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Share-Based Compensation (Tables)
12 Months Ended
Jan. 30, 2021
Share-Based Compensation [Abstract]  
Total Compensation Expense and the Related Tax Benefits Recognized

Total compensation expense included in SG&A and the associated tax benefits recognized related to our share-based compensation plans, were as follows:

($ in millions)

    

2020

    

2019

    

2018

Options and shares purchased under the ESPP

$

6

$

6

$

7

Restricted stock and restricted stock units

 

9

 

12

 

15

Total share-based compensation expense

$

15

$

18

$

22

Tax benefit recognized

$

2

$

2

$

3

Assumptions used to Compute Share-Based Compensation Expense

The following table shows the assumptions used to compute the share-based compensation expense:

Stock Option Plans

Stock Purchase Plan

 

    

2020

    

2019

    

2018

    

2020

    

2019

    

2018

 

Weighted-average risk free rate of interest

 

0.5

%  

2.2

%  

2.7

%  

1.8

%  

2.2

%  

2.0

%

Expected volatility

 

37

%  

38

%  

37

%  

48

%  

54

%  

50

%

Weighted-average expected award life (in years)

 

4.9

 

5.5

 

5.5

 

1.0

 

1.0

 

1.0

Dividend yield

 

4.3

%  

2.6

%  

3.1

%  

4.2

%  

3.1

%  

2.0

%

Weighted-average fair value

$

5.03

$

17.07

$

12.42

$

13.97

$

16.68

$

15.29

Options Granted under Stock Option Plans

The information set forth in the following table covers options granted under our stock option plans:

    

    

Weighted-

    

Weighted-

Number

Average

Average

of

Remaining

Exercise

Shares

Contractual Life

Price

(in thousands)

(in years)

(per share)

Options outstanding at the beginning of the year

 

2,881

 

$

54.21

Granted

 

1,069

 

 

21.61

Exercised

 

(165)

 

 

23.36

Expired or cancelled

 

(245)

 

 

34.47

Options outstanding at January 30, 2021

 

3,540

 

5.7

$

47.17

Options exercisable at January 30, 2021

 

2,403

 

4.2

$

55.81

Total Intrinsic Value of Options Exercised

The total intrinsic value of options exercised (the difference between the market price of the Company’s common stock on the exercise date and the price paid by the optionee to exercise the option) is presented below:

($ in millions)

2020

2019

2018

Exercised

$

3

$

5

$

4

Aggregate Intrinsic Value for Stock Options Outstanding and Exercisable

The aggregate intrinsic value for stock options outstanding, and those outstanding and exercisable (the difference between the closing stock price on the last trading day of the period and the exercise price of the options, multiplied by the number of in-the-money stock options) is presented below:

($ in millions)

2020

Outstanding

$

24

Outstanding and exercisable

$

5

Information about Stock Options Outstanding and Exercisable

The following table summarizes information about stock options outstanding and exercisable at January 30, 2021:

Options Outstanding

Options Exercisable

Weighted-

Average

Weighted-

Weighted-

Remaining

Average

Average

Range of Exercise

Number

Contractual

Exercise

Number

Exercise

Prices

    

Outstanding

    

Life

    

Price

    

Exercisable

    

Price

 

(in thousands, except prices per share and contractual life)

$18.84 to $23.09

 

937

 

8.7

$

21.55

 

60

$

20.72

$24.75 to $36.51

 

329

 

2.3

33.01

 

326

32.98

$44.78 to $45.75

 

537

 

4.9

44.91

 

447

44.94

$46.64 to $62.11

 

869

 

5.0

60.12

 

703

60.50

$63.33 to $73.21

868

4.8

68.60

 

867

68.60

 

3,540

 

5.7

$

47.17

 

2,403

$

55.81

Restricted Share and Unit Activity

Weighted-Average

Number

Remaining

Weighted-Average

of

Contractual

Grant Date

Shares

Life

Fair Value

    

(in thousands)

    

(in years)

    

(per share)

Nonvested at beginning of year

 

936

 

$

49.25

Granted (1)

 

639

 

 

28.69

Vested

 

(121)

 

 

53.27

Performance adjustment (2)

51

Forfeited

 

(157)

 

 

38.41

Nonvested at January 30, 2021

 

1,348

 

1.3

$

38.48

Aggregate value ($ in millions)

$

52

 

  

 

(1)Included in the units granted are approximately 0.2 million performance-based RSUs. The number of performance-based RSUs that are ultimately earned may vary from 0% to 200% of target depending on the achievement relative to predefined financial performance targets.
(2)This represents adjustments made to performance-based RSU awards and reflect changes in estimates based upon our current performance against predefined financial targets.