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Net Income Per Share and Shareholders’ Equity (Deficit)
 3 Months Ended
May 03, 2025
Net Income Per Share and Shareholders’ Equity (Deficit) [Abstract]  
Earnings Per Share and Shareholders’ Equity (Deficit) Net Income Per Share and Shareholders’ Equity (Deficit)
Net Income Per Share
Net Income per Basic Share is computed based on the weighted-average number of common shares outstanding. Net Income per Diluted Share includes the weighted-average effect of dilutive restricted share units, performance share units and stock options (collectively, “Dilutive Awards”) on the weighted-average common shares outstanding.
The following table provides the weighted-average shares utilized for the calculation of Net Income per Basic and Diluted Share for the first quarters of 2025 and 2024:
 First Quarter
20252024
(in millions)
Common Shares229 240 
Treasury Shares(15)(15)
Basic Shares214 225 
Effect of Dilutive Awards1 1 
Diluted Shares215 226 
Anti-dilutive Awards (a)— 1 
 _______________
(a)These awards were excluded from the calculation of Net Income per Diluted Share because their inclusion would have been anti-dilutive.
Common Stock Repurchases and Retirements
Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs during the first quarters of 2025 and 2024:
Repurchase
Program		Amount
Authorized		Shares
Repurchased		Amount
Repurchased		Average Stock Price
202520242025202420252024
(in millions)(in thousands)(in millions)
February 2022$1,500 NA842 NA$39 NA$46.08 
January 2024500 460 1,329 $17 60 $37.67 45.32 
January 2025500 3,866 NA118 NA30.47 NA
Total4,326 2,171 $135 $99 
Shares repurchased under these programs are retired and cancelled upon repurchase. As a result, the Company retired the 4.326 million and 2.171 million shares repurchased during the first quarters of 2025 and 2024, respectively.
The January 2024 Program had $139 million of remaining authority as of February 1, 2025. There were share repurchases of $1 million as of February 1, 2025 and $5 million as of May 4, 2024 reflected in Accounts Payable on the Consolidated Balance Sheets.
On February 27, 2025, the Company cancelled the remaining $121 million authorization available under the January 2024 Program and began repurchasing shares under the January 2025 Program. The January 2025 Program had $382 million of remaining authority as of May 3, 2025.
Dividends
The Company paid the following dividends during the first quarters of 2025 and 2024:
Ordinary DividendsTotal Paid
(per share)(in millions)
2025
First Quarter$0.20 $43 
2024
First Quarter$0.20 $45 
In May 2025, the Company declared its second quarter 2025 ordinary dividend of $0.20 per share payable on June 20, 2025 to shareholders of record at the close of business on June 6, 2025.