Share Repurchases

3 Months Ended

May 04, 2019

Equity [Abstract]

Share Repurchases

NOTE 13—SHARE REPURCHASES

Share Repurchase Program

On October 10, 2018, the Company’s Board of Directors authorized a share repurchase program of up to $700 million, of which $250.0 million in share repurchases were completed in fiscal 2018. The $700.0 million authorization amount was replenished by the Board of Directors on March 25, 2019. The Company repurchased approximately 2.2 million shares of its common stock at an average price of $115.36 per share, for an aggregate repurchase amount of approximately $250.0 million, during the three months ended May 4, 2019 under this share repurchase program. As of May 4, 2019, there was $450.0 million remaining for future share repurchases under this program.

Share Repurchases Under Equity Plans

As of both May 4, 2019 and February 2, 2019, the aggregate unpaid principal amount of the notes payable for share repurchases was $19.6 million, of which $0.9 million were included in other current liabilities and $18.7 million were included in other non-current obligations on the condensed consolidated balance sheets. During both the three months ended May 4, 2019 and May 5, 2018, the Company recorded interest expense on the outstanding notes of $0.2 million.

Of the $19.6 million notes payable for share repurchases outstanding as of both May 4, 2019 and February 2, 2019, $15.5 million was due to a current board member of the Company.