SHAREHOLDERS' EQUITY

12 Months Ended

Jan. 29, 2022

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

14.   SHAREHOLDERS’ EQUITY

Stock Repurchase Programs

On December 14, 2018 and September 2, 2019, the Board of Directors approved stock repurchase programs (“2018 Program" and "2019 Program", respectively) authorizing the repurchase of the Company’s outstanding common stock of up to 2.5 million shares in the 2018 Program and 5.0 million shares in the 2019 Program.  The Company can use the repurchase programs to repurchase shares on the open market or in private transactions from time to time, depending on market conditions.  The repurchase programs do not have an expiration date.  Repurchases of common stock are limited

under the Company’s debt agreements.  In total, 2.5 million shares have been repurchased under the 2018 Program and there are no additional shares authorized to be repurchased.  During 2021, the Company repurchased 661,265 shares under the 2019 Program.  There are 1,990,224 additional shares authorized to be repurchased under the 2019 Program as of January 29, 2022.  Subsequent to year-end, the Board of Directors authorized an additional 7,000,000 shares under the Company’s stock repurchase programs.  With this increase, the Company has 8,990,224 shares authorized to be repurchased under the repurchase programs.    

Repurchases Related to Employee Share-based Awards

During 2021, 2020 and 2019, employees tendered 205,213, 160,101 and 100,728 shares, respectively, related to certain share-based awards.  These shares were tendered in satisfaction of the exercise price of stock options and/or to satisfy tax withholding amounts for non-qualified stock options, restricted stock and stock performance awards.  Accordingly, these share repurchases are not considered a part of the Company’s publicly announced stock repurchase programs.

Accumulated Other Comprehensive Loss

The following table sets forth the changes in accumulated other comprehensive loss, net of tax, by component for 2021, 2020 and 2019:

			Pension and				Accumulated
	Foreign		Other				Other
	Currency		Postretirement		Derivative		Comprehensive
($ thousands)	Translation		Transactions (1)		Transactions (2)		(Loss) Income
Balance February 2, 2019	$	62	$	(31,055)	$	(608)	$	(31,601)
Other comprehensive (loss) income before reclassifications		(642)		(3,523)		315		(3,850)
Reclassifications:
Amounts reclassified from accumulated other comprehensive loss		—		4,590		256		4,846
Tax benefit		—		(1,183)		(55)		(1,238)
Net reclassifications		—		3,407		201		3,608
Other comprehensive (loss) income		(642)		(116)		516		(242)
Balance February 1, 2020	$	(580)	$	(31,171)	$	(92)	$	(31,843)
Other comprehensive income before reclassifications		469		20,351		87		20,907
Reclassifications:
Amounts reclassified from accumulated other comprehensive loss		—		2,418		6		2,424
Tax benefit		—		(623)		(1)		(624)
Net reclassifications		—		1,795		5		1,800
Other comprehensive income		469		22,146		92		22,707
Balance January 30, 2021	$	(111)	$	(9,025)	$	—	$	(9,136)
Other comprehensive loss before reclassifications		(677)		(116)		—		(793)
Reclassifications:
Amounts reclassified from accumulated other comprehensive loss		—		1,788		—		1,788
Tax benefit		—		(465)		—		(465)
Net reclassifications		—		1,323		—		1,323
Other comprehensive (loss) income		(677)		1,207		—		530
Balance January 29, 2022	$	(788)	$	(7,818)	$	—	$	(8,606)

(1) Amounts reclassified are included in other income, net.  Refer to Note 5 to the consolidated financial statements for additional information related to pension and other postretirement benefits.

(2) Amounts reclassified are included in net sales, costs of goods sold and selling and administrative expenses.  Refer to Note 1 to the consolidated financial statements for additional information related to derivative financial instruments.