Share Repurchase

9 Months Ended

Oct. 31, 2020

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.


Share Repurchase Activity	Three Months Ended				Nine Months Ended
(millions, except per share data)	October 31, 2020		November 2, 2019 (a)		October 31, 2020		November 2, 2019 (a)
Number of shares purchased	—		3.0		5.7		10.8
Average price paid per share	$	—	$	99.25	$	107.58	$	84.28
Total investment	$	—	$	294	$	609	$	912

(a)This table excludes activity related to the ASR arrangement described below because final settlement had not occurred as of November 2, 2019.

During the third quarter of 2019, we entered into an ASR arrangement to repurchase $300 to $450 million of our common stock. Under the agreement, we paid $450 million and received an initial delivery of 2.5 million shares, which were retired, resulting in a $272 million reduction to Retained Earnings. As of November 2, 2019, $178 million was included as a reduction to Additional Paid-in Capital. Upon final settlement in the fourth quarter of 2019, we received an additional 0.2 million shares, which were retired, and $127 million for the remaining amount not settled in shares. In total, we repurchased 2.7 million shares under the ASR arrangement for a total cash investment of $323 million ($117.64 per share).