XML 73 R54.htm IDEA: XBRL DOCUMENT v3.23.1
Share-Based Compensation (Tables)
12 Months Ended
Jan. 28, 2023
Share-Based Compensation [Abstract]  
Total Compensation Expense and the Related Tax Benefits Recognized

Share-Based Compensation Expense

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)

2022

    

2021

    

2020

Options and employee stock purchase plan

$

5

$

6

$

6

Restricted stock units and performance stock units

 

26

 

23

 

9

Total share-based compensation expense

$

31

$

29

$

15

Tax benefit recognized

$

3

$

3

$

2

Assumptions used to Compute Share-Based Compensation Expense

Stock Option Plans

Stock Purchase Plan

 

2022

    

2021

    

2020

    

2022

    

2021

    

2020

 

Weighted-average risk free rate of interest

1.8

%  

0.9

%  

0.5

%  

1.0

%  

0.1

%  

1.8

%

Expected volatility

35

%  

47

%  

37

%  

40.0

%  

45

%  

48

%

Weighted-average expected award life (in years)

3.9

 

5.5

 

4.9

 

1.0

 

1.0

 

1.0

Dividend yield

2.7

%  

1.5

%  

4.3

%  

2.6

%  

4.0

%  

4.2

%

Weighted-average fair value

$

10.80

$

20.22

$

5.03

$

18.46

$

9.61

$

13.97

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

 

3,211

 

$

48.84

Granted

 

590

 

 

31.71

Exercised

 

(207)

 

 

28.15

Expired or cancelled

 

(338)

 

 

41.22

Options outstanding at January 28, 2023

 

3,256

 

4.5

$

47.85

Options exercisable at January 28, 2023

 

2,535

 

3.3

$

52.36

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)

    

2022

2021

2020

Exercised

$

1

$

8

$

3

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)

2022

Outstanding

$

20

Outstanding and exercisable

$

11

Information about Stock Options Outstanding and Exercisable

The following table summarizes information about stock options outstanding and exercisable at January 28, 2023:

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

 

1,123

7.0

$

25.91

 

514

$

23.09

$39.17 - $48.98

 

459

2.9

 

44.84

 

445

 

45.02

$53.61 - $58.94

 

493

5.1

 

56.75

 

395

 

57.46

$62.02 - $72.83

1,181

2.4

 

66.14

 

1,181

 

66.14

 

3,256

 

4.5

$

47.85

 

2,535

$

52.36

Restricted Share and Unit Activity

RSU and PSU activity is summarized as follows:

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

 

1,242

 

 

31.42

Vested

 

(117)

 

 

54.29

Performance adjustment (1)

15

Forfeited

 

(539)

 

 

35.56

Nonvested at January 28, 2023

 

1,992

 

1.3

$

37.58

Aggregate value ($ in millions)

$

75

 

 

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