|
7. Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss (“AOCL”), net of tax, is comprised of the following:
| | | April 29, | | | April 30, | | | January 28, | |
| ($ in millions) | | 2023 | | | 2022 | | | 2023 | |
| Foreign currency translation adjustments | | $ | (155 | ) | | $ | (151 | ) | | $ | (148 | ) |
| Hedge contracts | | | (2 | ) | | | 1 | | | | (3 | ) |
| Unrecognized pension cost and postretirement benefit | | | (239 | ) | | | (234 | ) | | | (241 | ) |
| | | $ | (396 | ) | | $ | (384 | ) | | $ | (392 | ) |
The changes in AOCL for the thirteen weeks ended April 29, 2023 were as follows:
| | | Foreign | | | | | | Items Related | | | | |
| | | Currency | | | | | | to Pension and | | | | |
| | | Translation | | | Hedge | | | Postretirement | | | | |
| ($ in millions) | | Adjustments | | | Contracts | | | Benefits | | | Total | |
| Balance as of January 28, 2023 | | $ | (148 | ) | | | (3 | ) | | $ | (241 | ) | | $ | (392 | ) |
| | | | | | | | | | | | | |
| OCI before reclassification | | | (7 | ) | | | 3 | | | | — | | | | (4 | ) |
| Reclassification of hedges, net of tax | | | — | | | | (2 | ) | | | — | | | | (2 | ) |
| Amortization of pension actuarial loss, net of tax | | | — | | | | — | | | | 2 | | | | 2 | |
| Other comprehensive income | | | (7 | ) | | | 1 | | | | 2 | | | | (4 | ) |
| Balance as of April 29, 2023 | | $ | (155 | ) | | $ | (2 | ) | | $ | (239 | ) | | $ | (396 | ) |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
7. Accumulated Other Comprehensive Loss (continued)
Reclassifications from AOCL for the thirteen weeks ended April 29, 2023 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 | | $ | 3 | |
| Income tax benefit | | | (1 | ) |
| Amortization of actuarial loss, net of tax | | $ | 2 | |
| Total, net of tax | | $ | — | |
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