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SHAREHOLDERS' EQUITY (Notes)
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9 Months Ended |
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Nov. 02, 2013
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| Shareholders' equity: [Abstract] | |
| SHAREHOLDERS' EQUITY |
SHAREHOLDERS' EQUITY
Share Repurchase Program
On September 17, 2013, the Company entered into two $500.0 million variable maturity accelerated share repurchase agreements to repurchase $1.0 billion of the Company’s common shares in the aggregate. One agreement is collared and the other is uncollared.
The number of shares to be received by the Company under the collared agreement is determined based on the weighted average market price of the Company’s common stock, less a discount, during a calculation period ending on or before June 2014, subject to a minimum and maximum number of shares. Under this agreement, the Company initially received 4.5 million shares through October 5, 2013. The Company received an additional 3.3 million shares through November 2, 2013 for a total of 7.8 million shares received during the 13 weeks ended November 2, 2013. This represents the minimum number of shares to be received based on a calculation using the "cap" or high-end of the price range of the "collar".
The number of shares to be received by the Company under the uncollared agreement is determined based on the weighted average market price of the Company's common stock, less a discount, during a calculation period ending on or before June 2014. The Company received an initial delivery of 7.2 million shares during the 13 weeks ended November 2, 2013. If the actual number of shares to be repurchased under the agreement exceeds the number of shares initially delivered, the Company will receive the excess shares at the end of the calculation period. If the number of shares initially delivered exceeds the actual number of shares to be repurchased, the Company will pay or deliver an amount equal to that excess in either cash or shares at the Company's election.
During the 39 weeks ended November 2, 2013, the Company repurchased approximately 2.4 million shares of common stock on the open market for approximately $112.1 million. During the 13 weeks ended November 2, 2013 the Company did not repurchase any shares of common stock on the open market.
In September 2013, the Company's Board of Directors authorized the repurchase of $2.0 billion of its common stock. The authorization replaces all previously announced share repurchase authorizations. As of November 2, 2013, the Company has $1.0 billion remaining under Board repurchase authorization.
Share Authorization
On June 20, 2013, the shareholders approved an amendment to the Company’s Articles of Incorporation to increase the authorized shares of the Company’s common stock from four hundred million to six hundred million shares.
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