STOCKHOLDERS' EQUITY

6 Months Ended

Jul. 30, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

Stock Rollforward

The following table presents a reconciliation of the number of shares of our common stock outstanding and cash dividends per share:

shares in millions	Three Months Ended				Six Months Ended
	July 30, 2023		July 31, 2022		July 30, 2023		July 31, 2022
Common stock:
Shares at beginning of period	1,795		1,793		1,794		1,792
Shares issued under employee stock plans, net	1		—		2		1
Shares at end of period	1,796		1,793		1,796		1,793
Treasury stock:
Shares at beginning of period	(788)		(764)		(778)		(757)
Repurchases of common stock	(7)		(5)		(17)		(12)
Shares at end of period	(795)		(769)		(795)		(769)
Shares outstanding at end of period	1,001		1,024		1,001		1,024
Cash dividends per share	$	2.09	$	1.90	$	4.18	$	3.80

Share Repurchases

In August 2022, our Board of Directors approved a $15.0 billion share repurchase authorization, of which approximately $7.5 billion remained available as of July 30, 2023. In August 2023, our Board of Directors approved a new $15.0 billion share repurchase authorization that replaced the August 2022 authorization and does not have a prescribed expiration date.

The following table presents information about our repurchases of common stock, all of which were completed through open market purchases:

in millions	Three Months Ended				Six Months Ended
	July 30, 2023		July 31, 2022		July 30, 2023		July 31, 2022
Total number of shares repurchased	7		5		17		12
Total cost of shares repurchased (1)	$	2,017	$	1,520	$	5,045	$	3,770

—————

(1) Effective January 1, 2023, the Company’s share repurchases are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. Excise taxes incurred on share repurchases represent direct costs of the repurchase and are recorded as a part of the cost basis of the shares within treasury stock.

The cost of shares repurchased may differ from the repurchases of common stock amounts in the consolidated statements of cash flows due to unsettled share repurchases at the end of a period and excise taxes incurred on share repurchases.