Common Stock

12 Months Ended

Jan. 30, 2021

Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Common Stock

Common and Preferred Stock

The Company is authorized to issue 2.3 billion shares of common stock. We are also authorized to issue 60 million shares of Class B common stock, which is convertible into shares of common stock on a share-for-share basis. Transfer of the Class B shares is restricted. In addition, the holders of the Class B common stock have six votes per share on most matters and are entitled to a lower cash dividend. No Class B shares have been issued as of January 30, 2021.

The Company is authorized to issue 30 million shares of one or more series of preferred stock, which has a par value of $0.05 per share, and to establish at the time of issuance the issue price, dividend rate, redemption price, liquidation value, conversion features, and such other terms and conditions of each series (including voting rights) as the Board of Directors deems appropriate, without further action on the part of the stockholders. No preferred shares have been issued as of January 30, 2021.

Share Repurchases

Share repurchase activity is as follows:


	Fiscal Year
($ and shares in millions except average per share cost)	2020		2019		2018
Number of shares repurchased (1)	—		10		14
Total cost	$	—	$	200	$	398
Average per share cost including commissions	$	—	$	19.18	$	28.93

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(1)Excludes shares withheld to settle employee statutory tax withholding related to the vesting of stock units.

In March 2020, the Company announced its decision to suspend share repurchases through fiscal 2020.

In February 2016, the Board of Directors approved a $1.0 billion share repurchase authorization. The February 2016 repurchase program had $287 million remaining as of February 2, 2019.

In February 2019, the Board of Directors approved a new $1.0 billion share repurchase authorization which superseded and replaced the February 2016 repurchase program. The February 2019 repurchase program had $800 million remaining as of January 30, 2021.

All of the share repurchases were paid for as of February 1, 2020, and February 2, 2019. All common stock repurchased is immediately retired.