
|---|---|
Jul. 31, 2022 | |
| Stockholders' Equity Attributable to Parent [Abstract] | |
| STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Acquisition of Treasury Shares The Company’s Board of Directors has authorized over time since 2015 an aggregate $3.0 billion stock repurchase program through June 3, 2026. Repurchases under the program may be made from time to time over the period through open market purchases, accelerated share repurchase programs, privately negotiated transactions or other methods, as the Company deems appropriate. Purchases are made based on a variety of factors, such as price, corporate requirements and overall market conditions, applicable legal requirements and limitations, trading restrictions under the Company’s insider trading policy and other relevant factors. The program may be modified by the Board of Directors, including to increase or decrease the repurchase limitation or extend, suspend or terminate the program at any time, without prior notice. The Company suspended share repurchases under the stock repurchase program beginning in March 2020 in response to the impacts of the COVID-19 pandemic on its business. In addition, under the terms of a waiver the Company obtained in June 2020 of certain covenants under its senior unsecured credit facilities (referred to as the “June 2020 Amendment”), the Company was not permitted to make share repurchases during the relief period. However, effective June 10, 2021, the relief period under the June 2020 Amendment was terminated and the Company was permitted to resume share repurchases at management’s discretion. Please see Note 8, “Debt,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended January 30, 2022 for further discussion of the terms of the June 2020 Amendment and the relief period. The Company did not purchase any of its common stock under the program during the twenty-six weeks ended August 1, 2021, following termination of the relief period in June 2021. During the twenty-six weeks ended July 31, 2022, the Company purchased 3.2 million shares of its common stock under the program in open market transactions for $224.4 million. As of July 31, 2022, the repurchased shares were held as treasury stock and $998.5 million of the authorization remained available for future share repurchases. Treasury stock activity also includes shares that were withheld in conjunction with the settlement of RSUs to satisfy tax withholding requirements. Common Stock Dividends The Company suspended its dividends in March 2020 in response to the impacts of the COVID-19 pandemic on its business. In addition, under the terms of the June 2020 Amendment, the Company was not permitted to declare or pay dividends during the relief period. However, effective June 10, 2021, the relief period was terminated and the Company was permitted to declare and pay dividends on its common stock at the discretion of the Board of Directors. Please see Note 8, “Debt,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the year ended January 30, 2022 for further discussion of the terms of the June 2020 Amendment and the relief period. The Company did not declare or pay any dividends on its common stock during the twenty-six weeks ended August 1, 2021, following termination of the relief period in June 2021. The Company declared and paid $5.2 million of dividends on its common stock during the twenty-six weeks ended July 31, 2022, including a $0.0375 per share dividend paid on each of March 30, 2022 and June 29, 2022 to its common stockholders of record on March 11, 2022 and June 8, 2022, respectively.
|