Securities Repurchase Program

9 Months Ended

Oct. 27, 2012

Notes to Financial Statements [Abstract]

Securities Repurchase Program

Securities Repurchase Program

On March 8, 2011, the Company’s Board of Directors approved a $200 million expansion of the Company’s existing securities repurchase program (the “Repurchase Program”), bringing the total authorized under the Repurchase Program to $600 million. The Repurchase Program will expire when the Company has repurchased all securities authorized for repurchase thereunder, unless terminated earlier by the Company’s Board of Directors. Purchases of shares of common stock may be made from time to time, subject to market conditions and at prevailing market prices, through open market purchases or in privately negotiated transactions. Repurchased shares of common stock increase treasury shares available for general corporate purposes. Pursuant to the Repurchase Program, the Company repurchased 3.1 million shares and 4.2 million shares of its common stock through open market purchases during the nine months ended October 27, 2012 and October 29, 2011, respectively, at a cost of $75.0 million and $100.0 million, respectively. There were no repurchases made under the Repurchase Program during the quarters ended October 27, 2012 and October 29, 2011. As of October 27, 2012 and November 28, 2012, the date of this filing, approximately $109.1 million remained available for share repurchases under the Repurchase Program.