Share Repurchases

6 Months Ended

Jan. 30, 2022

Equity [Abstract]

Share Repurchases

Share Repurchases

In June 2021, the Board authorized an anti-dilutive share repurchase program of up to $250 million (June 2021 program) to offset the impact of dilution from shares issued under our stock compensation programs. The June 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the June 2021 program may be made in open-market or privately negotiated transactions.

In September 2021, the Board approved a new strategic share repurchase program of up to $500 million (September 2021 program). The September 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or privately negotiated transactions. The September 2021 program replaced the prior $1,500 million program, which our Board approved in March 2017 and has been cancelled.

During the six-month period ended January 30, 2022, we repurchased approximately 1.5 million shares at a cost of $65 million. Of this amount, $40 million was used to repurchase shares pursuant to our June 2021 program and $25 million was used to repurchase shares pursuant to our September 2021 program. As of January 30, 2022, approximately $174 million remained available under the June 2021 program and approximately $475 million remained available under the September 2021 program.