Repurchase of Common Stock

9 Months Ended

Oct. 29, 2022

Repurchase of Common Stock [Abstract]

Repurchase of Common Stock

9. Repurchase of Common Stock

On February 28, 2022, our Board of Directors approved a new $5.0 billion share repurchase program, which replaced the $5.0 billion share repurchase program authorized on February 16, 2021. There is no expiration date governing the period over which we can repurchase shares under this authorization. Share repurchases resumed in fiscal November 2023 after pausing during the second quarter of fiscal 2023. We expect to spend approximately $1 billion in share repurchases in fiscal 2023.

Information regarding the shares we repurchased and retired was as follows ($ and shares in millions, except per share amounts):

	Three Months Ended				Nine Months Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
Total cost of shares repurchased	$	-	$	426	$	452	$	1,757
Average price per share	$	-	$	115.94	$	96.83	$	111.33
Number of shares repurchased		-		3.7		4.6		15.8

As of October 29, 2022, $4.7 billion of the $5.0 billion share repurchase authorization was available. Between the end of the third quarter of fiscal 2023 on October 29, 2022, and December 2, 2022, we repurchased an incremental 4.4 million shares of our common stock at a cost of $322 million.