Subsequent Events

12 Months Ended

Jan. 29, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Common Stock Share Repurchases

The final settlement under the ASR Agreement occurred in February 2022 subsequent to the end of fiscal year 2021. At final settlement, the Company received an additional 0.3 million shares of the Company's common stock from Goldman Sachs.

In March 2022, the Company's Board of Directors approved the March 2022 Share Repurchase Program, providing for the repurchase of up to $250 million of the Company's common stock. The $250 million authorization is expected to be utilized to repurchase shares in the open market, subject to market conditions and other factors. Shares acquired through the March 2022 Share Repurchase Program will be available to meet obligations under equity compensation plans and for general corporate purposes. The March 2022 Share Repurchase Program will continue until exhausted, but no later than January 28, 2023. The Company has repurchased 0.8 million shares for $39 million through March 17, 2022 under the March 2022 Share Repurchase Program.

Treasury Stock Retirement

In February 2022, subsequent to the end of fiscal year 2021, the Company immediately retired the additional 0.3 million shares repurchased in connection with the settlement of the ASR Agreement. The retirement will result in a reduction of $50 million in Treasury Stock, less than $1 million in the par value of Common Stock, less than $1 million in Paid-in Capital and nearly $50 million in Retained Earnings in the first quarter of 2022.