Stockholders' Equity

12 Months Ended

Jan. 30, 2022

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Stock Rollforward

The following table presents a reconciliation of the number of shares of our common stock and cash dividends per share:

shares in millions	Fiscal		Fiscal		Fiscal
	2021		2020		2019
Common stock:
Balance at beginning of year	1,789		1,786		1,782
Shares issued under employee stock plans	3		3		4
Balance at end of year	1,792		1,789		1,786
Treasury stock:
Balance at beginning of year	(712)		(709)		(677)
Repurchases of common stock	(45)		(3)		(32)
Balance at end of year	(757)		(712)		(709)
Shares outstanding at end of year	1,035		1,077		1,077
Cash dividends per share	$	6.60	$	6.00	$	5.44

Share Repurchases

In May 2021, our Board of Directors approved a $20.0 billion share repurchase authorization. This new authorization replaced the previous authorization of $15.0 billion, which was approved February 2019, and does not have a prescribed expiration date. As of January 30, 2022, approximately $9.6 billion of the $20.0 billion share repurchase authorization remained available.

In March 2020, we suspended our share repurchases to enhance our liquidity position during the COVID-19 pandemic. We resumed share repurchases in the first quarter of fiscal 2021.

The following table presents information about our repurchases of common stock, all of which were completed through open market purchases, with the exception of the shares repurchased during fiscal 2019 through ASR agreements noted below:

	Fiscal		Fiscal		Fiscal
in millions	2021		2020		2019
Total number of shares repurchased	45		3		32
Total cost of shares repurchased	$	15,001	$	597	$	7,000

These amounts may differ from the repurchases of common stock amounts in the consolidated statements of cash flows due to unsettled share repurchases at the end of a period.

Accelerated Share Repurchase Agreements

We enter into ASR agreements from time to time with third-party financial institutions to repurchase shares of our common stock. Under an ASR agreement, we pay a specified amount to the financial institution and receive an initial delivery of shares. This initial delivery of shares represents the minimum number of shares that we may receive under the agreement. Upon settlement of the ASR agreement, the financial institution delivers additional shares, with the final number of shares delivered determined with reference to the volume weighted average price per share of our common stock over the term of the agreement, less a negotiated discount. The transactions are accounted for as equity transactions and are included in treasury stock when the shares are received, at which time there is an immediate reduction in the weighted average common shares calculation for basic and diluted earnings per share.

The following table presents the terms of each ASR agreement entered into during the last three fiscal years, structured as outlined above (in millions):

Agreement Date	Settlement Date	Agreement Amount	Initial Shares Delivered	Additional Shares Delivered	Total Shares Delivered
Q3 2019	Q4 2019	820	3.2	0.4	3.6