Repurchase of Common Stock

3 Months Ended

Apr. 29, 2023

Repurchase of Common Stock [Abstract]

Repurchase of Common Stock

9. Repurchase of Common Stock

On February 28, 2022, our Board of Directors approved a $5.0 billion share repurchase program, which replaced the $5.0 billion share repurchase program authorized on February 16, 2021. There is no expiration date governing the period over which we can repurchase shares under this authorization.

Information regarding share repurchases was as follows ($ and shares in millions, except per share amounts):

	Three Months Ended
	April 29, 2023		April 30, 2022
Total cost of shares repurchased	$	81	$	442
Average price per share	$	76.15	$	97.18
Total number of shares repurchased		1.1		4.5

As of April 29, 2023, $4.0 billion of the $5.0 billion share repurchase authorization was available. Between the end of the first quarter of fiscal 2024 on April 29, 2023, and May 31, 2023, we repurchased an incremental 0.3 million shares of our common stock at a cost of $24 million. We currently expect additional share repurchases in fiscal 2024.