Capital Stock

6 Months Ended

Jul. 29, 2023

Stockholders' Equity Note [Abstract]

Capital Stock

Capital Stock

Repurchases of Common Stock. On March 2, 2022 the Company announced that its Board of Directors had authorized a $150 million program to repurchase shares of the Company’s outstanding common stock through August 2023 in open market or private transactions. During the three months ended July 29, 2023, the Company did not repurchase any shares of its own common stock. As of July 29, 2023, $81.0 million of the authorization was available for repurchases. See Note 20, Subsequent Events, for information regarding a new authorization by the Company’s Board of Directors in August 2023.

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 six months ended July 29, 2023, $20.1 million was charged to retained earnings related to shares canceled during the period.