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Accelerated Share Repurchase Agreements
6 Months Ended
Aug. 03, 2014
Accelerated Share Repurchase [Abstract]  
Accelerated Share Repurchase Agreements
ACCELERATED SHARE REPURCHASE AGREEMENTS
In the first quarter of fiscal 2014, the Company entered into an Accelerated Share Repurchase ("ASR") agreement with a third-party financial institution to repurchase $950 million of the Company’s common stock. Under this agreement, the Company paid $950 million to the financial institution and received an initial delivery of 9.5 million shares in the first quarter of fiscal 2014. The transaction was completed later in the first quarter of fiscal 2014, at which time the Company received 2.6 million additional shares. The final number of shares delivered upon settlement of the $950 million ASR agreement was determined with reference to the average price of the Company's common stock over the term of the agreement. The $950 million of shares repurchased is included in Treasury Stock in the accompanying Consolidated Balance Sheets as of August 3, 2014.
In the second quarter of fiscal 2014, the Company entered into an ASR agreement with a third-party financial institution to repurchase $1.75 billion of the Company’s common stock. Under this agreement, the Company paid $1.75 billion to the financial institution and received an initial delivery of 16.9 million shares in the second quarter of fiscal 2014. The fair market value of the 16.9 million shares on the date of purchase was $1.32 billion and is included in Treasury Stock in the accompanying Consolidated Balance Sheets as of August 3, 2014. The remaining $430 million is included in Paid-In Capital in the accompanying Consolidated Balance Sheets as of August 3, 2014. The final number of shares delivered upon settlement of the $1.75 billion ASR agreement will be determined in the third quarter of fiscal 2014 with reference to the average price of the Company's common stock over the term of the agreement.