XML 61 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Stock Repurchase Program
8 Months Ended
May 09, 2020
Stock Repurchase Program [Abstract]  
Stock Repurchase Program

Note H – Stock Repurchase Program

From January 1, 1998 to May 9, 2020, the Company has repurchased a total of 147.7 million shares of its common stock at an aggregate cost of $22.354 billion, including 826,002 shares of its common stock at an aggregate cost of $930.9 million during the thirty-six week period ended May 9, 2020.

On October 7, 2019, the Board voted to increase the repurchase authorization by $1.25 billion. This raised the total value of shares authorized to be repurchased to $23.15 billion. Considering the cumulative repurchases as of May 9, 2020, the Company had $795.9 million remaining under the Board’s authorization to repurchase its common stock.

During the thirty-six week period ended May 9, 2020, the Company retired 1.9 million shares of treasury stock which had previously been repurchased under the Company’s share repurchase program. The retirement increased Retained deficit by $1.879 billion and decreased Additional paid-in capital by $99.7 million. During the comparable prior year period, the Company retired 2.6 million shares of treasury stock, which increased Retained deficit by $1.707 billion and decreased Additional paid-in capital by $125.4 million.

During the twelve week period ended May 9, 2020, the Company temporarily ceased share repurchases under its share repurchase program to conserve liquidity in response to the uncertainty related to COVID-19, and the Company will continue to evaluate current and expected business conditions and resume share repurchases under its share repurchase program when the Company deems appropriate.