STOCK REPURCHASE PROGRAM AND DIVIDENDS

3 Months Ended

May 02, 2021

Equity [Abstract]

STOCK REPURCHASE PROGRAM AND DIVIDENDS

STOCK REPURCHASE PROGRAM AND DIVIDENDS

Stock Repurchase Program

In March 2021, our Board of Directors authorized a new stock repurchase program for $1,000,000,000, which replaced our existing program. During the thirteen weeks ended May 2, 2021, we repurchased 1,790,725 shares of our common stock at an average cost of $176.20 per share for a total cost of approximately $315,529,000 under our prior and new stock repurchase programs. As of May 2, 2021, there was approximately $703,833,000 remaining under our current stock repurchase program. During the thirteen weeks ended May 3, 2020, we did not repurchase any shares of our common stock. As of May 2, 2021 and May 3, 2020, we held treasury stock of $711,000 and $599,000, respectively, that represents the cost of shares available for issuance that are intended to satisfy future stock-based award settlements in certain foreign jurisdictions.

Stock repurchases under our program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, capital availability and other market conditions.

Dividends

In March 2021, our Board of Directors authorized a $0.06, or 11.3%, increase in our quarterly cash dividend, from $0.53 to $0.59 per common share, subject to capital availability. We declared cash dividends of $0.59 and $0.48 per common share during the thirteen weeks ended May 2, 2021 and May 3, 2020, respectively. Our quarterly cash dividend may be limited or terminated at any time.