Retirement Plans and Other Benefits (Tables)

12 Months Ended

Jan. 29, 2022

Defined Benefit Plan Disclosure [Line Items]

Changes in Benefit Obligations and Plan Assets, Funded Status, and Amounts Recognized in Consolidated Balance Sheets

The following tables set forth the plans’ changes in benefit obligations and plan assets, funded status, and amounts recognized in the Consolidated Balance Sheets:

	Pension Benefits				Postretirement Benefits
($ in millions)	2021		2020		2021		2020
Change in benefit obligation
Benefit obligation at beginning of year	$	753	$	775	$	13	$	11
Service cost		16		14		—		—
Interest cost		18		21		—		—
Plan participants’ contributions		—		—		1		1
Actuarial (gain)/loss		(55)		8		—		2
Foreign currency translation adjustments		(1)		2		—		—
Benefits paid		(55)		(67)		(2)		(1)
Settlement		(2)		—		—		—
Benefit obligation at end of year	$	674	$	753	$	12	$	13
Change in plan assets
Fair value of plan assets at beginning of year	$	716	$	715
Actual return on plan assets		11		65
Employer contributions		3		1
Foreign currency translation adjustments		1		2
Benefits paid		(55)		(67)
Fair value of plan assets at end of year	$	676	$	716
Funded status	$	2	$	(37)	$	(12)	$	(12)
Amounts recognized on the balance sheet:
Other assets	$	21	$	3	$	—	$	—
Accrued and other liabilities		(3)		(2)		(1)		(1)
Other liabilities		(16)		(38)		(11)		(12)
	$	2	$	(37)	$	(12)	$	(13)

Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets

Accordingly, the table below reflects the U.S. non-qualified plans for 2021 and 2020 and the U.S. qualified plan for 2020.

Changes in Accumulated Other Comprehensive Loss (Pre-Tax)

The following table provides the amounts recognized in AOCL on a pre-tax basis:

	Pension		Postretirement
($ in millions)	Benefits		Benefits
Net actuarial loss (gain) at beginning of year	$	361	$	(2)
Amortization of net loss		(10)		—
Gain arising during the year		(31)		—
Net actuarial loss (gain) at end of year	$	320	$	(2)

Assumptions Used in the Calculation of Net Benefit Cost

Assumptions used in the calculation of net benefit cost include the discount rate selected and disclosed at the end of the previous year, as well as other assumptions detailed in the table below:

	Pension Benefits						Postretirement Benefits
	2021		2020		2019		2021		2020		2019
Discount rate	2.5	%	2.9	%	4.0	%	2.8	%	3.0	%	4.1	%
Rate of compensation increase	3.6	%	3.6	%	3.6	%
Expected long-term rate of return on assets	5.3	%	5.5	%	5.8	%

Net Benefit Expense (Income)

The following are the components of net periodic pension benefit cost and net periodic postretirement benefit income.

	Pension Benefits						Postretirement Benefits
($ in millions)	2021		2020		2019		2021		2020		2019
Service cost	$	16	$	14	$	20	$	—	$	—	$	—
Interest cost		18		21		27		—		—		—
Expected return on plan assets		(35)		(37)		(37)		—		—		—
Amortization of net loss		10		12		12		—		(1)		(1)
Net benefit expense	$	9	$	10	$	22	$	—	$	(1)	$	(1)

Assumed Health Care Cost Trend Rates Related to Measurement of SERP Medical Plan

The following initial and ultimate cost trend rate assumptions were used to determine the benefit obligations under the SERP Medical Plan:

	Medical Trend Rate						Dental Trend Rate
	2021		2020		2019		2021		2020		2019
Initial cost trend rate	6.3	%	6.3	%	6.5	%	5.0	%	5.0	%	5.0	%
Ultimate cost trend rate	5.0	%	5.0	%	5.0	%	5.0	%	5.0	%	5.0	%
Year that the ultimate cost trend rate is reached	2025		2025		2025		2021		2020		2020

The following initial and ultimate cost trend rate assumptions were used to determine the net periodic cost under the SERP Medical Plan:

	Medical Trend Rate						Dental Trend Rate
	2021		2020		2019		2021		2020		2019
Initial cost trend rate	6.3	%	6.5	%	6.5	%	5.0	%	5.0	%	5.0	%
Ultimate cost trend rate	4.8	%	5.0	%	5.0	%	5.0	%	5.0	%	5.0	%
Year that the ultimate cost trend rate is reached	2028		2025		2025		2020		2020		2019

Estimated Future Benefit Payments

Estimated future benefit payments for each of the next five years and the five years thereafter are as follows:

	Pension		Postretirement
($ in millions)	Benefits		Benefits
2022	$	69	$	1
2023		52		1
2024		50		1
2025		47		—
2026		46		—
2027-2031		203		3

United States

Defined Benefit Plan Disclosure [Line Items]

Fair Value of Pension Plan Assets

The fair values of the U.S. pension plan assets at January 29, 2022 were as follows:

($ in millions)	Level 1		Level 2		Level 3		2021 Total		2020 Total*
Cash equivalents	$	—	$	4	$	—	$	4	$	4
Equity securities:
U.S. large-cap (1)		—		93		—		93		117
U.S. mid/small-cap (1)		—		24		—		24		34
International (2)		—		58		—		58		84
Corporate stock (3)		18		—		—		18		17
Fixed-income securities:
Long duration corporate and government bonds (4)		—		282		—		282		269
Intermediate duration corporate and government bonds (5)		—		143		—		143		119
Other types of investments:
Real estate securities (6)		—		9		—		9		22
Total assets at fair value	$	18	$	613	$	—	$	631	$	666

* Each category of plan assets is classified within the same level of the fair value hierarchy for 2021 and 2020.

(1) These categories consist of various managed funds that invest primarily in common stocks, as well as other equity securities and a combination of other funds.

(2) This category comprises two managed funds that invest primarily in international common stocks, as well as other equity securities and a combination of other funds.

(3) This category consists of the Company’s common stock.

(4) This category consists of various fixed-income funds that invest primarily in long-term bonds, as well as a combination of other funds, that together are designed to exceed the performance of related long-term market indices.

(5) This category consists of two fixed-income funds that invest primarily in intermediate duration bonds, as well as a combination of other funds, that together are designed to exceed the performance of related indices.

(6) This category consists of one fund that invests in global real estate securities.

Canadian Qualified Pension Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value of Pension Plan Assets

($ in millions)	Level 1		Level 2		Level 3		2021 Total		2020 Total*
Cash equivalents	$	—	$	6	$	—	$	6	$	—
Equity securities:
Canadian and international (1)		3		—		—		3		3
Fixed-income securities:
Cash matched bonds (2)		—		36		—		36		47
Total assets at fair value	$	3	$	42	$	—	$	45	$	50

* Each category of plan assets is classified within the same level of the fair value hierarchy for 2021 and 2020.

(1) This category comprises one mutual fund that invests primarily in a diverse portfolio of Canadian securities.

(2) This category consists of fixed-income securities, including strips and coupons, issued or guaranteed by the Government of Canada, provinces or municipalities of Canada including their agencies and crown corporations, as well as other governmental bonds and corporate bonds.

Benefit Obligations [Member]

Defined Benefit Plan Disclosure [Line Items]

Assumptions Used in the Calculation of Net Benefit Cost

The following weighted-average assumptions were used to determine the benefit obligations under the plans:

	Pension Benefits				Postretirement Benefits
	2021		2020		2021		2020
Discount rate	3.2	%	2.5	%	3.2	%	2.8	%
Rate of compensation increase	3.6	%	3.6	%