STOCKHOLDERS' EQUITY

12 Months Ended

Jan. 29, 2017

Equity [Abstract]

STOCKHOLDERS' EQUITY

 STOCKHOLDERS’ EQUITY

Acquisition of Treasury Shares

The Company’s Board of Directors authorized a $500.0 million three-year stock repurchase program effective June 3, 2015. On March 21, 2017, the Board of Directors authorized a $750 million increase to the program and extended the program to June 3, 2020. Repurchases under the program may be made from time to time over the period through open market purchases, accelerated share repurchase programs, privately negotiated transactions or other methods, as the Company deems appropriate. Purchases are made based on a variety of factors, such as price, corporate requirements and overall market conditions, applicable legal requirements and limitations, restrictions under the Company’s debt arrangements, trading restrictions under the Company’s insider trading policy and other relevant factors. The program may be modified by the Board of Directors, including to increase or decrease the repurchase limitation or extend, suspend, or terminate the program, at any time, without prior notice.

During 2016 and 2015, the Company purchased 3.2 million shares and 1.3 million shares, respectively, of its common stock under the program in open market transactions for $315.1 million and $126.2 million, respectively. As of January 29, 2017, the repurchased shares were held as treasury stock and $58.7 million of the authorization remained available for future share repurchases.

Treasury stock activity also includes shares that were withheld in conjunction with the settlement of vested restricted stock, restricted stock units and performance share units to satisfy tax withholding requirements.

Common Stock Dividends

During each of 2016, 2015 and 2014, the Company paid four$0.0375 per share cash dividends on its common stock.