Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity

v3.21.1
Shareholders' Equity
12 Months Ended
Jan. 30, 2021
Stockholders Equity Note [Abstract]  
Shareholders' Equity

 

13.

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 310.5 million shares of common stock outstanding at January 30, 2021, and with 333.6 million shares of common stock issued and 309.0 million shares of common stock outstanding at February 1, 2020 (with shares held in the Company’s treasury being treated as issued, but not outstanding).

No shares of common stock were retired during 2020, 2019 and 2018.   

 

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 3, 2018

 

 

333,606

 

 

 

(946

)

 

 

(27,895

)

 

 

(28,841

)

 

 

304,765

 

Stock issued under stock plans

 

 

 

 

 

 

(106

)

 

 

2,756

 

 

 

2,650

 

 

 

2,650

 

Stock repurchases

 

 

 

 

 

 

 

 

 

 

(6

)

 

 

(6

)

 

 

(6

)

Deferred compensation plan distributions

 

 

 

 

 

 

111

 

 

 

 

 

 

 

111

 

 

 

111

 

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

 

 

Accumulated Other Comprehensive Loss

For the Company, the only component of accumulated other comprehensive loss for 2020, 2019 and 2018 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 10, Retirement Plans, and Note 11, Postretirement Health Care and Life Insurance Benefits, for further information.