Share Repurchase

6 Months Ended

Aug. 03, 2019

We periodically repurchase shares of our common stock under a board-authorized repurchase program through a combination of open market transactions, accelerated share repurchase (ASR) arrangements, and other privately negotiated transactions with financial institutions.



	Three Months Ended				Six Months Ended
(millions, except per share data)	August 3, 2019 ^(a)		August 4, 2018 ^(b)		August 3, 2019 ^(a)		August 4, 2018 ^(b)
Total number of shares purchased	4.3		5.8		7.9		12.7
Average price paid per share	$	80.02	$	74.31	$	78.63	$	72.64
Total investment	$	341	$	431	$	618	$	925


^(a)	Includes activity related to the ASR arrangement entered in first quarter 2019 because final settlement occurred in second quarter 2019. Under the ASR arrangement, we repurchased 4.2 million shares for a total cash investment of $340 million. We did not enter into any new ASR arrangements during second quarter 2019.


^(b)	Activity related to the second quarter 2018 ASR arrangement described below is omitted because final settlement had not occurred as of August 4, 2018.

During the second quarter of 2018, we entered into an ASR arrangement to repurchase $400 to $525 million of our common stock. Under the agreement, we paid $525 million and received an initial delivery of 4.6 million shares, which were retired, resulting in a $355 million reduction to Retained Earnings. As of August 4, 2018, $170 million was included as a reduction to Additional Paid-in Capital. Upon final settlement in the third quarter of 2018, we received an additional 0.2 million shares, which were retired, and $125 million for the remaining amount not settled in shares. In total, we repurchased 4.8 million shares under the ASR arrangement for a total cash investment of $400 million ($83.88 per share).