Capital Stock

12 Months Ended

Jan. 25, 2020

Stockholders' Equity Note [Abstract]

Repurchases of Common Stock. We did not repurchase any of our common stock during fiscal 2020 or fiscal 2019. The following table summarizes our share repurchases during the 2018 transition period and fiscal 2017 (all shares repurchased have been canceled):



Period	Number of Shares Repurchased	Total Consideration (In thousands)		Average Price Per Share
2018 Transition Period	200,000	$	16,875	$	84.38
Fiscal 2017	713,006	$	62,909	$	88.23

Fiscal 2019. On August 29, 2018, we announced that our Board of Directors had authorized a $150.0 million program to repurchase shares of the Company’s outstanding common stock through February 2020 in open market or private transactions. No repurchases were made under this authorization, and, as of February 2020, the authorization expired.

2018 Transition Period. We repurchased 200,000 shares of our common stock, at an average price of $84.38 per share, for $16.9 million during the 2018 transition period. As of January 27, 2018, $95.2 million remained available for repurchases through August 2018.

Fiscal 2017. As of the beginning of fiscal 2017, we had $100.0 million available for share repurchases through October 2017 under our April 26, 2016 repurchase authorization. During the second quarter of fiscal 2017, we repurchased 313,006 shares of our common stock, at an average price of $79.87, for $25.0 million. During the third quarter of fiscal 2017, our Board of Directors extended the term of the $75.0 million remaining available under the April 26, 2016 authorization through August 2018. In connection with the extension of this authorization, our Board of Directors also authorized an additional $75.0 million to repurchase shares of the Company’s common stock through August 2018 in open market or private transactions. We repurchased 400,000 shares of our common stock, at an average price of $94.77 per share, for $37.9 million during the third quarter of fiscal 2017.

Restricted Stock Tax Withholdings. During fiscal 2020, fiscal 2019, the 2018 transition period, and fiscal 2017, we withheld 36,426 shares, 73,300 shares, 117,426 shares, and 134,736 shares, respectively, totaling $1.7 million, $4.7 million, $12.6 million, and $10.8 million, respectively, to meet payroll tax withholdings obligations arising from the vesting of restricted share units. All shares withheld have been canceled. Shares of common stock withheld for tax withholdings do not reduce our total share repurchase authority.

Upon cancellation of shares repurchased or withheld for tax withholdings, the excess over par value is recorded as a reduction of additional paid-in capital until the balance is reduced to zero, with any additional excess recorded as a reduction of retained earnings. During the 2018 transition period and fiscal 2017, $11.5 million and $42.8 million, respectively, was charged to retained earnings related to shares canceled during the respective fiscal year.