Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Oct. 29, 2011

Comprehensive Income

The Company's comprehensive income reflects the effects of foreign currency translation adjustments and recording the interest rate swaps entered into in March 2008 at fair value.  The following table provides a reconciliation of net income to total comprehensive income:

13 Weeks Ended
39 Weeks Ended
October 29,
October 30,
October 29,
October 30,
(In millions)
  Net income
  $ 104.5     $ 93.2     $ 300.4     $ 234.8  
  Foreign currency translation adjustments
    (3.6 )     -       0.4       -  
  Fair value adjustment-derivative cash
    flow hedging instrument, net of tax
    -       1.0       0.4       2.5  
  Income tax expense
            (0.4 )     -       (1.0 )
      (3.6 )     0.6       0.8       1.5  
  Total comprehensive income
  $ 100.9     $ 93.8     $ 301.2     $ 236.3  

Share Repurchase Program

On August 24, 2011, the Company entered into an agreement to repurchase $200.0 million of the Company’s common shares under an Accelerated Share Repurchase Agreement (ASR).  The entire $200.0 million was subject to a “collar” agreement.  Under this agreement, the Company initially received 2.6 million shares through September 2, 2011, representing 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 maximum number of shares that can be received under the agreement is 2.9 million.  The number of shares is determined based on the weighted average market price of the Company’s common stock, less a discount, during a specified period of time.  The repurchase period ranged from five to twelve weeks from August 24, 2011. The weighted average market price through October 29, 2011 as defined in the “collared” agreement was $76.42.  Therefore, if the transaction had settled on October 29, 2011, the Company would have received an additional 0.1 million shares under the “collared” agreement.  Based on the applicable accounting literature, these additional shares were not included in the weighted average diluted earnings per share calculation because their effect would be antidilutive.  Based on the hedge period reference price of $71.22, there is approximately $18.2 million of the $200.0 million related to the agreement, as of October 29, 2011, that is recorded as a reduction to shareholders’ equity pending final settlement of the agreement.  The ASR concluded in November which resulted in the Company receiving an additional 0.1 million shares.

The Company also repurchased on the open market, approximately 0.8 million and 2.6 million shares of common stock for approximately $49.1 million and $145.9 million, respectively, during the 13 and 39 weeks ended October 29, 2011.

In October 2011, the Company’s Board of Directors authorized the repurchase of an additional $1.5 billion of the Company’s common stock, which was in addition to the June 2010 authorization.  As of October 29, 2011, the Company has $1.5 billion remaining under repurchase authorizations.