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Share-Based Compensation (Tables)
6 Months Ended
Jul. 30, 2022
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:

Thirteen weeks ended

Twenty-six weeks ended

July 30,

July 31,

July 30,

July 31,

($ in millions)

2022

2021

2022

2021

Options and employee stock purchase plan

$

2

$

2

$

3

$

4

Restricted stock units and performance stock units

 

7

 

6

 

13

 

12

Total share-based compensation expense

$

9

$

8

$

16

$

16

Tax benefit recognized

$

1

$

1

$

2

$

2

Assumptions used to Compute Share-Based Compensation Expense

The table below shows assumptions used to compute share-based compensation expense for awards granted during the twenty-six weeks ended July 30, 2022 and July 31, 2021.

Stock Option Plans

Stock Purchase Plan

July 30,

July 31,

July 30,

July 31,

    

2022

    

2021

    

2022

    

2021

    

Weighted-average risk free rate of interest

 

2.3

%  

0.9

%  

0.4

%  

0.2

%  

Expected volatility

 

48.2

%  

47

%  

40

%  

48

%  

Weighted-average expected award life (in years)

 

5.3

 

5.5

 

1.0

 

1.0

 

Dividend yield

 

3.7

%  

1.5

%  

2.0

%  

5.0

%  

Weighted-average fair value

$

10.5

$

20.22

$

23.47

$

7.84

Options Granted under 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

 

3,211

 

$

48.84

Granted

 

522

 

 

31.02

Exercised

 

(116)

 

 

26.15

Expired or cancelled

 

(148)

 

 

51.29

Options outstanding at July 30, 2022

 

3,469

 

5.1

$

46.82

Options exercisable at July 30, 2022

 

2,635

 

3.9

$

51.67

Options available for future grant at July 30, 2022

1,837

Total Intrinsic Value of Options Exercised

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

Thirteen weeks ended

Twenty-six weeks ended

July 30,

July 31,

July 30,

July 31,

($ in millions)

    

2022

    

2021

    

2022

    

2021

Exercised

$

$

5

$

$

8

Aggregate Intrinsic Value for Stock Options Outstanding and Exercisable

The aggregate intrinsic value for stock options outstanding, and outstanding and exercisable (the difference between our 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:

Twenty-six weeks ended

July 30,

July 31,

($ in millions)

2022

2021

Outstanding

$

5

$

40

Outstanding and exercisable

$

3

$

20

Information about Stock Options Outstanding and Exercisable

The table below summarizes information about stock options outstanding and exercisable at July 30, 2022.

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)

$21.60 - $36.51

 

1,326

7.4

$

26.37

 

601

$

24.21

$44.78 - $48.98

 

449

3.3

 

45.02

 

448

 

45.02

$53.61 - $58.94

 

506

5.8

 

56.68

 

398

 

57.44

$62.02 - $72.83

1,188

3.0

 

66.13

 

1,188

 

66.13

 

3,469

 

5.1

$

46.82

 

2,635

$

51.67

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

 

1,391

 

$

43.95

Granted

 

1,026

 

 

30.22

Vested

 

(110)

 

 

55.58

Performance adjustment (1)

(60)

Forfeited

 

(92)

 

 

34.41

Nonvested at July 30, 2022

 

2,155

 

1.8

$

36.95

Aggregate value ($ in millions)

$

80

 

  

 

(1)This represents adjustments made to PSUs reflecting changes in estimates based upon our current performance against predefined financial targets.