Stock Repurchase Activity

6 Months Ended

Jul. 31, 2021

Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]

On May 26, 2021, the Board of Directors ("Board") authorized the expansion and extension of our existing Stock Repurchase Program ("Program") by $500.0 million to a total of $800.0 million to repurchase our common stock through February 1, 2025. The Program's original authorization was approved in November 2015, in the amount of $300.0 million and prior to the Board's action, was scheduled to expire on January 29, 2022.

The Program authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management. In addition to the Program, we also acquire shares of our common stock from holders of restricted stock unit awards to satisfy tax withholding requirements due at vesting. Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the Program authorization.

The number of shares repurchased under the program and acquired from holders of restricted stock unit awards to satisfy tax withholding requirements were as follows:


	13-Weeks Ended				26-Weeks Ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020
Common stock repurchased under the Program	985,263		—		1,526,546		428,018
Aggregate cost of repurchases under the Program (in thousands)	$	83,163	$	—	$	120,477	$	9,748
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements (in thousands)	4,125		4,061		45,245		34,956
Tax withholding requirement	$	331	$	59	$	3,177	$	483

As of July 31, 2021, we had approximately $515.9 million remaining under the Program for stock repurchases.

For information regarding share repurchases subsequent to July 31, 2021, see Note 12, Subsequent Events.