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Earnings (Loss) Per Share and Shareholders' Equity
 3 Months Ended
May 03, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share and Shareholders' Equity Net Loss Per Share and Shareholders' Equity
Net Loss Per Share
Net loss per basic share is computed based on the weighted-average number of common shares outstanding during the period. Net loss per diluted share includes the weighted-average effect of dilutive restricted stock units, performance share units and options (collectively, “Dilutive Awards”) on the weighted-average shares outstanding.
The following table provides the weighted-average shares utilized for the calculation of basic and diluted net loss per share for the first quarter of 2025 and 2024:
First Quarter
20252024
(in millions)
Common Shares79 78 
Treasury Shares— — 
Basic Shares79 78 
Effect of Dilutive Awards (a)(b)— — 
Diluted Shares79 78 
Anti-dilutive Awards (a)6 6 
 _______________
(a)Shares underlying certain restricted stock units, performance share units and options were excluded from the calculation of net loss per diluted share because their inclusion would have been anti-dilutive.
(b)For the first quarter of 2025 and 2024, shares underlying outstanding restricted stock units, performance share units and options were excluded from dilutive shares as a result of the Company’s net loss for those periods.
Shareholders' Equity
In March 2024, the Board of Directors of the Company (the “Board”) approved a share repurchase program (“March 2024 Share Repurchase Program”), authorizing the repurchase of up to $250 million of the Company’s common stock, subject to market conditions and other factors, through open market, accelerated share repurchase or privately negotiated transactions, including pursuant to one or more Rule 10b5-1 trading plans. The March 2024 Share Repurchase Program is open-ended in term and will continue until exhausted.
The Company has not repurchased any shares of its common stock under the March 2024 Share Repurchase Program. As of May 3, 2025, the Company was authorized to repurchase up to $250 million of the Company’s common stock under the March 2024 Share Repurchase Program.