Share Repurchase

12 Months Ended

Feb. 01, 2020

We periodically repurchase shares of our common stock under a board-authorized repurchase program through a combination of open market transactions, accelerated share repurchase (ASR) arrangements, and other privately negotiated transactions with financial institutions.

In an ASR arrangement, in exchange for an up-front payment, we receive an initial delivery of shares of our common stock and at settlement may receive additional shares, cash, or a combination of both. The total number of shares ultimately repurchased and, therefore, the average repurchase price paid per share, is determined upon settlement of the ASR based on the volume-weighted average price of our common stock during the term of the contract, less an agreed-upon discount. We retire shares in the period they are received and account for the up-front payment as a reduction to Shareholders’ Investment.


Share Repurchase Activity (millions, except per share data)	2019		2018		2017
Total number of shares purchased	16.0		27.2		17.6
Average price paid per share	$	95.07	$	75.88	$	58.44
Total investment	$	1,518	$	2,067	$	1,026