Note 8 - Accumulated Other Comprehensive Loss

6 Months Ended

Aug. 03, 2024

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

8. Accumulated Other Comprehensive Loss

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

	August 3,			July 29,			February 3,
($ in millions)	2024			2023			2024
Foreign currency translation adjustments	$	(183	)	$	(155	)	$	(173	)
Hedge contracts		1			(5	)		(2	)
Unrecognized pension cost and postretirement benefit		(188	)		(237	)		(191	)
	$	(370	)	$	(397	)	$	(366	)

The changes in AOCL for the twenty-six weeks ended August 3, 2024 were as follows:

	Foreign						Items Related
	Currency						to Pension and
	Translation			Hedge			Postretirement
($ in millions)	Adjustments			Contracts			Benefits			Total
Balance as of February 3, 2024	$	(173	)	$	(2	)	$	(191	)	$	(366	)
OCI before reclassification		(10	)		5			—			(5	)
Reclassification of hedges, net of tax		—			(2	)		—			(2	)
Amortization of pension actuarial loss, net of tax		—			—			3			3
Other comprehensive (loss) income		(10	)		3			3			(4	)
Balance as of August 3, 2024	$	(183	)	$	1		$	(188	)	$	(370	)

Reclassifications from AOCL for the twenty-six weeks ended August 3, 2024 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	$	4
Income tax		(1	)
Amortization of actuarial loss, net of tax	$	3