Note 7 - Accumulated Other Comprehensive Loss

3 Months Ended

Apr. 29, 2023

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

7. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss (“AOCL”), net of tax, is comprised of the following:

	April 29,			April 30,			January 28,
($ in millions)	2023			2022			2023
Foreign currency translation adjustments	$	(155	)	$	(151	)	$	(148	)
Hedge contracts		(2	)		1			(3	)
Unrecognized pension cost and postretirement benefit		(239	)		(234	)		(241	)
	$	(396	)	$	(384	)	$	(392	)

The changes in AOCL for the thirteen weeks ended April 29, 2023 were as follows:

	Foreign						Items Related
	Currency						to Pension and
	Translation			Hedge			Postretirement
($ in millions)	Adjustments			Contracts			Benefits			Total
Balance as of January 28, 2023	$	(148	)		(3	)	$	(241	)	$	(392	)
OCI before reclassification		(7	)		3			—			(4	)
Reclassification of hedges, net of tax		—			(2	)		—			(2	)
Amortization of pension actuarial loss, net of tax		—			—			2			2
Other comprehensive income		(7	)		1			2			(4	)
Balance as of April 29, 2023	$	(155	)	$	(2	)	$	(239	)	$	(396	)

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

7. Accumulated Other Comprehensive Loss (continued)

Reclassifications from AOCL for the thirteen weeks ended April 29, 2023 were as follows:

($ in millions)
Reclassification of hedge loss:
Cross-currency swap	$	(2	)
Income tax		—
Reclassification of hedges, net of tax	$	(2	)
Amortization of actuarial loss:
Pension benefits	$	3
Income tax benefit		(1	)
Amortization of actuarial loss, net of tax	$	2
Total, net of tax	$	—