NOTE 15—SHARE REPURCHASES

$700 Million Share Repurchase Program

On May 2, 2017, the Company’s Board of Directors authorized a stock repurchase program of up to $700 million (the “$700 Million Repurchase Program”). Under the $700 Million Repurchase Program, the Company repurchased approximately 12.4 million shares of its common stock at an average price of $56.60 per share, for an aggregate repurchase amount of approximately $700 million, during the three months ended July 29, 2017. As the $700 Million Repurchase Program was completed during the three months ended July 29, 2017, no additional shares were repurchased during the six months ended February 3, 2018 and there will be no repurchases in future periods under this repurchase authorization.

$300 Million Share Repurchase Program

On February 21, 2017, the Company’s Board of Directors authorized a stock repurchase program of up to $300 million (the “$300 Million Repurchase Program”). Under the $300 Million Repurchase Program, the Company repurchased approximately 7.8 million shares of its common stock at an average price of $38.24 per share, for an aggregate repurchase amount of approximately $300 million, during the three months ended April 29, 2017. As the $300 Million Repurchase Program was completed during the three months ended April 29, 2017, no additional shares were repurchased during the nine months ended February 3, 2018 and there will be no repurchases in future periods under this repurchase authorization.

Share Repurchases Under Equity Plans

Certain options and awards granted under the Company’s equity plans contain a repurchase right, which may be exercised at the Company’s discretion in the event of the termination of an employee’s employment with the Company. The repurchases are settled with the issuance of promissory notes that bear interest, which is paid annually. The Company did not repurchase any shares or issue any promissory notes in fiscal 2017 or fiscal 2016. The Company’s repurchase and promissory note issuance activity for fiscal 2015 is as follows:

	Year Ended
	January 30,
	2016
Shares repurchased		2,625
Fair value at purchase price (in thousands)	$	238
Weighted-average interest rate		3	%
Weighted-average term	7 years

As of both February 3, 2018 and January 28, 2017, the aggregate unpaid principal amount of the notes payable for share repurchases of $19.4 million is included in other non-current obligations on the consolidated balance sheets. The Company recorded interest expense on the outstanding notes of $1.0 million in each of fiscal 2017, fiscal 2016 and fiscal 2015.

Of the $19.4 million notes payable for share repurchases outstanding as of both February 3, 2018 and January 28, 2017, $15.5 million was due to a current board member of the Company