Shareholders' Equity

6 Months Ended

Sep. 01, 2018

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders' Equity

The Company has authorization to make repurchases from time to time in the open market or through other parameters approved by the Board of Directors pursuant to existing rules and regulations.

Between December 2004 and September 2015, the Company's Board of Directors authorized, through several share repurchase programs, the repurchase of $11.950 billion of its shares of common stock. The Company also acquires shares of its common stock to cover employee related taxes withheld on vested restricted stock and performance stock unit awards. In the first six months of fiscal 2018, the Company repurchased approximately 3.4 million shares of its common stock for a total cost of approximately $62.7 million, bringing the aggregate total of common stock repurchased to approximately 204.7 million shares for a total cost of approximately $10.5 billion since the initial authorization in December 2004. The Company has approximately $1.4 billion remaining of authorized share repurchases as of September 1, 2018.

During fiscal 2016, the Company's Board of Directors authorized a quarterly dividend program. During the six months ended September 1, 2018 and August 26, 2017, total cash dividends of $43.4 million and $39.2 million were paid, respectively. Subsequent to the end of the second quarter of fiscal 2018, on September 26, 2018, the Company's Board of Directors declared a quarterly dividend of $0.16 per share to be paid on January 15, 2019 to shareholders of record as of the close of business on December 14, 2018. The Company expects to pay quarterly cash dividends on its common stock in the future, subject to the determination by the Board of Directors, based on an evaluation of the Company's earnings, financial condition and requirements, business conditions and other factors.

Cash dividends, if any, are accrued as a liability on the Company's consolidated balance sheets and recorded as a decrease to retained earnings when declared.