Note 3 - Segment Information

12 Months Ended

Feb. 03, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

3. Segment Information

We evaluate performance based on several factors, of which the primary financial measure is the banner’s financial results referred to as division profit. Division profit reflects income before income taxes, impairment and other, corporate expense, interest expense, net and other (expense) income, net.

The following table summarizes our results:

($ in millions)	2023			2022			2021
Division profit	$	264		$	844		$	1,171
Less: Impairment and other (1)		80			112			172
Less: Corporate expense (2)		42			151			129
Income from operations		142			581			870
Interest expense, net		(9	)		(15	)		(14	)
Other (expense) income, net (3)		(556	)		(42	)		384
(Loss) income from continuing operations before income taxes	$	(423	)	$	524		$	1,240

(1) See Note 4, Impairment and Other for additional information on these amounts.

(2) Corporate expense for all years presented reflects the reallocation of expense between corporate and the operating divisions. Based upon annual internal studies of corporate expense, the allocation of such expenses to the operating divisions was increased by $19 million for 2022 and $28 million for 2021, thereby reducing corporate expense. No change was made during 2023.

(3) See Note 5, Other (Expense) Income, net for additional information on these amounts.

Long-lived asset information as of and for the fiscal years ended  February 3, 2024,  January 28, 2023, and  January 29, 2022 is presented in the following table. Long-lived assets reflect property and equipment and lease right-of-use assets.

($ in millions)	2023		2022		2021
Long-Lived Assets:
United States	$	2,025	$	2,152	$	2,285
International		1,093		1,211		1,248
Total long-lived assets	$	3,118	$	3,363	$	3,533

For the year ended February 3, 2024, the countries that comprised the majority of long-lived assets for the international category were Canada, France, Italy, Australia, Germany, and England. No other individual country included in the international category was significant as of February 3, 2024.

	Depreciation and Amortization						Capital Expenditures (1)						Total Assets
($ in millions)	2023		2022		2021		2023		2022		2021		2023		2022		2021
Division	$	163	$	169	$	163	$	173	$	200	$	127	$	6,256	$	7,178	$	7,184
Corporate		36		39		34		69		85		82		612		729		951
Total	$	199	$	208	$	197	$	242	$	285	$	209	$	6,868	$	7,907	$	8,135

(1) Represents cash capital expenditures for all years presented.