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Accelerated Share Repurchase Agreements
6 Months Ended
Aug. 04, 2013
Accelerated Share Repurchase Agreements [Abstract]  
Accelerated Share Repurchase Agreements
ACCELERATED SHARE REPURCHASE AGREEMENTS
In the first quarter of fiscal 2013, the Company entered into an Accelerated Share Repurchase ("ASR") agreement with a third-party financial institution to repurchase $1.5 billion of the Company’s common stock. Under this agreement, the Company paid $1.5 billion to the financial institution and received an initial delivery of approximately 18.1 million shares in the first quarter of fiscal 2013. The transaction was completed in the second quarter of fiscal 2013, at which time the Company received approximately 2.1 million additional shares. The $1.5 billion of shares repurchased is included in Treasury Stock in the accompanying Consolidated Balance Sheets as of August 4, 2013. The final number of shares delivered upon settlement of the $1.5 billion ASR agreement was determined with reference to the average price of the Company's common stock over the term of the agreement.


In the second quarter of fiscal 2013, the Company entered into an ASR agreement with a third-party financial institution to repurchase $1.7 billion of the Company’s common stock. Under this agreement, the Company paid $1.7 billion to the financial institution and received an initial delivery of approximately 19.6 million shares in the second quarter of fiscal 2013. The fair market value of the 19.6 million shares on the date of purchase was $1.514 billion and is included in Treasury Stock in the accompanying Consolidated Balance Sheets as of August 4, 2013. The remaining $186 million is included in Paid-In Capital in the accompanying Consolidated Balance Sheets as of August 4, 2013.
The $1.7 billion ASR agreement was completed in the third quarter of fiscal 2013, with the Company receiving approximately 2.4 million additional shares, at which time the $186 million initially included in Paid-In Capital was reclassified to Treasury Stock. The final number of shares delivered upon settlement of the $1.7 billion ASR agreement was determined with reference to the average price of the Company's common stock over the term of the agreement.