Restructuring

12 Months Ended

Feb. 01, 2025

Restructuring [Abstract]

Restructuring

2.   Restructuring

Restructuring charges were as follows ($ in millions):

	2025		2024		2023
Fiscal 2024 Restructuring Initiative	$	3	$	171	$	-
Fiscal 2023 Resource Optimization Initiative		(6)		(18)		145
Mexico Exit and Strategic Realignment		-		-		2
Total	$	(3)	$	153	$	147

Fiscal 2024 Restructuring Initiative

During the fourth quarter of fiscal 2024, we commenced an enterprise-wide restructuring initiative intended to accomplish the following: (1) align field labor resources with where customers want to shop to optimize the customer experience; (2) redirect corporate resources for better alignment with our strategy; and (3) right-size resources to better align with our revenue outlook for fiscal 2025. We do not expect to incur material future restructuring charges related to this initiative.

All charges incurred related to this initiative were comprised of employee termination benefits from continuing operations and were presented within Restructuring charges on our Consolidated Statements of Earnings as follows ($ in millions):

	2025		2024		Cumulative Amount as of ‎February 1, 2025
Domestic	$	3	$	163	$	166
International		-		8		8
Total	$	3	$	171	$	174

Restructuring accrual activity related to this initiative was as follows ($ in millions):

	Domestic		International		Total
Balances as of January 28, 2023	$	-	$	-	$	-
Charges		163		8		171
Balances as of February 3, 2024		163		8		171
Charges		18		2		20
Cash payments		(86)		(3)		(89)
Adjustments(1)		(15)		(2)		(17)
Balances as of February 1, 2025	$	80	$	5	$	85

(1)Represents adjustments to previously planned organizational changes and higher-than-expected employee retention.

Fiscal 2023 Resource Optimization Initiative

During the second quarter of fiscal 2023, we commenced an enterprise-wide initiative to better align our spending with critical strategies and operations, as well as to optimize our cost structure. We do not expect to incur material future restructuring charges related to this initiative.

All charges incurred related to this initiative were comprised of employee termination benefits from continuing operations and were presented within Restructuring charges on our Consolidated Statements of Earnings as follows ($ in millions):

	2025		2024		2023		Cumulative Amount as of ‎February 1, 2025
Domestic	$	(6)	$	(16)	$	140	$	118
International		-		(2)		5		3
Total	$	(6)	$	(18)	$	145	$	121

Restructuring accrual activity related to this initiative was as follows ($ in millions):

	Domestic		International		Total
Balances as of January 28, 2023		102		5		107
Cash payments		(70)		(3)		(73)
Adjustments(1)		(16)		(2)		(18)
Balances as of February 3, 2024	$	16	$	-	$	16

(1)Represents adjustments primarily related to higher-than-expected employee retention from previously planned organizational changes.

No material restructuring accrual activity occurred in fiscal 2025 related to this initiative, and no material liability remains as of February 1, 2025.