Shareholders' Equity

12 Months Ended

Jan. 29, 2022

Shareholders' Equity

Shareholders' Equity

Note 7. Shareholders’ Equity

Common Stock

We had 60 million shares of $1.00 par value per share common stock authorized for issuance as of January 29, 2022 and January 30, 2021. We had 17 million shares of common stock issued and outstanding as of January 29, 2022 and January 30, 2021.

Dividends

During Fiscal 2021, Fiscal 2020 and Fiscal 2019, we paid $28 million, $17 million and $25 million, respectively, of dividends to our shareholders. Although we have paid dividends in each quarter since we became a public company in July 1960, we may discontinue or modify dividend payments at any time if we determine that other uses of our capital, including payment of outstanding debt, funding of acquisitions, funding of capital expenditures or repurchases of outstanding shares, may be in our best interest; if our expectations of future cash flows and future cash needs outweigh the ability to pay a dividend; or if the terms of our credit facility, other debt instruments or applicable law limit our ability to pay dividends.

Share Repurchases

During Fiscal 2021, Fiscal 2020 and Fiscal 2019, we repurchased $8 million, $18 million and $0 million, respectively in open market transactions. Additionally, during Fiscal 2021, Fiscal 2020 and Fiscal 2019, we purchased $3 million, $2 million and $3 million, respectively, of shares from our employees to cover employee tax liabilities related to the vesting of shares of our stock.

On December 7, 2021, our Board of Directors authorized us to spend up to $150 million to repurchase shares of our stock in open market transactions. This authorization superseded and replaced all previous authorizations to repurchase shares of our stock and has no automatic expiration. As of January 29, 2022, $142 million of the authorization remained available for future repurchases of our common stock. Subsequent to January 29, 2022 and through March 28, 2022, we repurchased an additional 343,000 shares of our common stock for $29 million, pursuant to the Board of Directors’ authorization.

Preferred Stock

We had 30 million shares of $1.00 par value preferred stock authorized for issuance as of January 29, 2022 and January 30, 2021. No preferred shares were issued or outstanding as of January 29, 2022 or January 30, 2021.