Shareholders' Equity

12 Months Ended

Jan. 29, 2022

Stockholders Equity Note [Abstract]

Shareholders' Equity

11. Shareholders’ Equity

The authorized shares of the Company consist of 125 million shares of preferred stock (“Preferred Stock”), par value of $0.01 per share, with no shares issued, and 1,000 million shares of common stock, par value of $0.01 per share, with 333.6 million shares of common stock issued and 292.4 million shares of common stock outstanding at January 29, 2022, and with 333.6 million shares of common stock issued and 310.5 million shares of common stock outstanding at January 30, 2021 (with shares held in the Company’s treasury being treated as issued, but not outstanding).

No shares of common stock were retired during 2021, 2020 and 2019. 

On August 19, 2021, the Company announced that its Board of Directors authorized a new $500 million share repurchase program, and as of January 29, 2022, the Company has completed the share repurchase under this authorization with the purchase of 20.5 million shares. On February 22, 2022, the Company announced that its Board of Directors authorized a new $2 billion share repurchase program, which does not have an expiration date.

Common Stock

The holders of the common stock are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders. Subject to preferential rights that may be applicable to any Preferred Stock, holders of common stock are entitled to receive ratably such dividends as may be declared by the Board of Directors in its discretion, out of funds legally available.

Treasury Stock

Treasury stock contains shares repurchased under the share repurchase program, shares repurchased to cover employee tax liabilities related to stock plan activity and shares maintained in a trust related to deferred compensation plans. Under the deferred compensation plans, shares are maintained in a trust to cover the number estimated to be needed for distribution on account of stock credits currently outstanding.

Changes in the Company’s common stock issued and outstanding, including shares held by the Company’s treasury, are as follows:

			Treasury Stock
	Common Stock Issued		Deferred Compensation Plans			Other			Total			Common Stock Outstanding
	(thousands)
Balance at February 2, 2019		333,606		(941	)		(25,145	)		(26,086	)		307,520
Stock issued under stock plans				(130	)		1,510			1,380			1,380
Stock repurchases							(38	)		(38	)		(38	)
Deferred compensation plan distributions				169						169			169
Balance at February 1, 2020		333,606		(902	)		(23,673	)		(24,575	)		309,031
Stock issued under stock plans				(127	)		1,577			1,450			1,450
Stock repurchases							(79	)		(79	)		(79	)
Deferred compensation plan distributions				98						98			98
Balance at January 30, 2021		333,606		(931	)		(22,175	)		(23,106	)		310,500
Stock issued under stock plans				(277	)		2,454			2,177			2,177
Stock repurchases							(20,511	)		(20,511	)		(20,511	)
Deferred compensation plan distributions				193						193			193
Balance at January 29, 2022		333,606		(1,015	)		(40,232	)		(41,247	)		292,359

Accumulated Other Comprehensive Loss

For the Company, the only component of accumulated other comprehensive loss for 2021, 2020 and 2019 relates to post employment and postretirement plan items. The net actuarial gains and losses and prior service costs and credits related to post employment and postretirement benefit plans are reclassified out of accumulated other comprehensive loss and included in the computation of net periodic benefit cost (income) and are included in benefit plan income, net in the Consolidated Statements of Operations. In addition, the Company incurred the pro-rata recognition of net actuarial losses associated with an increase in lump sum distributions associated with store closings, organizational restructuring, and periodic distribution activity as settlement charges in the Consolidated Statements of Operations. See Note 9, Retirement Plans, for further information.