Repurchase of Common Stock

6 Months Ended

Jul. 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				Six Months Ended
	July 29, 2023		July 30, 2022		July 29, 2023		July 30, 2022
Total cost of shares repurchased	$	69	$	10	$	150	$	452
Average price per share	$	76.88	$	83.71	$	76.48	$	96.83
Total number of shares repurchased		0.9		0.1		2.0		4.6

As of July 29, 2023, $4.0 billion of the $5.0 billion share repurchase authorization was available. Between the end of the second quarter of fiscal 2024 on July 29, 2023, and August 30, 2023, we repurchased an incremental 0.3 million shares of our common stock at a cost of $25 million. We currently expect to continue share repurchases throughout fiscal 2024, with the level of repurchases being slightly higher in the second half of the year than the first half of the year.