Basis of Presentation (Policies)

3 Months Ended

May 01, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Restructuring Reserve

Restructuring Reserve

The following table summarizes changes in the restructuring reserve during the quarter ended May 1, 2021:

(Dollars In Millions)	Severance
Balance - January 30, 2021	$	13
Payments and reversals		(2	)
Balance - May 1, 2021	$	11

Charges related to corporate restructuring efforts are recorded in Impairments, store closing, and other costs. 

Recent Accounting Pronouncements

Recent Accounting Pronouncements

During the quarter ended May 1, 2021, we adopted the new accounting standard on simplifying the accounting for income taxes (ASU 2019-12). The transition method (retrospective, modified retrospective, or prospective basis) related to the amendments depends on the applicable guidance, and all amendments for which there is no transition guidance specified are to be applied on a prospective basis. There was no material impact on our financial statements due to adoption of the new standard.