v3.26.1
Net Income Per Share and Shareholders’ Equity (Deficit)
 3 Months Ended
May 02, 2026
Net Income Per Share and Shareholders’ Equity (Deficit) [Abstract]  
Earnings Per Share and Shareholders’ Equity (Deficit) Net Income Per Share and Shareholders’ Equity (Deficit)
Net Income Per Share
Net Income per Basic Share is computed based on the weighted-average number of common shares outstanding. Net Income per Diluted Share includes the weighted-average effect of dilutive restricted share units, performance share units and stock options (collectively, “Dilutive Awards”) on the weighted-average common shares outstanding.
The following table provides the weighted-average shares utilized for the calculation of Net Income per Basic and Diluted Share for the first quarters of 2026 and 2025:
 First Quarter
20262025
(in millions)
Common Shares216 229 
Treasury Shares(15)(15)
Basic Shares201 214 
Effect of Dilutive Awards1 1 
Diluted Shares202 215 
Anti-dilutive Awards (a)— — 
 _______________
(a)These awards were excluded from the calculation of Net Income per Diluted Share because their inclusion would have been anti-dilutive.
Common Stock Repurchases and Retirements
The Company did not repurchase any shares of its common stock during the first quarter of 2026.
Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs during the first quarter of 2025:
Repurchase
Program		Amount
Authorized		Shares
Repurchased		Amount
Repurchased		Average Stock Price
202520252025
(in millions)(in thousands)(in millions)
January 2024$500 460 $17 $37.67 
January 2025500 3,866 118 $30.47 
Total4,326 $135 
On February 27, 2025, the Company cancelled the remaining $121 million authorization available under the January 2024 Program and began repurchasing shares under the January 2025 Program. The January 2025 Program had $117 million of remaining authority as of May 2, 2026.
Shares repurchased under these programs are retired and cancelled upon repurchase. As a result, the Company retired the 4.326 million shares repurchased during the first quarter of 2025.
Dividends
The Company paid the following dividends during the first quarters of 2026 and 2025:
Ordinary DividendsTotal Paid
(per share)(in millions)
2026
First Quarter$0.20 $40 
2025
First Quarter$0.20 $43 
In May 2026, the Company declared its second quarter 2026 ordinary dividend of $0.20 per share payable on June 19, 2026 to shareholders of record at the close of business on June 5, 2026.