Note 7 - Accumulated Other Comprehensive Loss

6 Months Ended

Jul. 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:

	July 29,			July 30,			January 28,
($ in millions)	2023			2022			2023
Foreign currency translation adjustments	$	(155	)	$	(182	)	$	(148	)
Hedge contracts		(5	)		(2	)		(3	)
Unrecognized pension cost and postretirement benefit		(237	)		(232	)		(241	)
	$	(397	)	$	(416	)	$	(392	)

The changes in AOCL for the twenty-six weeks ended July 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	)		4			—			(3	)
Reclassification of hedges, net of tax		—			(6	)		—			(6	)
Amortization of pension actuarial loss, net of tax		—			—			4			4
Other comprehensive income / (loss)		(7	)		(2	)		4			(5	)
Balance as of July 29, 2023	$	(155	)	$	(5	)	$	(237	)	$	(397	)

Reclassifications from AOCL for the twenty-six weeks ended July 29, 2023 were as follows:

($ in millions)
Reclassification of hedge loss:
Cross-currency swap	$	(6	)
Income tax		—
Reclassification of hedges, net of tax	$	(6	)
Amortization of actuarial loss:
Pension benefits	$	6
Income tax benefit		(2	)
Amortization of actuarial loss, net of tax	$	4
Total, net of tax	$	(2	)