Capital Stock

9 Months Ended

Oct. 28, 2023

Stockholders' Equity Note [Abstract]

Capital Stock

Capital Stock

Repurchases of Common Stock. On August 23, 2023 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 February 2025 in open market or private transactions. During the three months ended October 28, 2023, the Company did not repurchase any shares of its own common stock. As of October 28, 2023, $150.0 million of the authorization was available for repurchases.

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 nine months ended October 28, 2023, $20.1 million was charged to retained earnings related to shares canceled during the period.