STOCK REPURCHASE PROGRAM AND DIVIDENDS

6 Months Ended

Jul. 31, 2022

Equity [Abstract]

STOCK REPURCHASE PROGRAM AND DIVIDENDS

STOCK REPURCHASE PROGRAM AND DIVIDENDS

Stock Repurchase Program

During the thirteen weeks ended July 31, 2022, we repurchased 2,188,037 shares of our common stock at an average cost of $121.27 per share for a total cost of $265.3 million. During the twenty-six weeks ended July 31, 2022, we repurchased 5,567,768 shares of our common stock at an average cost of $137.65 per share for a total cost of $766.4 million. As of July 31, 2022, there was $803.6 million remaining under our current stock repurchase program. During the thirteen weeks ended August 1, 2021, we repurchased 834,294 shares of our common stock at an average cost of $162.84 per share for a total cost of $135.9 million. During the twenty-six weeks ended August 1, 2021, we repurchased 2,625,019 shares of our common stock at an average cost of $171.96 per share for a total cost of $451.4 million.

Stock repurchased by the Company is typically cancelled after purchasing. However, we hold some shares in treasury to satisfy future stock-based award settlements in certain foreign jurisdictions. We held treasury stock of $0.7 million as of July 31, 2022 and August 1, 2021.

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

We declared cash dividends of $0.78 and $0.59 per common share during the thirteen weeks ended July 31, 2022 and August 1, 2021, respectively. We declared cash dividends of $1.56 and $1.18 per common share during the twenty-six weeks ended July 31, 2022 and August 1, 2021, respectively. Our quarterly cash dividend may be limited or terminated at any time.