STOCKHOLDERS' EQUITY

3 Months Ended

May. 01, 2016

Stockholders' Equity Attributable to Parent [Abstract]

STOCKHOLDER'S EQUITY

STOCKHOLDERS’ EQUITY

The Company’s Board of Directors authorized a $500.0 million three-year stock repurchase program effective June 3, 2015. Repurchases under the program may be made from time to time over the period through open market purchases, accelerated share repurchase programs, privately negotiated transactions or other methods, as the Company deems appropriate. Purchases are made based on a variety of factors, such as price, corporate requirements and overall market conditions, applicable legal requirements and limitations, restrictions under the Company’s debt arrangements, trading restrictions under the Company’s insider trading policy and other relevant factors. The program may be modified, including to increase or decrease the repurchase limitation or extend, suspend, or terminate the program, at any time, without prior notice.

During the thirteen weeks ended May 1, 2016, the Company purchased approximately 0.6 million shares of its common stock in open market transactions for $50.5 million (1.9 million shares for $176.7 million since inception) under the program. As of May 1, 2016, the repurchased shares were held as treasury stock and $323.3 million of the authorization remained available for future share repurchases.

Treasury stock activity also includes shares that were withheld in conjunction with the settlement of vested RSUs, PSUs and restricted stock to satisfy tax withholding requirements.