Retirement Plans and Other Benefits (Tables)

12 Months Ended

Jan. 28, 2023

Defined Benefit Plan Disclosure [Line Items]

Changes in Benefit Obligations and Plan Assets, Funded Status, and Amounts Recognized in Consolidated Balance Sheets

The following tables set forth the plans’ changes in benefit obligations and plan assets, funded status, and amounts recognized in the Consolidated Balance Sheets:

($ in millions)	2022		2021
Change in benefit obligation
Benefit obligation at beginning of year	$	674	$	753
Service cost		14		16
Interest cost		21		18
Plan participants’ contributions		—		—
Actuarial gains		(93)		(55)
Foreign currency translation adjustments		(2)		(1)
Benefits paid		(48)		(55)
Settlement		—		(2)
Benefit obligation at end of year	$	566	$	674
Change in plan assets
Fair value of plan assets at beginning of year	$	676	$	716
Actual return on plan assets		(83)		11
Employer contributions		3		3
Foreign currency translation adjustments		(2)		1
Benefits paid		(48)		(55)
Fair value of plan assets at end of year	$	546	$	676
Funded status	$	(20)	$	2
Amounts recognized on the balance sheet:
Other assets	$	4	$	21
Accrued and other liabilities		(3)		(3)
Other liabilities		(21)		(16)
	$	(20)	$	2

Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets

Accordingly, the table below reflects the U.S. non-qualified plans for 2022 and 2021 and the U.S. qualified plan for 2022.

Changes in Accumulated Other Comprehensive Loss (Pre-Tax)

($ in millions)	2022		2021
Projected benefit obligation	$	533	$	20
Accumulated benefit obligation		533		20
Fair value of plan assets		509		—

21. Retirement Plans and Other Benefits (continued)

The following table provides the amounts recognized in AOCL on a pre-tax basis:

($ in millions)
Net actuarial loss at beginning of year	$	320
Amortization of net loss		(10)
Loss arising during the year		21
Foreign currency fluctuations		(2)
Net actuarial loss at end of year	$	329

Assumptions Used in the Calculation of Net Benefit Cost

Assumptions used in the calculation of net benefit cost include the discount rate selected and disclosed at the end of the previous year, as well as other assumptions detailed in the table below:

	2022		2021		2020
Discount rate	3.2	%	2.5	%	2.9	%
Rate of compensation increase	3.6	%	3.6	%	3.6	%
Expected long-term rate of return on assets	4.8	%	5.3	%	5.5	%

Net Benefit Expense (Income)

The following are the components of net periodic pension benefit cost.

($ in millions)	2022		2021		2020
Service cost	$	14	$	16	$	14
Interest cost		21		18		21
Expected return on plan assets		(31)		(35)		(37)
Amortization of net loss		10		10		12
Net benefit expense	$	14	$	9	$	10

Estimated Future Benefit Payments

Estimated future benefit payments for each of the next five years and the five years thereafter are as follows:

($ in millions)
2023	$	68
2024		50
2025		47
2026		46
2027		44
2028-2032		198

United States

Defined Benefit Plan Disclosure [Line Items]

Fair Value of Pension Plan Assets

The fair values of the U.S. pension plan assets at January 28, 2023 and January 29, 2022 were as follows:

($ in millions)	Level 1		Level 2		Level 3		2022 Total		2021 Total
Cash	$	2	$	—	$	—	$	2	$	—
Cash equivalents		—		1		—		1		4
Commingled funds:
Equity securities		—		130		—		130		163
Fixed-income securities		—		341		—		341		425
Real estate securities		—		8		—		8		9
Corporate stock		17		—		—		17		18
Mutual fund		10		—		—		10		12
Total assets at fair value	$	29	$	480	$	—	$	509	$	631

Canadian Qualified Pension Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value of Pension Plan Assets

The fair values of the Canadian pension plan assets at January 28, 2023 and January 29, 2022 were as follows:

($ in millions)	Level 1		Level 2		Level 3		2022 Total		2021 Total
Cash equivalents	$	—	$	6	$	—	$	6	$	6
Equity securities:
Canadian and international		3		—		—		3		3
Fixed-income securities:
Cash matched bonds		—		28		—		28		36
Total assets at fair value	$	3	$	34	$	—	$	37	$	45

Benefit Obligations [Member]

Defined Benefit Plan Disclosure [Line Items]

Assumptions Used in the Calculation of Net Benefit Cost

The following weighted-average assumptions were used to determine the benefit obligations under the plans:

	2022		2021
Discount rate	5.0	%	3.2	%
Rate of compensation increase	3.6	%	3.6	%