Stock Repurchase Programs and Dividends

12 Months Ended

Feb. 02, 2025

Share-Based Payment Arrangement [Abstract]

Stock Repurchase Programs and Dividends

Stock Repurchase Programs and Dividends

Stock Repurchase Programs

During fiscal 2024, we repurchased 5,940,939 shares of our common stock at an average cost of $135.92 per share for an aggregate cost of $807.5 million, excluding excise taxes on stock repurchases (net of issuances) of $6.9 million. As of February 2, 2025, there was $192.5 million remaining under the $1.0 billion stock repurchase program we announced in March 2024. In September 2024, our Board of Directors authorized a new $1.0 billion stock repurchase program, which will become effective once the program we announced in March 2024 is fully utilized. As of February 2, 2025, the total stock repurchase authorization remaining under these programs was approximately $1.2 billion.

As of February 2, 2025, we held treasury stock of $0.4 million that represents the cost of shares available for issuance intended to satisfy future stock-based award settlements in certain foreign jurisdictions.

During fiscal 2023, we repurchased 5,243,722 shares of our common stock at an average cost of $59.69 per share for an aggregate cost of $313.0 million, excluding excise taxes on stock repurchases (net of issuances) of $2.5 million. During fiscal 2022, we repurchased 12,847,286 shares of our common stock at an average cost of $68.50 per share for an aggregate cost of $880.0 million.

Stock repurchases under our programs 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

On July 9, 2024, we effected a 2-for-1 stock split of our common stock through a stock dividend. The prior cash dividends per share have been retroactively adjusted to reflect the stock split. See Note A for further information.

Total cash dividends declared in fiscal 2024, fiscal 2023 and fiscal 2022, were approximately $293.2 million, or $2.28 per common share, $236.8 million, or $1.80 per common share and $216.3 million, or $1.56 per common share, respectively. In March 2025, we announced that our Board of Directors authorized a 16% increase in our quarterly cash dividend, from $0.57 to $0.66 per common share, subject to capital availability. Our quarterly cash dividend may be limited or terminated at any time.