Share Repurchases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 02, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure Share Repurchase Activity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Repurchases | Share Repurchases Share repurchase activity is as follows:
(1)Excludes shares withheld to settle employee tax withholding payments related to the vesting of stock units. In February 2026, the Company's Board of Directors (the "Board") approved a new $1.0 billion share repurchase authorization, which superseded and replaced the February 2019 repurchase program. The February 2026 repurchase program had $599 million remaining as of May 2, 2026. On March 10, 2026, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) to repurchase an aggregate of $200 million of the Company's common stock. On March 11, 2026, the Company paid $200 million and received an initial delivery of approximately 6.9 million shares of the Company’s common stock. The remaining settlement was accounted for as an unsettled forward contract indexed to the Company's common stock until final settlement. The ASR Agreement was fully settled on May 5, 2026, and the Company received an additional 1.4 million shares of its common stock. Share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act of 2022. All common stock repurchased is immediately retired.
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