0000072333-23-000037 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($) $ in Billions	12 Months Ended
Document And Entity Information - USD ($) $ in Billions	Jan. 28, 2023	Mar. 06, 2023	Jul. 29, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 28, 2023
Document Transition Report	false
Entity File Number	001-15059
Entity Registrant Name	Nordstrom, Inc.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-0515058
Entity Address, Address Line One	1617 Sixth Avenue
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98101
City Area Code	206
Local Phone Number	628-2111
Title of 12(b) Security	Common stock, without par value
Trading Symbol	JWN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 3.0
Entity Common Stock, Shares Outstanding		160,151,038
Documents Incorporated by Reference [Text Block]	Portions of the Proxy Statement for the 2023 Annual Meeting of Shareholders, scheduled to be held on May 17, 2023, are incorporated into Part III.
Entity Central Index Key	0000072333
ICFR Auditor Attestation flag	true
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--01-28

Audit Information	12 Months Ended
Audit Information	Jan. 28, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Seattle, Washington
Auditor Firm ID	34

Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Income Statement [Abstract]
Net sales	$ 15,092	$ 14,402	$ 10,357
Credit card revenues, net	438	387	358
Total revenues	15,530	14,789	10,715
Cost of sales and related buying and occupancy costs	(10,019)	(9,344)	(7,600)
Selling, general and administrative expenses	(5,046)	(4,953)	(4,162)
Earnings (loss) before interest and income taxes	465	492	(1,047)
Interest expense, net	(128)	(246)	(181)
Earnings (loss) before income taxes	337	246	(1,228)
Income tax (expense) benefit	(92)	(68)	538
Net earnings (loss)	$ 245	$ 178	$ (690)
Earnings (loss) per share:
Basic (in dollars per share)	$ 1.53	$ 1.12	$ (4.39)
Diluted (in dollars per share)	$ 1.51	$ 1.10	$ (4.39)
Weighted-average shares outstanding:
Basic (in shares)	160.1	159.0	157.2
Diluted (in shares)	162.1	162.5	157.2

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 245	$ 178	$ (690)
Postretirement plan adjustments, net of tax of ($12), ($6) and $0	32	18	(1)
Foreign currency translation adjustment	(8)	2	(1)
Comprehensive net earnings (loss)	$ 269	$ 198	$ (692)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Statement of Comprehensive Income [Abstract]
Tax on postretirement plan adjustments	$ (12)	$ (6)	$ 0

Consolidated Balance Sheets - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Assets
Cash and cash equivalents	$ 687	$ 322
Accounts receivable, net	265	255
Merchandise inventories	1,941	2,289
Prepaid expenses and other current assets	316	306
Total current assets	3,209	3,172
Land, property and equipment, net	3,351	3,562
Operating lease right-of-use assets	1,470	1,496
Goodwill	249	249
Other assets	466	390
Total assets	8,745	8,869
Liabilities and Shareholders’ Equity
Accounts payable	1,238	1,529
Accrued salaries, wages and related benefits	291	383
Current portion of operating lease liabilities	258	242
Other current liabilities	1,203	1,160
Total current liabilities	2,990	3,314
Long-term debt, net	2,856	2,853
Non-current operating lease liabilities	1,526	1,556
Other liabilities	634	565
Commitments and contingencies (Note 12)
Shareholders’ equity:
Common stock, no par value: 1,000 shares authorized; 160.1 and 159.4 shares issued and outstanding	3,353	3,283
Accumulated deficit	(2,588)	(2,652)
Accumulated other comprehensive loss	(26)	(50)
Total shareholders’ equity	739	581
Total liabilities and shareholders’ equity	$ 8,745	$ 8,869

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Jan. 28, 2023	Jan. 29, 2022
Shareholders’ equity:
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	1,000.0	1,000.0
Common stock, shares issued	160.1	159.4
Common stock, shares outstanding	160.1	159.4

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common stock [Member]	Accumulated deficit [Member]	Accumulated other comprehensive loss [Member]
Total at Feb. 01, 2020		$ 3,129	$ (2,082)	$ (68)
Common stock
Issuance under stock compensation plans		16
Stock-based compensation		60
Accumulated deficit
Net earnings (loss)	$ (690)		(690)
Dividends			(58)
Repurchase of common stock			0
Accumulated other comprehensive loss
Other comprehensive earnings (loss)				(2)
Total at Jan. 30, 2021	$ 305	3,205	(2,830)	(70)
Accumulated other comprehensive loss
Dividends per share	$ 0.37
Issuance under stock compensation plans		14
Stock-based compensation		64
Net earnings (loss)	$ 178		178
Dividends			0
Repurchase of common stock			0
Other comprehensive earnings (loss)				20
Total at Jan. 29, 2022	$ 581	3,283	(2,652)	(50)
Accumulated other comprehensive loss
Dividends per share	$ 0
Issuance under stock compensation plans		29
Stock-based compensation		41
Net earnings (loss)	$ 245		245
Dividends			(119)
Repurchase of common stock			(62)
Other comprehensive earnings (loss)				24
Total at Jan. 28, 2023	$ 739	$ 3,353	$ (2,588)	$ (26)
Accumulated other comprehensive loss
Dividends per share	$ 0.76

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Operating Activities
Net earnings (loss)	$ 245	$ 178	$ (690)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expenses	604	615	671
Asset impairment	80	0	137
Right-of-use asset amortization	185	175	168
Deferred income taxes, net	(83)	(11)	(7)
Stock-based compensation expense	59	79	67
Other, net	(46)	81	4
Change in operating assets and liabilities:
Accounts receivable, net	23	(10)	(46)
Merchandise inventories	265	(383)	53
Prepaid expenses and other assets	(24)	542	(607)
Accounts payable	(190)	(400)	432
Accrued salaries, wages and related benefits	(94)	31	(157)
Other current liabilities	44	112	(143)
Lease liabilities	(269)	(284)	(237)
Other liabilities	147	(20)	7
Net cash provided by (used in) operating activities	946	705	(348)
Investing Activities
Capital expenditures	(473)	(506)	(385)
Proceeds from the sale of assets and other, net	80	(15)	38
Net cash used in investing activities	(393)	(521)	(347)
Financing Activities
Proceeds from revolving line of credit	100	400	800
Payments on revolving line of credit	(100)	(400)	(800)
Proceeds from long-term borrowings	0	675	600
Principal payments on long-term borrowings	0	(1,100)	0
Change in cash book overdrafts	(14)	(32)	(4)
Cash dividends paid	(119)	0	(58)
Payments for repurchase of common stock	(62)	0	0
Proceeds from issuances under stock compensation plans	29	14	16
Tax withholding on share-based awards	(16)	(15)	(9)
Make-whole premium payment and other, net	(4)	(86)	(15)
Net cash (used in) provided by financing activities	(186)	(544)	530
Effect of exchange rate changes on cash and cash equivalents	(2)	1	(7)
Net increase (decrease) in cash and cash equivalents	365	(359)	(172)
Cash and cash equivalents at beginning of year	322	681	853
Cash and cash equivalents at end of year	687	322	681
Supplemental Cash Flow Information
Income taxes, net of refunds	211	(485)	23
Interest, net of capitalized interest	$ 136	$ 164	$ 168

Nature Of Operations And Summary Of Significant Accounting Policies

12 Months Ended

Jan. 28, 2023

Accounting Policies [Abstract]

Nature Of Operations And Summary Of Significant Accounting Policies

NOTE 1: NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company

Founded in 1901 as a retail shoe business in Seattle, Washington, our Company is a leading fashion retailer that offers an extensive selection of high-quality brand-name and private label merchandise for women, men, young adults and children, with a focus on apparel, shoes, beauty, accessories and home goods. This breadth of merchandise allows us to serve a wide range of customers who appreciate quality fashion and a superior shopping experience. We offer brand-name and private label merchandise across our digital and physical assets in both our Nordstrom and Nordstrom Rack banners. Our facilities and stores are located in 40 states in the U.S. and three provinces in Canada.

Nordstrom includes:

•Nordstrom.com website and mobile application

•Nordstrom.ca

•94 Nordstrom stores in the U.S.

•six Nordstrom stores and seven Nordstrom Rack stores in Canada

•seven Nordstrom Locals

•one ASOS | Nordstrom store

•TrunkClub.com – prior to October 2022

Nordstrom Rack includes:

•NordstromRack.com website and mobile application

•241 Nordstrom Rack stores in the U.S.

•two Last Chance clearance stores

•HauteLook.com – prior to the first quarter of 2021

On March 2, 2023, Nordstrom Canada commenced a wind-down of its business operations (see Note 15: Subsequent Events for more information).

Fiscal Year

We operate on a 52/53-week fiscal year ending on the Saturday closest to January 31st. References to 2022 and all years within this document are based on a 52-week fiscal year, except for fiscal year 2023 which is a 53-week fiscal year.

Principles of Consolidation

The Consolidated Financial Statements include the balances of Nordstrom, Inc. and its subsidiaries and are presented in U.S. dollars. All intercompany transactions and balances are eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires that we make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities during the reporting period. Uncertainties regarding such estimates and assumptions are inherent in the preparation of financial statements and actual results may differ from these estimates and assumptions. Our most significant accounting judgments and estimates include revenue recognition, inventory valuation, long-lived asset recoverability and income taxes, all of which involve assumptions about future events.

Revenue

Net Sales

We recognize sales revenue net of estimated returns and excluding sales taxes. Revenue from sales shipped to customers from our Supply Chain Network facilities, stores and directly from our vendors, which includes shipping revenue when applicable, is recognized at shipping point, the point in time where control has transferred to the customer. Costs to ship orders to customers are expensed as a fulfillment activity at shipping point, commissions from sales at our Nordstrom stores are expensed at the point of sale and both are recorded in SG&A expenses.

We reduce sales and cost of sales by an estimate of future customer merchandise returns, which is calculated based on historical and expected return patterns, and record a sales return reserve and an estimated returns asset. Our sales return reserve is classified in other current liabilities and our estimated returns asset, calculated based on the cost of merchandise sold, is classified in prepaid expenses and other on the Consolidated Balance Sheets. As of January 28, 2023 and January 29, 2022, our sales return reserve was $415 and $411, and our estimated returns asset was $179 and $186. Due to the seasonality of our business, these balances typically increase when higher sales occur in the last month of a period, such as during the Anniversary Sale which usually occurs at the end of the second quarter, and decrease in the following period. We record the impact of the sales return reserve in our separate Nordstrom and Nordstrom Rack banners. The majority of our returns from both digital and physical sales come through our stores.

Loyalty Program

The Nordy Club is our customer loyalty program that incorporates a traditional point and benefit system, while providing customers exclusive access to products and events, enhanced services, personalized experiences and more convenient ways to shop. Customers accumulate points based on their level of spending and type of participation. Upon reaching certain point thresholds, customers receive Nordstrom Notes, which can be redeemed for goods or services across Nordstrom and Nordstrom Rack. The Nordy Club benefits vary based on the level of customer spend, and include bonus points days and shopping and fashion events.

We offer customers access to a variety of payment products and services, including a selection of Nordstrom-branded Visa® credit cards in the U.S. and Canada, as well as a Nordstrom-branded private label credit card for Nordstrom purchases. When customers use a Nordstrom-branded credit or debit card, they also participate in The Nordy Club and receive additional benefits, which can vary depending on the level of spend, including early access to the Anniversary Sale, enhanced alteration and stylist benefits and incremental accumulation of points toward Nordstrom Notes.

As our customers earn points and Nordstrom Notes in The Nordy Club, a portion of underlying sales revenue is deferred based on an estimated stand-alone selling price of points, Nordstrom Notes and other loyalty benefits, such as alterations. We recognize the revenue and related cost of sale when the Nordstrom Notes are ultimately redeemed and reduce our contract liability. We include the deferred revenue in other current liabilities on the Consolidated Balance Sheets. We record breakage revenue of unused points and unredeemed Nordstrom Notes based on expected customer redemption. We estimate, based on historical and expected usage, that approximately 7% of Nordstrom Notes and points will be unredeemed. Estimating future breakage rates requires judgment based on current and historical trends, and actual breakage rates may vary from our estimates. Other benefits of the loyalty program, including shopping and fashion events, are recorded in SG&A expenses as these are not a material right of the program.

As of January 28, 2023 and January 29, 2022, our outstanding performance obligation for The Nordy Club, which consists primarily of unredeemed points and Nordstrom Notes at retail value, was $115 and $112. Almost all Nordstrom Notes redemptions occur within eleven months of issuance.

Gift Cards

We record deferred revenue from the sale of gift cards at the time of purchase. As gift cards are redeemed, we recognize revenue and reduce our contract liability. Although our gift cards do not have an expiration date, we include this deferred revenue in other current liabilities on the Consolidated Balance Sheets as customers can redeem gift cards at any time. We record breakage revenue on unused gift cards based on expected customer redemption. We estimate, based on historical usage, that 3% of gift cards will be unredeemed and recognized as revenue. Estimating future breakage rates requires judgment based on current and historical trends and actual breakage rates may vary from our estimates. Breakage income was $40, $39 and $81 in 2022, 2021 and 2020.

As of January 28, 2023 and January 29, 2022, our outstanding performance obligation for unredeemed gift cards was $370 and $366. Almost all gift card redemptions occur within two years of issuance.

Credit Card Revenues, net

Although the primary purpose of offering our credit cards is to foster greater customer loyalty and drive more sales, we also receive credit card revenue through our program agreement with TD, whereby TD is the exclusive issuer of our consumer credit cards and we perform account servicing functions. Credit card revenues, net include our portion of the ongoing credit card revenue, net of credit losses, pursuant to our program agreement with TD. In the fourth quarter of 2022, we amended our program agreement with TD. The original agreement was scheduled to expire in April 2024 and the amendment extends the term through September 2026. In connection with the amendment, we recorded deferred revenue, which will be recognized in full over the term of the agreement as we perform account servicing functions.

Cost of Sales

Cost of sales primarily includes the purchase and manufacturing costs of inventory sold, net of vendor allowances, and in-bound freight and duty expense.

Buying and Occupancy Costs

Buying costs consist primarily of compensation and other costs incurred by our merchandising and product development groups. Occupancy costs include rent, depreciation, property taxes and facility operating costs of our retail, corporate center and Supply Chain Network facilities.

Selling, General and Administrative Expenses

SG&A expenses consist primarily of compensation and benefits, marketing, outbound supply chain and technology costs.

Severance

In 2020, we recorded $88 of restructuring costs in connection with our regional and corporate reorganization, including $25 recorded in cost of sales and related buying and occupancy costs and $63 in SG&A on the Consolidated Statement of Earnings.

Advertising

Advertising production costs for internet, magazines, store events and other media are expensed the first time the advertisement is run. Online marketing costs are expensed when incurred. Total advertising expenses, net of vendor allowances, of $309, $300 and $283 in 2022, 2021 and 2020 were included in SG&A expenses.

Shipping and Fulfillment Costs

Our shipping and fulfillment costs include payments to third-party shippers and costs to hold, move and prepare merchandise for shipment. These costs do not include in-bound freight to our Supply Chain Network facilities, which we include in the cost of our inventory. Shipping and fulfillment costs of $885, $993 and $828 in 2022, 2021 and 2020 were included in SG&A expenses.

Vendor Allowances

We receive allowances from merchandise vendors for purchase price adjustments, beauty expenses, advertising programs and various other expenses. Purchase price adjustments are recorded as a reduction of cost of sales at the point they have been earned and the related merchandise has been marked down or sold. Allowances for beauty expenses, advertising programs and other expenses are recorded in SG&A expenses as a reduction of the related costs when incurred.

Vendor allowances earned are as follows:


Fiscal year	2022	2021	2020
Purchase price adjustments	$120	$108	$77
Beauty expenses	111	103	79
Advertising	112	110	82
Other	2	3	2
Total vendor allowances	$345	$324	$240

Advertising includes NMN, where vendors pay a fee for use of our first party data. Funds received from vendors are recorded as a reduction of the campaign cost in SG&A expenses and media fees are recorded as a reduction of cost of sales.

401(k) Plan

We provide a 401(k) plan for our employees that allows for employee elective contributions and our matching contributions. Employee elective contributions are funded through voluntary payroll deductions. Total expenses related to Company contributions were $71 and $67 in 2022 and 2021 and were included in both buying and occupancy costs and SG&A expenses on our Consolidated Statements of Earnings. In 2020, due to COVID-19 and the steps we took to strengthen our financial flexibility, we temporarily paused our employer match contribution and incurred no expenses related to Company contributions.

Stock-Based Compensation

The 2019 Plan authorizes the grant of stock options, PSUs, RSUs, stock appreciation rights and both restricted and unrestricted shares of common stock to employees and nonemployee directors. We grant stock-based awards under our 2019 Plan and employees may purchase our stock at a discount under our ESPP. We predominantly recognize stock-based compensation expense related to stock-based awards at their estimated grant date fair value, recorded on a straight-line basis over the requisite service period. Compensation expense for certain award holders is accelerated based upon age and years of service. Compensation expense for PSUs is adjusted based on the payout percentage of the PSU grant subject to achieving specific performance measures. The total compensation expense is reduced by actual forfeitures as they occur.

We primarily estimate the grant date fair value of stock options using the Binomial Lattice-based valuation model, but for our price-hurdle grants in 2021, we estimate the grant date fair value using the Monte Carlo simulation valuation model. The grant date fair value of RSUs and PSUs is determined based on the number of RSUs or PSUs granted and the quoted price of our common stock on the date of grant, less the estimated present value of dividends over the vesting period. PSUs granted are classified as equity.

Amounts included on the following line items of our Consolidated Statements of Shareholders’ Equity and our Consolidated Statements of Cash Flows are as follows:

•Issuance under stock compensation plans — includes common stock option exercises and purchases of shares under the ESPP

•Stock-based compensation — primarily includes stock-based compensation expense for our common stock options, RSUs and PSUs, partially offset by shares withheld for taxes on RSUs

New Store Opening Costs

Non-capital expenditures associated with opening new stores, including marketing expenses, relocation expenses and occupancy costs, are charged to expense as incurred. These costs are included in both buying and occupancy costs and SG&A expenses, according to their nature as disclosed above.

Income Taxes

We use the asset and liability method of accounting for income taxes. Using this method, deferred tax assets and liabilities are recorded based on differences between the financial reporting and tax basis of assets and liabilities and for operating loss and tax credit carryforwards. The deferred tax assets and liabilities are calculated using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. We routinely evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation allowance if, based on all available evidence, it is determined that some portion of the tax benefit will not be realized.

We regularly evaluate the likelihood of realizing the benefit for income tax positions we have taken in various federal, state and foreign filings by considering all relevant facts, circumstances and information available. If we believe it is more likely than not that our position will be sustained, we recognize a benefit at the largest amount we believe is cumulatively greater than 50% likely to be realized. Interest and penalties related to income tax matters are classified as a component of income tax expense.

Income taxes require significant management judgment regarding applicable statutes and their related interpretation, the status of various income tax audits and our particular facts and circumstances. Also, as audits are completed or statutes of limitations lapse, it may be necessary to record adjustments to our taxes payable, deferred taxes, tax reserves or income tax expense.

CARES Act

On March 27, 2020, the CARES Act was signed into law. Among other provisions, the CARES Act provided for payroll tax credits for employee retention, deferral of payroll taxes and several income tax provisions including allowing for carryback of certain operating losses.

In accordance with our overall approach for determining our income tax provision, which uses an estimated annual effective tax rate based on our best estimates and adjusts for discrete taxable events that occur during the quarter, we made a reasonable estimate of the impacts of the CARES Act in our 2020 results. As of January 29, 2022, we completed our accounting for the impacts of the CARES Act, resulting in no material changes to previously recorded estimated amounts.

In 2020, we recognized $69 in employee retention payroll tax credits and elected to defer payment of the employer portion of social security taxes, both as provided for under the CARES Act and other COVID-19 related stimulus. In 2021, we recognized an additional $7 in COVID-19 payroll-related stimulus and paid in full the deferred employer portion of social security taxes.

Earnings Per Share

Earnings per basic share is computed using the weighted-average number of common shares outstanding during the year. Earnings per diluted share uses the weighted-average number of common shares outstanding during the year plus dilutive common stock equivalents, primarily RSUs and stock options. Dilutive common stock is calculated using the treasury stock method and includes outstanding RSUs and options that would reduce the amount of earnings for which each share is entitled. Anti-dilutive shares (including stock options and other shares) are excluded from the calculation of diluted shares and earnings per diluted share because their impact could increase earnings per diluted share.

Comprehensive Net Earnings

Comprehensive net earnings consist of net earnings and other gains and losses affecting equity that are excluded from net earnings. These consist of postretirement plan adjustments, net of related income tax effects, and foreign currency translation adjustments.

Cash Equivalents

Cash equivalents are short-term investments with an original maturity of three months or less from the date of purchase and are carried at cost, which approximates fair value. At the end of 2022 and 2021, checks not yet presented for payment drawn in excess of our bank deposit balances were $60 and $74 and included within accounts payable on our Consolidated Balance Sheets.

Accounts Receivable

Accounts receivable, net primarily includes receivables from TD related to our program agreement, non-Nordstrom-branded credit and debit cards and developer reimbursements.

Merchandise Inventories

Merchandise inventories are stated at the lower of cost or market value using the retail inventory method. Under the retail method, the valuation of inventories is determined by applying a calculated cost-to-retail ratio to the retail value of ending inventory. The value of our inventory on the balance sheet is also reduced by a charge to cost of sales for retail inventory markdowns taken on the selling price. To determine if the retail value of our inventory should be marked down, we consider current and anticipated demand, customer preferences, age of the merchandise and fashion trends. We record reserves for excess and obsolete inventory based on historical trends and specific identification.

We take physical inventory counts at our stores and Supply Chain Network locations and adjust for differences between recorded amounts and counted amounts. Following each physical inventory cycle and using the most recent physical inventory count and historical results, we record an estimate for shrink based on a percentage of sales until the next physical inventory count.

Leases

We record leases, which consist primarily of operating leases, on the Consolidated Balance Sheets as operating lease ROU assets and operating lease liabilities, both of which include current and noncurrent portions. Operating lease liabilities are initially recognized based on the net present value of the fixed portion of our lease and common area maintenance payments from lease commencement through the lease term. To calculate the net present value, we apply an incremental borrowing rate. The incremental borrowing rate is determined using a portfolio approach based on the rate of interest we would pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. We use quoted interest rates obtained from financial institutions as an input to derive our incremental borrowing rate as the discount rate for the lease. We recognize ROU assets based on operating lease liabilities reduced by property incentives. We test ROU assets for impairment in the same manner as long-lived assets and exclude the related operating lease liability and operating lease payments in our analysis.

We lease the land, buildings, or land and buildings for many of our stores, office facilities and Supply Chain Network facilities. We also lease equipment and have service contracts including transportation agreements and warehouse agreements where we control identified assets such as vehicles, warehouse space and equipment and therefore represent embedded leases.

Land, Property and Equipment

Land is recorded at historical cost, while property and equipment are recorded at cost less accumulated depreciation and amortization. Capitalized software includes the costs of developing or obtaining internal-use software, including external direct costs of materials and services and internal payroll costs related to the software project.

We capitalize interest on construction in progress and software projects during the period in which expenditures have been made, activities are in progress to prepare the asset for its intended use and actual interest costs are being incurred. Depreciation and amortization are computed using the straight-line method over the asset’s estimated useful life, which is determined by asset category as follows:


Asset			Life (in years)
Buildings and improvements			5 – 40
Store fixtures and equipment			3 – 15
Leasehold improvements			5 – 40
Capitalized software			2 – 7

Leasehold improvements and leased property and equipment that are purchased at the inception of the lease, or during the lease term, are amortized over the shorter of the lease term or the asset life. Lease terms include the fixed, non-cancellable term of a lease, plus any renewal periods determined to be reasonably assured.

Long-Lived Assets

When facts and circumstances indicate the carrying values of buildings, equipment and ROU assets may be impaired, we compare the carrying value to the related projected future cash flows, among other quantitative and qualitative analyses. Cash flow analysis requires judgment regarding many factors, such as revenues, growth rates, expenses and capital expenditures. These projections are inherently subject to uncertainties and while we believe the inputs and assumptions utilized in our future cash flows are reasonable, our estimates may change in the near term based on our current and future performance. Land, property and equipment are grouped at the lowest level at which there are identifiable cash flows when assessing impairment, while cash flows for our retail store assets are identified at the individual store level.

The following table provides details related to asset impairment charges:


	2022		2020
	Supply Chain	Trunk Club	Stores
Long-lived asset impairment1	$58	$10	$96
Operating lease ROU asset impairment1	12	—	41
Asset impairment	$70	$10	$137

1 After impairment, the carrying value of the remaining long-lived tangible and ROU assets were not material.

Supply Chain Impairment

During the third quarter of 2022, as part of our supply chain optimization initiatives, we decommissioned certain supply chain technology and related assets and incurred a non-cash impairment charge to adjust the carrying values to their estimated fair values. These charges are included in our Corporate/Other SG&A expense on the Consolidated Statement of Earnings and asset impairment on the Consolidated Statement of Cash Flows.

Trunk Club Wind-down

During the first quarter of 2022, in conjunction with the decision to sunset the Trunk Club brand, we incurred non-cash impairment charges related to a Trunk Club property to adjust the carrying values to their estimated fair value. These charges are included in our Retail segment SG&A expense on the Consolidated Statement of Earnings and asset impairment on the Consolidated Statement of Cash Flows.

During the second quarter of 2022, we also incurred additional costs of $8 associated with the wind-down of Trunk Club. These expenses are primarily included in our Retail segment cost of sales and related buying and occupancy costs on the Consolidated Statement of Earnings. These charges are classified as operating on the Consolidated Statement of Cash Flows.

2020 Store Closures

In 2020, as we optimized our mix of physical and digital assets to align with longer-term customer trends, we closed 16 Nordstrom stores, six Trunk Club clubhouses and three Jeffrey boutiques. In conjunction with these closures, we incurred non-cash impairment charges on long-lived tangible and ROU assets, primarily associated with the Nordstrom store closures, to adjust the carrying values to their estimated fair value. These charges are primarily included in our Retail segment SG&A expense on the Consolidated Statement of Earnings.

Goodwill

Goodwill represents the excess of acquisition cost over the fair value of the related net assets acquired and is not subject to amortization. We review our goodwill annually for impairment, as of the first day of the fourth quarter, or when circumstances indicate that the carrying value may exceed the fair value. We perform this evaluation at the Nordstrom and NordstromRack.com reporting unit level, all within our Retail segment. When evaluating these assets for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If we determine that it is more likely than not that the carrying value exceeds the fair value of the reporting unit, we perform a quantitative fair value test. We may also choose to bypass this qualitative assessment and perform the quantitative assessment.

As of January 28, 2023 and January 29, 2022, we had goodwill of $249. To determine fair value, we compare the carrying value of the reporting unit to its estimated fair value, which is based on the expected present value of future cash flows (income approach), comparable public companies (market approach) or a combination of both. Determining fair value using these approaches requires management assumptions, estimations and judgements regarding factors like overall economic conditions, prospective financial information, growth rates, terminal value, discount rates and market multiples. If fair value is lower than the carrying value, an impairment charge is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Based on the results of our tests, fair value exceeded carrying value, and we therefore had no goodwill impairment in 2022, 2021 or 2020.

Investments

From time to time, we invest in financial interests of certain private companies and venture capital funds that align with our business and omni-channel strategies, which are recorded in other assets in the Consolidated Balance Sheets and proceeds from the sale of assets and other, net on the Consolidated Statements of Cash Flows. In July 2021, we acquired a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands through a strategic partnership with ASOS.com Ltd.

As of January 28, 2023 and January 29, 2022, we held $42 and $35 of equity interests in certain venture capital funds, which are recorded at fair value using the practical expedient estimate of NAV or its equivalent. We had $11 and $4 in unfunded commitments related to these investments as of January 28, 2023 and January 29, 2022.

During the first quarter of 2022, in connection with the sale of a limited partnership interest in a corporate office building, we recognized a gain of $51 in our Corporate/Other SG&A expense in the Consolidated Statement of Earnings and $73 in proceeds from the sale of assets and other, net on the Consolidated Statement of Cash Flows.

Self-Insurance

We retain a portion of the risk for certain losses related to employee health and welfare, workers’ compensation and other liability claims. Liabilities associated with these losses include undiscounted estimates of both losses reported and losses incurred but not yet reported. We estimate our ultimate cost using an actuarially-based analysis of claims experience, regulatory changes and other relevant factors.

Foreign Currency

As of January 28, 2023, our Canadian operations were comprised of the Nordstrom.ca website, six Nordstrom stores and seven Nordstrom Rack stores. The functional currency of our Canadian operations is the Canadian Dollar. We translate assets and liabilities into U.S. Dollars using the exchange rate in effect at the balance sheet date, while we translate revenues and expenses using an average exchange rate for the period. We record these translation adjustments as a component of accumulated other comprehensive loss on the Consolidated Balance Sheets. On March 2, 2023, Nordstrom Canada commenced a wind-down of its business operations (see Note 15: Subsequent Events for more information).

In addition, our U.S. operations incur certain expenditures denominated in Canadian Dollars and our Canadian operations incur certain expenditures denominated in U.S. Dollars. This activity results in transaction gains and losses that arise from exchange rate fluctuations, which are recorded as gains or losses in the Consolidated Statements of Earnings.

Revenue

12 Months Ended

Jan. 28, 2023

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 2: REVENUE

Contract Liabilities

Contract liabilities represent our obligation to transfer goods or services to customers and include deferred revenue for The Nordy Club (including points and Nordstrom Notes), gift cards and our amended 2022 TD program agreement. Our contract liabilities are classified on the Consolidated Balance Sheets as follows:


	Other current liabilities	Other liabilities
Balance as of January 30, 2021	$478	$—
Balance as of January 29, 2022	478	—
Balance as of January 28, 2023	536	136

Contract liabilities increased during 2022 primarily as a result of deferred revenue recorded in connection with our amended 2022 TD program agreement. Revenues recognized from our beginning contract liability balance were $265 and $244 for the years ended January 28, 2023 and January 29, 2022.

Disaggregation of Revenue

The following table summarizes our disaggregated net sales:


Fiscal year	2022	2021	2020
Nordstrom	$10,279	$9,640	$6,997
Nordstrom Rack	4,813	4,762	3,360
Total net sales	$15,092	$14,402	$10,357

Digital sales as a % of total net sales	38%	42%	55%

The following table summarizes the percent of net sales by merchandise category:


Fiscal year	2022		2021		2020
Women’s Apparel	28%		28%		29%
Shoes	26%		25%		26%
Men’s Apparel	15%		14%		12%
Accessories	13%		14%		14%
Beauty	12%		12%		12%
Kids’ Apparel	3%		4%		4%
Other	3%		3%		3%
Total net sales	100	%	100	%	100	%

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Land, Property And Equipment

12 Months Ended

Jan. 28, 2023

Property, Plant and Equipment [Abstract]

Land, Property And Equipment

NOTE 3: LAND, PROPERTY AND EQUIPMENT

Land, property and equipment consist of the following:


	January 28, 2023	January 29, 2022
Land and land improvements	$288	$285
Buildings and building improvements	1,352	1,338
Leasehold improvements	3,389	3,350
Store fixtures and equipment	4,138	4,038
Capitalized software	2,151	1,915
Construction in progress	322	373
Land, property and equipment	11,640	11,299
Less: accumulated depreciation and amortization	(8,289)	(7,737)
Land, property and equipment, net	$3,351	$3,562

Our net non-cash investing activities primarily related to Nordstrom New York City flagship store and our Supply Chain Network capital expenditure accruals and resulted in a decrease to accounts payable of $48 in 2021.

Leases

12 Months Ended

Jan. 28, 2023

Leases [Abstract]

Leases

NOTE 4: LEASES

We lease the land, buildings, or land and buildings for many of our stores, office facilities and Supply Chain Network facilities, as well as equipment. The following table summarizes the majority of our fixed, non-cancellable lease terms:


Property Type			Lease Term (in years)
Nordstrom stores			15 – 30
Nordstrom Rack stores			Approximately 10
Office and Supply Chain Network facilities			5 – 20

Many of our leases include options that allow us to extend the lease term beyond the initial commitment period. At the commencement of a lease, we generally include only the initial lease term as we have determined that options to extend are not reasonably certain to occur. The exercise of lease renewal options is generally at our sole discretion. At the renewal of an expiring lease, we reassess our options in the agreement and include all reasonably certain extensions in the measurement of our lease term.

Most of our leases also require us to pay certain expenses, such as common area maintenance charges, real estate taxes and other executory costs, the fixed portion of which is included in Operating Lease Cost. We recognize Operating Lease Cost, which is primarily included in occupancy costs, on a straight-line basis over the lease term. Variable lease cost includes payments for variable common area maintenance charges and additional payments based on a percentage of sales, which are recognized when probable. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following table summarizes the components of lease cost:


Fiscal year	2022	2021	2020
Operating Lease Cost	$280	$265	$263
Variable lease cost1	97	100	100
Sublease income	(19)	(20)	(19)
Total lease cost, net	$358	$345	$344

1 Variable lease cost includes short-term lease cost, which was immaterial in 2022, 2021 and 2020.

The following table summarizes future lease payments as of January 28, 2023:


Fiscal year									Operating Leases
2023									$339
2024									344
2025									295
2026									247
2027									198
Thereafter									793
Total lease payments1,2									2,216

Less: amount representing interest									(432)
Present value of net lease payments3									$1,784

1 Total lease payments do not include payments for variable lease costs that are required by most of our lease agreements.

2 Total lease payments include Nordstrom Canada future lease payments. On March 2, 2023, Nordstrom Canada commenced a wind-down of its business operations (see Note 15: Subsequent Events for more information).

3 Net lease payments exclude $101 of lease payments for operating leases that were signed but not yet commenced as of January 28, 2023.

The following table includes supplemental information:


Fiscal year	2022	2021		2020
Cash paid related to operating lease liabilities	$354	$371		$332
Operating lease interest	85	87		95
Operating lease liabilities arising from lease agreements	260	137		79

		January 28, 2023		January 29, 2022
Weighted-average remaining lease term		8 years		9 years
Weighted-average discount rate		4.9	%	4.7	%

Debt And Credit Facilities

12 Months Ended

Jan. 28, 2023

Debt Disclosure [Abstract]

Debt And Credit Facilities

NOTE 5: DEBT AND CREDIT FACILITIES

Debt

A summary of our long-term debt is as follows:


	January 28, 2023	January 29, 2022






Long-term debt, net of unamortized discount:

Senior notes, 2.30%, due April 2024	$250	$250
Senior notes, 4.00%, due March 2027	349	349
Senior debentures, 6.95%, due March 2028	300	300
Senior notes, 4.375%, due April 2030	500	500
Senior notes, 4.25%, due August 2031	425	425
Senior notes, 7.00%, due January 2038	147	147
Senior notes, 5.00%, due January 20441	905	903
Deferred bond issuance costs	(20)	(21)
Total long-term debt	$2,856	$2,853

1 The unamortized discount on these notes was $61 and $63 as of January 28, 2023 and January 29, 2022.

Required principal payments on long-term debt are as follows:


Fiscal year1
2023			$—
2024			250
2025			—
2026			—
2027			350
Thereafter			2,339

1 Required principal payments exclude estimated future interest payments of $1,659 as of January 28, 2023, with $141 payable within one year.

During the first quarter of 2021, we issued $250 aggregate principal amount of 2.30% senior notes due April 2024 and $425 aggregate principal amount of 4.25% senior notes due August 2031. With the net proceeds of these new notes, together with cash on hand, we retired our $600 Secured Notes. We recorded $88 related to the redemption in interest expense, net, which primarily consisted of a one-time payment of $78 for a “make-whole” premium, and the write-off of unamortized balances associated with the debt discount and issuance costs. The “make-whole” premium payment was not included in cash paid during the period for interest, net of capitalized interest in the Supplemental Cash Flow Information.

During the second quarter of 2021, we retired our 4.00% senior notes that were due October 2021 using cash on hand.

Interest Expense

The components of interest expense, net are as follows:


Fiscal year	2022	2021	2020
Interest on long-term debt and short-term borrowings	$150	$258	$199
Less:
Interest income	(10)	(1)	(3)
Capitalized interest	(12)	(11)	(15)
Interest expense, net	$128	$246	$181

Credit Facilities

During the second quarter of 2022, we terminated and replaced our prior revolving credit facility set to expire in September 2023 with a new $800 Revolver that expires in May 2027. Consistent with our prior revolving credit agreement, any outstanding borrowings under the Revolver are secured by substantially all our personal and intellectual property assets and are guaranteed by certain of our subsidiaries. Under the Revolver, our obligation to secure any outstanding borrowings will be eliminated if no default exists and we either have an unsecured investment-grade debt rating from two of three specified ratings agencies, or we have one investment-grade rating and achieve two consecutive fiscal quarters with a Leverage Ratio of less than 2.5 times.

Under the Revolver, we have two financial covenant tests that need to be met on a quarterly basis: a Leverage Ratio that is less than or equal to 4 times and a fixed charge coverage ratio that is greater than or equal to 1.25 times. As of January 28, 2023, we were in compliance with all covenants.

The Revolver provides us with additional flexibility, compared with our prior revolving credit facility, for dividends and share repurchases, provided we are not in default, and no default would arise as a result of such payments. If the pro-forma Leverage Ratio after such payments is less than 3 times, then such payments are unlimited. If the pro-forma Leverage Ratio is greater than or equal to 3 times but less than 3.5 times then we are limited to $100 per fiscal quarter and if the pro-forma Leverage Ratio is greater than or equal to 3.5 times then the limit is $60 per fiscal quarter.

The Revolver contains customary representations, warranties, covenants and terms, including paying a variable rate of interest and a facility fee based on our debt rating, and is available for working capital, capital expenditures and general corporate purposes. Provided that we obtain written consent from the lenders, we have the option to increase the Revolver by up to $200, to a total of $1,000, and two options to extend the Revolver for additional one-year terms. In 2022, we borrowed $100 under our Revolver during the third quarter, which was fully repaid in the fourth quarter. Any outstanding borrowings are classified in total current liabilities on the Consolidated Balance Sheets. As of January 28, 2023 and January 29, 2022, we had no borrowings outstanding under our Revolver.

On March 1, 2023, we amended our Revolver agreement in contemplation of a wind-down of business operations in Canada (see Note 15: Subsequent Events for more information).

Our $800 commercial paper program allows us to use the proceeds to fund operating cash requirements. Under the terms of the commercial paper agreement, we pay a rate of interest based on, among other factors, the maturity of the issuance and market conditions. The issuance of commercial paper has the effect of reducing available liquidity under the Revolver by an amount equal to the principal amount of commercial paper outstanding. Conversely, borrowings under our Revolver have the effect of reducing the available capacity of our commercial paper program by an amount equal to the amount outstanding. As of January 28, 2023 and January 29, 2022, we had no issuances outstanding under our commercial paper program.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Fair Value Measurements

12 Months Ended

Jan. 28, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 6: FAIR VALUE MEASUREMENTS

We disclose our financial assets and liabilities that are measured at fair value in our Consolidated Balance Sheets by level within the fair value hierarchy as defined by applicable accounting standards:

Level 1: Quoted market prices in active markets for identical assets or liabilities

Level 2: Other observable market-based inputs or unobservable inputs that are corroborated by market data

Level 3: Unobservable inputs that cannot be corroborated by market data that reflect the reporting entity’s own assumptions

Financial Instruments Measured at Carrying Value

Financial instruments measured at carrying value on a recurring basis include cash and cash equivalents, accounts receivable, accounts payable and our Revolver, which approximate fair value due to their short-term nature.

Long-term debt is recorded at carrying value. If long-term debt were measured at fair value, we would use quoted market prices of the same or similar issues, which is considered a Level 2 fair value measurement. The following table summarizes the carrying value and fair value estimate of our long-term debt, including current maturities:


	January 28, 2023	January 29, 2022
Carrying value of long-term debt	$2,856	$2,853
Fair value of long-term debt	2,278	2,758

Non-financial Assets Measured at Fair Value on a Nonrecurring Basis

We also measure certain non-financial assets at fair value on a nonrecurring basis, primarily goodwill, long-lived tangible and ROU assets, in connection with periodic evaluations for potential impairment. We estimate the fair value of these assets using primarily unobservable inputs and, as such, these are considered Level 3 fair value measurements. For more information regarding long-lived tangible and ROU asset impairment charges, see Note 1: Nature of Operations and Summary of Significant Accounting Policies.

Investments Measured at NAV

We have certain investments that are measured at fair value using the NAV per share, or its equivalent, as a practical expedient. This class of investments consists of partnership interests that mainly invest in venture capital strategies with a focus on privately held consumer and technology companies. The NAV is based on the fair value of the underlying net assets owned by the fund and the relative interest of each participating investor in the fair value of the underlying assets. Our interest in these partnerships is generally not redeemable and is subject to significant restrictions regarding transfers. Distributions from each fund will be received as the underlying assets of the funds are liquidated. Liquidation is triggered by clauses within the partnership agreements or at the funds’ stated end date. The contractual terms of the partnership interests range from six to ten years. For more information regarding investments measured at NAV, see Note 1: Nature of Operations and Summary of Significant Accounting Policies.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Self-Insurance

12 Months Ended

Jan. 28, 2023

Self Insurance [Abstract]

Self-Insurance

NOTE 7: SELF-INSURANCE

Our self-insurance reserves are summarized as follows:


	January 28, 2023	January 29, 2022
Workers’ compensation	$78	$77
Employee health and welfare	26	28
Other liability	12	20
Total self-insurance reserves	$116	$125

We are self-insured for the majority of our workers’ compensation programs, employee health and welfare coverage and other liability.

Our workers’ compensation policies have a retention per claim of $1 or less and no policy limits. Approximately 30% of our workers’ compensation obligations are payable within one year. In connection with our workers’ compensation programs, we have standby letters of credit issued on our behalf with $13 available and $2 outstanding as of January 28, 2023. These letters of credit are not reflected in our Consolidated Balance Sheets.

Our employee health and welfare programs do not use stop-loss coverage and participants contribute to the cost of their coverage through premiums and out-of-pocket expenses for deductibles, co-pays and co-insurance.

Other liability primarily includes commercial general liability obligations. Our commercial general liability policy, with a limit up to $101, has a retention per claim of $1 or less. Approximately 60% of our other liability reserve obligations are payable within one year. Beginning in 2021, we no longer carry an employment practices liability policy.

SERP

12 Months Ended

Jan. 28, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

SERP

NOTE 8: SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

We have a SERP, which provides retirement benefits to certain officers and select employees. The SERP has different benefit levels depending on the participant’s role. At the end of 2022, we had 57 participants in the plan, including seven officers and select employees eligible for SERP benefits, 47 retirees and three beneficiaries. This plan is non-qualified and does not have a minimum funding requirement. We selected the measurement date of January 31, the calendar month end closest to our fiscal year end, to value our SERP.

Benefit Obligations and Funded Status

Our benefit obligation and funded status is as follows:


	January 28, 2023	January 29, 2022
Change in benefit obligation:
Benefit obligation at beginning of year	$212	$229
Participant service cost	2	2
Interest cost	6	5
Benefits paid	(10)	(10)
Actuarial (gain) loss	(34)	(14)

Benefit obligation at end of year	176	212
Change in plan assets:
Fair value of plan assets at beginning of year	—	—
Employer contribution	10	10
Benefits paid	(10)	(10)
Fair value of plan assets at end of year	—	—
Underfunded status at end of year	($176)	($212)

The accumulated benefit obligation, which is the present value of benefits, assuming no future compensation changes, was $175 and $211 at the end of 2022 and 2021. Amounts recognized as liabilities in the Consolidated Balance Sheets consist of the following:


	January 28, 2023	January 29, 2022
Accrued salaries, wages and related benefits	$11	$11
Other liabilities (noncurrent)	165	201
Net amount recognized	$176	$212

Components of SERP Expense

The components of SERP expense recognized in SG&A expense on the Consolidated Statements of Earnings are as follows:


Fiscal year	2022	2021	2020
Participant service cost	$2	$2	$2
Interest cost	6	5	6
Amortization of net loss and other	4	8	9
Total SERP expense	$12	$15	$17

Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss (pre-tax) consist of the following:


	2022	2021	2020
Actuarial (gain) loss	($34)	($14)	$7
Amortization of net loss and other	(4)	(8)	(9)
Amounts recognized in accumulated other comprehensive loss	($38)	($22)	($2)

Assumptions

Weighted-average assumptions used to determine our benefit obligation and SERP expense are as follows:


Fiscal year	2022		2021		2020
Assumptions used to determine benefit obligation:
Discount rate	4.95	%	3.19	%	2.62	%
Rate of compensation increase	2.50	%	2.50	%	2.50	%
Assumptions used to determine SERP expense:
Discount rate	3.19	%	2.62	%	2.97	%
Rate of compensation increase	2.50	%	2.50	%	2.50	%

Future Benefit Payments and Contributions

As of January 28, 2023, the expected future benefit payments based upon the assumptions described above and including benefits attributable to estimated future employee service are as follows:


Fiscal year
2023			$11
2024			12
2025			12
2026			13
2027			13
2028 – 2032			62
Thereafter			53

- Definition

The entire disclosure for retirement benefits.

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+ Details

Stock-Based Compensation

12 Months Ended

Jan. 28, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation

NOTE 9: STOCK-BASED COMPENSATION

Under our deferred and stock-based compensation plan arrangements, we issued 3.4, 1.6 and 2.2 shares of common stock in 2022, 2021 and 2020. Under the 2019 Plan, the aggregate number of shares to be issued may not exceed 24.5 plus any shares currently outstanding under the 2010 Plan that are forfeited or expire during the term of the 2019 Plan. As of January 28, 2023, we had 24.5 shares authorized, 13.6 shares issued and outstanding and 13.9 shares remaining available for future grants under the 2019 Plan.

Under the ESPP, employees may make payroll deductions of up to 15% of their base compensation for the purchase of Nordstrom common stock. At the end of each six-month offering period, participants apply their accumulated payroll deductions toward the purchase of shares of our common stock at 90% of the fair market value on the last day of the offer period. As of January 28, 2023, we had 16.1 shares authorized and 2.4 shares available for issuance under the ESPP. We issued 0.9, 0.5 and 1.0 shares under the ESPP during 2022, 2021 and 2020. At the end of 2022 and 2021, we had current liabilities of $6 for future purchases of shares under the ESPP.

The following table summarizes our stock-based compensation expense:


Fiscal year	2022	2021	2020
RSUs	$41	$52	$53
Stock options	11	22	12
Other1	7	5	2
Total stock-based compensation expense, before income tax benefit	59	79	67
Income tax benefit	(15)	(20)	(26)
Total stock-based compensation expense, net of income tax benefit	$44	$59	$41

1 Other stock-based compensation expense includes PSUs, ESPP and nonemployee director stock awards.

The stock-based compensation expense before income tax benefit was recorded in our Consolidated Statements of Earnings as follows:


Fiscal year	2022	2021	2020
Cost of sales and related buying and occupancy costs	$9	$15	$16
SG&A expenses	50	64	51
Total stock-based compensation expense, before income tax benefit	$59	$79	$67

Restricted Stock

Our Compensation, People and Culture Committee of our Board of Directors approves grants of restricted stock units to employees. The number of units granted to an individual are determined based upon award amounts and the fair value of the restricted stock units at the time of grant. Restricted stock units typically vest over four years.

A summary of restricted stock unit activity for 2022 is presented below:


Fiscal year	2022
	Shares	Weighted-average grant date fair value per unit
Outstanding, beginning of year	4.6	$36
Granted	3.1	21
Vested	(2.3)	27
Forfeited or cancelled	(0.8)	26
Outstanding, end of year	4.6	$32

The aggregate fair value of restricted stock units vested during 2022, 2021 and 2020 was $62, $50 and $44. As of January 28, 2023, the total unrecognized stock-based compensation expense related to nonvested restricted stock units was $66, which is expected to be recognized over a weighted-average period of 29 months.

Stock Options

Our Compensation, People and Culture Committee of our Board of Directors approves grants of non-qualified stock options to employees. The number of awards granted to an individual are determined based upon award amounts and the fair value of stock options at the time of grant. Our options primarily vest equally over a four-year period or at the end of two years, and expire ten years after the date of grant. We used the following assumptions to estimate the fair value for stock options at each grant date:


Fiscal year		2022		20211		20202
Assumptions
	Risk-free interest rate: Represents the yield on U.S. Treasury zero-coupon securities that mature over the 10-year life of the stock options.	1.18% – 1.95%		0.11% – 1.51%		0.18% – 0.62%
	Weighted-average volatility: Based on a combination of the historical volatility of our common stock and the implied volatility of exchange-traded options for our common stock.	52.4	%	52.2	%	60.1	%
	Weighted-average expected dividend yield: Our forecasted dividend yield for the next 10 years.	3.4	%	3.4	%	3.4	%
	Expected life in years: Represents the estimated period of time until option exercise. The expected term of options granted was based on our historical exercise behavior, taking into consideration the contractual term of the option and our employees’ expected exercise and post-vesting employment termination behavior.	8.3		8.3		7.7

Grant Date Information
	Date of grant	March 3, 2022		March 4, 2021		June 1, 2020
	Weighted-average fair value per option	$10		$13		$7
	Exercise price per option	$26		$36		$17

1 The options granted on March 4, 2021 include market performance-based stock options with a contractual term of ten years that were awarded to certain members of senior management as well as time-based options. The price-hurdle options contain a market condition that requires the closing price of our stock to meet or exceed certain price thresholds for 20 consecutive trading days in order for shares to vest.

2 Additional non-qualified stock options were also granted to certain company leaders on August 27, 2020 at an exercise price per option of $15. The assumptions used to estimate the fair value for the additional stock options were similar to the 2020 grant assumptions presented in this table. In 2020, we also granted stock options to certain qualified employees outside of the June and August grant dates, which were insignificant in aggregate.

A summary of stock option activity for 2022 is presented below:


Fiscal year	2022
	Shares	Weighted- average exercise price	Weighted-average remaining contractual life (years)	Aggregate intrinsic value1
Outstanding, beginning of year	10.4	$39
Granted	1.1	26
Exercised	(0.9)	15
Forfeited or cancelled	(2.1)	47
Outstanding, end of year	8.5	$38	5	$6
Vested, end of year	6.3	$41	4	$6
Vested or expected to vest, end of year	7.6	$39	5	$6

Fiscal year		2022	2021	2020
Aggregate intrinsic value of options exercised		$4	$—	$1
Fair value of stock options vested		$27	$2	$8

1 The aggregate intrinsic value represents the amount realized if all in-the-money options were exercised on the final business day before January 28, 2023.

As of January 28, 2023, the total unrecognized stock-based compensation expense related to nonvested stock options was $5, which is expected to be recognized over a weighted-average period of 32 months.

Shareholders' Equity

12 Months Ended

Jan. 28, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

NOTE 10: SHAREHOLDERS’ EQUITY

We have certain limitations with respect to the payment of dividends and share repurchases under our Revolver agreement (see Note 5: Debt and Credit Facilities).

Share Repurchases

Changes in the number of issued and outstanding shares of our common stock in 2022, 2021 and 2020 are the result of share repurchases and compensation plan issuances (see Note 9: Stock-based Compensation).

In May 2022, our Board of Directors authorized a new program to repurchase up to $500 of our outstanding common stock, with no expiration date, which replaced the August 2018 program. The following is a summary of the activity related to our share repurchase programs in 2022, 2021 and 2020:


	Shares	Average price per share	Amount
Capacity at February 1, 2020			$707

Shares repurchased	—	—	—

Capacity at January 30, 2021			707

Shares repurchased	—	—	—

Capacity at January 29, 2022			707
August 2018 program termination			(707)
May 2022 program authorization (no expiration)			500
Shares repurchased	2.8	$22	(62)
Capacity at January 28, 2023			$438

Dividends

We paid dividends of $0.76 per share in 2022, none in 2021 and $0.37 per share in 2020. In February 2023, subsequent to year end, we declared a quarterly dividend of $0.19 per share, which will be paid on March 29, 2023 to shareholders of record as of March 14, 2023.

Rights Plan

In September 2022, our Board of Directors approved a shareholder rights agreement and declared a dividend of one right for each outstanding share of Nordstrom common stock to shareholders of record on September 30, 2022. Each right entitles holders to purchase one newly issued share of Nordstrom common stock at an exercise price of $94 per right, subject to adjustment. Initially, the rights are not exercisable and trade with our shares of common stock.

In general, the rights become exercisable following a public announcement that a person acquires 10% or more of the outstanding shares of Nordstrom common stock. If the rights are exercised, each holder (except the acquiring person) will have the right to receive common stock equal to two times the exercise price of the right. The Company may redeem the rights for $0.001 per right anytime prior to the rights becoming exercisable. The agreement also provides for exceptions and additional terms for other certain situations and circumstances.

The Rights Plan is intended to protect the interests of Nordstrom and its shareholders by reducing the likelihood that any entity, person or group gains control of the Company through open-market accumulation or other means without payment of an adequate control premium and expires September 19, 2023, unless redeemed, exchanged or terminated earlier by our Board of Directors. There is currently no impact to our Consolidated Financial Statements.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Income Taxes

12 Months Ended

Jan. 28, 2023

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 11: INCOME TAXES

U.S. and foreign components of earnings before income taxes were as follows:


Fiscal year	2022	2021	2020
U.S.	$316	$241	($1,210)
Foreign	21	5	(18)
Earnings (loss) before income taxes	$337	$246	($1,228)

Income tax expense (benefit) consists of the following:


Fiscal year	2022	2021	2020
Current income taxes:
Federal	$149	$61	($501)
State and local	27	18	(34)
Foreign	(1)	—	4
Total current income tax expense (benefit)	175	79	(531)
Deferred income taxes:
Federal	(86)	(10)	47
State and local	(2)	(5)	(57)
Foreign	5	4	3
Total deferred income tax benefit	(83)	(11)	(7)
Total income tax expense (benefit)	$92	$68	($538)

A reconciliation of the statutory federal income tax rate to the effective tax rate on earnings (loss) before income taxes is as follows:


Fiscal year	2022		2021		2020
Statutory rate	21.0	%	21.0	%	21.0	%
CARES Act impact	—		(0.9	%)	17.6	%
State and local income taxes, net of federal income taxes	5.9	%	3.4	%	6.1	%
Federal credits	(3.8	%)	(4.0	%)	0.5	%
Non-deductible expenses	1.2	%	2.7	%	(0.3	%)
Stock-based compensation	1.8	%	2.0	%	(1.0	%)
Valuation allowance	0.4	%	1.8	%	(0.8	%)
Taxes on foreign operations	1.6	%	1.3	%	0.4	%
Other, net	(0.9	%)	0.2	%	0.3	%
Effective tax rate	27.2	%	27.5	%	43.8	%

The components of deferred tax assets and liabilities are as follows:


	January 28, 2023	January 29, 2022
Deferred tax assets:
Lease liabilities	$463	$471
Compensation and benefits accruals	111	133
Sales return reserve	61	59
Accrued expenses	28	27
Merchandise inventories	33	35
Gift cards	43	25
The Nordy Club loyalty program	8	5
Net operating losses	52	81
Other	25	9
Total deferred tax assets	824	845
Valuation allowance	(28)	(28)
Total deferred tax assets, net of valuation allowance	796	817
Deferred tax liabilities:
ROU assets	(331)	(326)
Land, property and equipment	(230)	(327)
Debt exchange premium	(12)	(12)
Total deferred tax liabilities	(573)	(665)
Net deferred tax assets	$223	$152

The following sets forth information on approximate net operating loss carryforwards for income tax purposes:


	January 28, 2023	January 29, 2022
State	$756	$1,114
Foreign	26	50

The net operating loss carryforwards are subject to certain statutory limitations of applicable state and foreign laws. If not utilized, a portion of our state and foreign net operating loss carryforwards will begin to expire in 2024 and 2033.

As of January 28, 2023 and January 29, 2022, we believe there are certain foreign net operating loss carryforwards and deferred tax assets that will not be realized in the foreseeable future. As such, valuation allowances of $28 have been recorded as of January 28, 2023 and January 29, 2022. The valuation allowance had no change in 2022 and increased $4 in 2021.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


Fiscal year	2022	2021	2020
Unrecognized tax benefit at beginning of year	$47	$32	$22
Gross increase to tax positions in prior periods	1	11	4
Gross decrease to tax positions in prior periods	(6)	—	—
Gross increase to tax positions in current period	7	6	6

Settlements	(1)	(2)	—
Unrecognized tax benefit at end of year	$48	$47	$32

At the end of 2022 and 2021, $45 and $39 of the ending gross unrecognized tax benefit related to items which, if recognized, would affect the effective tax rate.

There was no material expense for interest and penalties in 2022, 2021 and 2020. At the end of 2022 and 2021, our liability for interest and penalties was $8 and $7.

We file income tax returns in the U.S. and a limited number of foreign jurisdictions. With few exceptions, we are no longer subject to federal, state and local, or non-U.S. income tax examinations for years before 2013. As of January 28, 2023, we believe it is reasonably possible unrecognized tax benefits related to federal, state and local tax positions may decrease $30 by February 3, 2024, due to the completion of examinations and the expiration of various statutes of limitations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Commitments And Contingencies	12 Months Ended
Commitments And Contingencies	Jan. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	NOTE 12: COMMITMENTS AND CONTINGENCIES Our estimated total purchase obligations, which primarily consist of inventory purchase orders and capital expenditure commitments, were $1,780 as of January 28, 2023. These purchase obligations are primarily payable within one year.

Earnings Per Share

12 Months Ended

Jan. 28, 2023

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 13: EARNINGS PER SHARE

The computation of EPS is as follows:


Fiscal year	2022	2021	2020
Net earnings (loss)	$245	$178	($690)

Basic weighted-average shares outstanding	160.1	159.0	157.2
Dilutive effect of common stock equivalents	2.0	3.5	—
Diluted weighted-average shares outstanding	162.1	162.5	157.2

Basic EPS	$1.53	$1.12	($4.39)
Diluted EPS	$1.51	$1.10	($4.39)

Anti-dilutive common stock equivalents	8.7	8.1	13.5

Segment Reporting

12 Months Ended

Jan. 28, 2023

Segment Reporting [Abstract]

Segment Reporting

NOTE 14: SEGMENT REPORTING

Segments

We continually monitor and review our segment reporting structure in accordance with authoritative guidance to determine whether any changes have occurred that would impact our reportable segments. We have one reportable “Retail” segment to align with how management operates and evaluates the results of our operations. Our principal executive officer, who is our chief operating decision maker, reviews results on a total Company, Nordstrom and Nordstrom Rack basis and uses EBIT as a measure of profitability.

Our Retail reportable segment aggregates our two operating segments, Nordstrom and Nordstrom Rack. As of January 28, 2023, Nordstrom consists of Nordstrom.com, Nordstrom U.S. stores, Canada, which includes Nordstrom.ca, Nordstrom Canadian stores and Nordstrom Rack Canadian stores, Nordstrom Local, ASOS | Nordstrom and, prior to October 2022, TrunkClub.com. Nordstrom Rack consists of NordstromRack.com, Nordstrom Rack U.S. stores, Last Chance clearance stores and, prior to the first quarter of 2021, HauteLook.com.

Our Nordstrom and Nordstrom Rack operating segments both generate revenue by offering customers an extensive selection of high-quality brand-name and private label merchandise for women, men, young adults and children, with a focus on apparel, shoes, beauty, accessories and home goods. We continue to focus on omni-channel initiatives by integrating the operations, merchandising and technology necessary to be consistent with our customers’ expectations of a seamless shopping experience regardless of channel or business. Nordstrom and Nordstrom Rack have historically had, and are expected to continue to have, similar economic characteristics and long-term financial performance. They also have other similar qualitative characteristics, including suppliers, method of distribution, type of customer and regulatory environment. Due to their similar qualitative and economic characteristics, we have aggregated our Nordstrom and Nordstrom Rack operating segments into a single reportable segment.

Amounts in the Corporate/Other column include unallocated corporate expenses and assets (including unallocated assets in corporate headquarters, consisting primarily of cash, land, buildings and equipment and deferred tax assets), inter-segment eliminations and other adjustments to segment results necessary for the presentation of consolidated financial results in accordance with GAAP.

Accounting Policy

We present our segment results for all years in the way that management views our results internally and the accounting policies of the operating segments are the same as those described in Note 1: Nature of Operations and Summary of Significant Accounting Policies.

The following table sets forth information for our reportable segment:


	Retail	Corporate/Other	Total
Fiscal year 2022
Net sales	$15,092	$—	$15,092
Credit card revenues, net	—	438	438
Earnings (loss) before interest and income taxes	719	(254)	465



Capital expenditures	(154)	(319)	(473)
Depreciation and amortization	(316)	(288)	(604)
Assets	5,968	2,777	8,745

Fiscal year 2021
Net sales	$14,402	$—	$14,402
Credit card revenues, net	—	387	387
Earnings (loss) before interest and income taxes	687	(195)	492



Capital expenditures	(218)	(288)	(506)
Depreciation and amortization	(350)	(265)	(615)
Assets	6,244	2,625	8,869

Fiscal year 2020
Net sales	$10,357	$—	$10,357
Credit card revenues, net	—	358	358
Loss before interest and income taxes	(924)	(123)	(1,047)



Capital expenditures	(175)	(210)	(385)
Depreciation and amortization	(404)	(267)	(671)
Assets	6,100	3,438	9,538

For information about disaggregated revenues, see Note 2: Revenue.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Jan. 28, 2023
Subsequent Events [Abstract]
Subsequent Events	NOTE 15: SUBSEQUENT EVENTS Wind-down of Business Operations in Canada On March 2, 2023, as part of our initiatives to drive long-term profitable growth and enhance shareholder value, and after careful consideration of all reasonably available options, we announced the decision to discontinue support for Nordstrom Canada’s operations. Accordingly, Nordstrom Canada has commenced a wind-down of its business operations, obtaining an Initial Order from the Ontario Superior Court of Justice under the CCAA on March 2, 2023 to facilitate the wind-down in an orderly fashion. Nordstrom Canada intends to wind down its Nordstrom and Nordstrom Rack stores across Canada, with the help of a third-party liquidator, and its Canadian ecommerce platform. The ecommerce platform ceased operations on March 2, 2023. The in-store wind-down is anticipated to be completed by late June 2023. As a result of this filing, we expect to deconsolidate Nordstrom Canada as of March 2, 2023. We expect to incur pre-tax charges of approximately $300 to $350 related to the wind-down in the first quarter of 2023, driven primarily by the write-down of our investment in Nordstrom Canada. Given the early stage of the exit activities, our estimates of losses are based on currently available information and our assessment of the validity of certain claims. These estimates may change as new information becomes available and it is reasonably possible that we may incur a material loss in excess of the estimated amounts. Amendment of Revolver Agreement On March 1, 2023, in contemplation of a wind-down of Nordstrom Canada, we entered into an amendment to the Revolver originally dated May 6, 2022. Prior to this amendment, Nordstrom Canada Retail, Inc. was a loan party under the Revolver and the obligations under the Revolver were secured, in part, by the assets of this subsidiary. As a result of this amendment, Nordstrom Canada Retail, Inc. has been removed as a loan party and obligations under the Revolver will no longer be secured by these assets. In addition, this amendment excludes as subsidiaries or affiliates all Nordstrom Canada entities and carves out certain CCAA-related expenses and obligations from financial covenants under the Revolver.

Nature Of Operations And Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Jan. 28, 2023

Accounting Policies [Abstract]

Fiscal Year

Principles of Consolidation

Use of Estimates

Revenue

Net Sales

Loyalty Program

Gift Cards

As of January 28, 2023 and January 29, 2022, our outstanding performance obligation for unredeemed gift cards was $370 and $366. Almost all gift card redemptions occur within two years of issuance.

Credit Card Revenues, net

Cost of Sales

Cost of SalesCost of sales primarily includes the purchase and manufacturing costs of inventory sold, net of vendor allowances, and in-bound freight and duty expense.

Buying and Occupancy Costs

Selling, General and Administrative Expenses

SG&A expenses consist primarily of compensation and benefits, marketing, outbound supply chain and technology costs.

Severance

Advertising

Shipping and Handling Costs

Shipping and Fulfillment Costs

Vendor Allowances

Vendor allowances earned are as follows:


Fiscal year	2022	2021	2020
Purchase price adjustments	$120	$108	$77
Beauty expenses	111	103	79
Advertising	112	110	82
Other	2	3	2
Total vendor allowances	$345	$324	$240

401(k) Plan

Stock-Based Compensation

Amounts included on the following line items of our Consolidated Statements of Shareholders’ Equity and our Consolidated Statements of Cash Flows are as follows:

•Issuance under stock compensation plans — includes common stock option exercises and purchases of shares under the ESPP

•Stock-based compensation — primarily includes stock-based compensation expense for our common stock options, RSUs and PSUs, partially offset by shares withheld for taxes on RSUs

New Store Opening Costs

Income Taxes

CARES Act

Earnings Per Share

Earnings Per ShareEarnings per basic share is computed using the weighted-average number of common shares outstanding during the year. Earnings per diluted share uses the weighted-average number of common shares outstanding during the year plus dilutive common stock equivalents, primarily RSUs and stock options. Dilutive common stock is calculated using the treasury stock method and includes outstanding RSUs and options that would reduce the amount of earnings for which each share is entitled. Anti-dilutive shares (including stock options and other shares) are excluded from the calculation of diluted shares and earnings per diluted share because their impact could increase earnings per diluted share.

Comprehensive Net Earnings

Comprehensive Net EarningsComprehensive net earnings consist of net earnings and other gains and losses affecting equity that are excluded from net earnings. These consist of postretirement plan adjustments, net of related income tax effects, and foreign currency translation adjustments.

Cash Equivalents

Accounts Receivable

Accounts receivable, net primarily includes receivables from TD related to our program agreement, non-Nordstrom-branded credit and debit cards and developer reimbursements.

Merchandise Inventories

Leases

Land, Property and Equipment


Asset			Life (in years)
Buildings and improvements			5 – 40
Store fixtures and equipment			3 – 15
Leasehold improvements			5 – 40
Capitalized software			2 – 7

Long-Lived Assets

The following table provides details related to asset impairment charges:


	2022		2020
	Supply Chain	Trunk Club	Stores
Long-lived asset impairment1	$58	$10	$96
Operating lease ROU asset impairment1	12	—	41
Asset impairment	$70	$10	$137

1 After impairment, the carrying value of the remaining long-lived tangible and ROU assets were not material.

Supply Chain Impairment

Trunk Club Wind-down

2020 Store Closures

Accounting Policy

Nature Of Operations And Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 28, 2023

Accounting Policies [Abstract]

Vendor Allowances

Vendor allowances earned are as follows:


Fiscal year	2022	2021	2020
Purchase price adjustments	$120	$108	$77
Beauty expenses	111	103	79
Advertising	112	110	82
Other	2	3	2
Total vendor allowances	$345	$324	$240

Estimated Useful Life Of Land, Property And Equipment By Asset Category

Depreciation and amortization are computed using the straight-line method over the asset’s estimated useful life, which is determined by asset category as follows:


Asset			Life (in years)
Buildings and improvements			5 – 40
Store fixtures and equipment			3 – 15
Leasehold improvements			5 – 40
Capitalized software			2 – 7

The following table provides details related to asset impairment charges:


	2022		2020
	Supply Chain	Trunk Club	Stores
Long-lived asset impairment1	$58	$10	$96
Operating lease ROU asset impairment1	12	—	41
Asset impairment	$70	$10	$137

1 After impairment, the carrying value of the remaining long-lived tangible and ROU assets were not material.

Revenue (Tables)

12 Months Ended

Jan. 28, 2023

Revenue from Contract with Customer [Abstract]

Summary Of Contract Liabilities

Our contract liabilities are classified on the Consolidated Balance Sheets as follows:


	Other current liabilities	Other liabilities
Balance as of January 30, 2021	$478	$—
Balance as of January 29, 2022	478	—
Balance as of January 28, 2023	536	136

Disaggregated Net Sales

The following table summarizes our disaggregated net sales:


Fiscal year	2022	2021	2020
Nordstrom	$10,279	$9,640	$6,997
Nordstrom Rack	4,813	4,762	3,360
Total net sales	$15,092	$14,402	$10,357

Digital sales as a % of total net sales	38%	42%	55%

Percent Of Net Sales By Merchandise Category Summary

The following table summarizes the percent of net sales by merchandise category:


Fiscal year	2022		2021		2020
Women’s Apparel	28%		28%		29%
Shoes	26%		25%		26%
Men’s Apparel	15%		14%		12%
Accessories	13%		14%		14%
Beauty	12%		12%		12%
Kids’ Apparel	3%		4%		4%
Other	3%		3%		3%
Total net sales	100	%	100	%	100	%

Land, Property And Equipment (Tables)

12 Months Ended

Jan. 28, 2023

Property, Plant and Equipment [Abstract]

Schedule Of Land, Property And Equipment

Land, property and equipment consist of the following:


	January 28, 2023	January 29, 2022
Land and land improvements	$288	$285
Buildings and building improvements	1,352	1,338
Leasehold improvements	3,389	3,350
Store fixtures and equipment	4,138	4,038
Capitalized software	2,151	1,915
Construction in progress	322	373
Land, property and equipment	11,640	11,299
Less: accumulated depreciation and amortization	(8,289)	(7,737)
Land, property and equipment, net	$3,351	$3,562

Leases (Tables)

12 Months Ended

Jan. 28, 2023

Leases [Abstract]

Lease Terms Summary

The following table summarizes the majority of our fixed, non-cancellable lease terms:


Property Type			Lease Term (in years)
Nordstrom stores			15 – 30
Nordstrom Rack stores			Approximately 10
Office and Supply Chain Network facilities			5 – 20

Components Of Lease Cost

The following table summarizes the components of lease cost:


Fiscal year	2022	2021	2020
Operating Lease Cost	$280	$265	$263
Variable lease cost1	97	100	100
Sublease income	(19)	(20)	(19)
Total lease cost, net	$358	$345	$344

1 Variable lease cost includes short-term lease cost, which was immaterial in 2022, 2021 and 2020.

Future Lease Payments

The following table summarizes future lease payments as of January 28, 2023:


Fiscal year									Operating Leases
2023									$339
2024									344
2025									295
2026									247
2027									198
Thereafter									793
Total lease payments1,2									2,216

Less: amount representing interest									(432)
Present value of net lease payments3									$1,784

1 Total lease payments do not include payments for variable lease costs that are required by most of our lease agreements.

3 Net lease payments exclude $101 of lease payments for operating leases that were signed but not yet commenced as of January 28, 2023.

Supplemental Lease Information

The following table includes supplemental information:


Fiscal year	2022	2021		2020
Cash paid related to operating lease liabilities	$354	$371		$332
Operating lease interest	85	87		95
Operating lease liabilities arising from lease agreements	260	137		79

		January 28, 2023		January 29, 2022
Weighted-average remaining lease term		8 years		9 years
Weighted-average discount rate		4.9	%	4.7	%

Debt And Credit Facilities (Tables)

12 Months Ended

Jan. 28, 2023

Debt Disclosure [Abstract]

Summary Of Long-Term Debt

A summary of our long-term debt is as follows:


	January 28, 2023	January 29, 2022






Long-term debt, net of unamortized discount:

Senior notes, 2.30%, due April 2024	$250	$250
Senior notes, 4.00%, due March 2027	349	349
Senior debentures, 6.95%, due March 2028	300	300
Senior notes, 4.375%, due April 2030	500	500
Senior notes, 4.25%, due August 2031	425	425
Senior notes, 7.00%, due January 2038	147	147
Senior notes, 5.00%, due January 20441	905	903
Deferred bond issuance costs	(20)	(21)
Total long-term debt	$2,856	$2,853

1 The unamortized discount on these notes was $61 and $63 as of January 28, 2023 and January 29, 2022.

Schedule Of Required Principal Payments On Long-Term Debt

Required principal payments on long-term debt are as follows:


Fiscal year1
2023			$—
2024			250
2025			—
2026			—
2027			350
Thereafter			2,339

1 Required principal payments exclude estimated future interest payments of $1,659 as of January 28, 2023, with $141 payable within one year.

Components Of Interest Expense, Net

The components of interest expense, net are as follows:


Fiscal year	2022	2021	2020
Interest on long-term debt and short-term borrowings	$150	$258	$199
Less:
Interest income	(10)	(1)	(3)
Capitalized interest	(12)	(11)	(15)
Interest expense, net	$128	$246	$181

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
-Topic 235
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-Subparagraph (SX 210.12-04(a))
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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Jan. 28, 2023

Fair Value Disclosures [Abstract]

Summary Of Carrying Value And Fair Value Estimate Of Long-Term Debt, Including Current Maturities

The following table summarizes the carrying value and fair value estimate of our long-term debt, including current maturities:


	January 28, 2023	January 29, 2022
Carrying value of long-term debt	$2,856	$2,853
Fair value of long-term debt	2,278	2,758

Self-Insurance (Tables)

12 Months Ended

Jan. 28, 2023

Self Insurance [Abstract]

Summary Of Self-Insurance Reserves

Our self-insurance reserves are summarized as follows:


	January 28, 2023	January 29, 2022
Workers’ compensation	$78	$77
Employee health and welfare	26	28
Other liability	12	20
Total self-insurance reserves	$116	$125

SERP (Tables)

12 Months Ended

Jan. 28, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Benefit Obligations And Funded Status

Our benefit obligation and funded status is as follows:


	January 28, 2023	January 29, 2022
Change in benefit obligation:
Benefit obligation at beginning of year	$212	$229
Participant service cost	2	2
Interest cost	6	5
Benefits paid	(10)	(10)
Actuarial (gain) loss	(34)	(14)

Benefit obligation at end of year	176	212
Change in plan assets:
Fair value of plan assets at beginning of year	—	—
Employer contribution	10	10
Benefits paid	(10)	(10)
Fair value of plan assets at end of year	—	—
Underfunded status at end of year	($176)	($212)

Amounts Recognized As Liabilities In The Consolidated Balance Sheets

Amounts recognized as liabilities in the Consolidated Balance Sheets consist of the following:


	January 28, 2023	January 29, 2022
Accrued salaries, wages and related benefits	$11	$11
Other liabilities (noncurrent)	165	201
Net amount recognized	$176	$212

Components Of SERP Expense Recognized In The Consolidated Statements Of Earnings

The components of SERP expense recognized in SG&A expense on the Consolidated Statements of Earnings are as follows:


Fiscal year	2022	2021	2020
Participant service cost	$2	$2	$2
Interest cost	6	5	6
Amortization of net loss and other	4	8	9
Total SERP expense	$12	$15	$17

Amounts Recognized In Accumulated Other Comprehensive Loss (Pre-Tax)

Amounts recognized in accumulated other comprehensive loss (pre-tax) consist of the following:


	2022	2021	2020
Actuarial (gain) loss	($34)	($14)	$7
Amortization of net loss and other	(4)	(8)	(9)
Amounts recognized in accumulated other comprehensive loss	($38)	($22)	($2)

Weighted-Average Assumptions Used To Determine Benefit Obligations And SERP Expense

Weighted-average assumptions used to determine our benefit obligation and SERP expense are as follows:


Fiscal year	2022		2021		2020
Assumptions used to determine benefit obligation:
Discount rate	4.95	%	3.19	%	2.62	%
Rate of compensation increase	2.50	%	2.50	%	2.50	%
Assumptions used to determine SERP expense:
Discount rate	3.19	%	2.62	%	2.97	%
Rate of compensation increase	2.50	%	2.50	%	2.50	%

Expected Future Benefit Payments Including Benefits Attributable To Estimated Future Employee Service

As of January 28, 2023, the expected future benefit payments based upon the assumptions described above and including benefits attributable to estimated future employee service are as follows:


Fiscal year
2023			$11
2024			12
2025			12
2026			13
2027			13
2028 – 2032			62
Thereafter			53

Stock-Based Compensation (Tables)

12 Months Ended

Jan. 28, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary Of Stock-Based Compensation Expense

The following table summarizes our stock-based compensation expense:


Fiscal year	2022	2021	2020
RSUs	$41	$52	$53
Stock options	11	22	12
Other1	7	5	2
Total stock-based compensation expense, before income tax benefit	59	79	67
Income tax benefit	(15)	(20)	(26)
Total stock-based compensation expense, net of income tax benefit	$44	$59	$41

1 Other stock-based compensation expense includes PSUs, ESPP and nonemployee director stock awards.

Stock-Based Compensation Expense Before Income Tax Benefit

The stock-based compensation expense before income tax benefit was recorded in our Consolidated Statements of Earnings as follows:


Fiscal year	2022	2021	2020
Cost of sales and related buying and occupancy costs	$9	$15	$16
SG&A expenses	50	64	51
Total stock-based compensation expense, before income tax benefit	$59	$79	$67

Summary Of Restricted Stock Unit Activity

A summary of restricted stock unit activity for 2022 is presented below:


Fiscal year	2022
	Shares	Weighted-average grant date fair value per unit
Outstanding, beginning of year	4.6	$36
Granted	3.1	21
Vested	(2.3)	27
Forfeited or cancelled	(0.8)	26
Outstanding, end of year	4.6	$32

Assumptions To Estimate The Fair Value For Stock Options At Grant Date

We used the following assumptions to estimate the fair value for stock options at each grant date:


Fiscal year		2022		20211		20202
Assumptions
	Risk-free interest rate: Represents the yield on U.S. Treasury zero-coupon securities that mature over the 10-year life of the stock options.	1.18% – 1.95%		0.11% – 1.51%		0.18% – 0.62%
	Weighted-average volatility: Based on a combination of the historical volatility of our common stock and the implied volatility of exchange-traded options for our common stock.	52.4	%	52.2	%	60.1	%
	Weighted-average expected dividend yield: Our forecasted dividend yield for the next 10 years.	3.4	%	3.4	%	3.4	%
	Expected life in years: Represents the estimated period of time until option exercise. The expected term of options granted was based on our historical exercise behavior, taking into consideration the contractual term of the option and our employees’ expected exercise and post-vesting employment termination behavior.	8.3		8.3		7.7

Grant Date Information
	Date of grant	March 3, 2022		March 4, 2021		June 1, 2020
	Weighted-average fair value per option	$10		$13		$7
	Exercise price per option	$26		$36		$17

Summary Of Stock Option Activity

A summary of stock option activity for 2022 is presented below:


Fiscal year	2022
	Shares	Weighted- average exercise price	Weighted-average remaining contractual life (years)	Aggregate intrinsic value1
Outstanding, beginning of year	10.4	$39
Granted	1.1	26
Exercised	(0.9)	15
Forfeited or cancelled	(2.1)	47
Outstanding, end of year	8.5	$38	5	$6
Vested, end of year	6.3	$41	4	$6
Vested or expected to vest, end of year	7.6	$39	5	$6

Fiscal year		2022	2021	2020
Aggregate intrinsic value of options exercised		$4	$—	$1
Fair value of stock options vested		$27	$2	$8

1 The aggregate intrinsic value represents the amount realized if all in-the-money options were exercised on the final business day before January 28, 2023.

Shareholders' Equity (Tables)

12 Months Ended

Jan. 28, 2023

Stockholders' Equity Note [Abstract]

Schedule of Repurchase Agreements

The following is a summary of the activity related to our share repurchase programs in 2022, 2021 and 2020:


	Shares	Average price per share	Amount
Capacity at February 1, 2020			$707

Shares repurchased	—	—	—

Capacity at January 30, 2021			707

Shares repurchased	—	—	—

Capacity at January 29, 2022			707
August 2018 program termination			(707)
May 2022 program authorization (no expiration)			500
Shares repurchased	2.8	$22	(62)
Capacity at January 28, 2023			$438

Income Taxes (Tables)

12 Months Ended

Jan. 28, 2023

Income Tax Disclosure [Abstract]

U.S. And Foreign Components Of Earnings Before Income Taxes

U.S. and foreign components of earnings before income taxes were as follows:


Fiscal year	2022	2021	2020
U.S.	$316	$241	($1,210)
Foreign	21	5	(18)
Earnings (loss) before income taxes	$337	$246	($1,228)

Components Of Income Tax Expense

Income tax expense (benefit) consists of the following:


Fiscal year	2022	2021	2020
Current income taxes:
Federal	$149	$61	($501)
State and local	27	18	(34)
Foreign	(1)	—	4
Total current income tax expense (benefit)	175	79	(531)
Deferred income taxes:
Federal	(86)	(10)	47
State and local	(2)	(5)	(57)
Foreign	5	4	3
Total deferred income tax benefit	(83)	(11)	(7)
Total income tax expense (benefit)	$92	$68	($538)

Reconciliation Of Statutory To Effective Tax Rate

A reconciliation of the statutory federal income tax rate to the effective tax rate on earnings (loss) before income taxes is as follows:


Fiscal year	2022		2021		2020
Statutory rate	21.0	%	21.0	%	21.0	%
CARES Act impact	—		(0.9	%)	17.6	%
State and local income taxes, net of federal income taxes	5.9	%	3.4	%	6.1	%
Federal credits	(3.8	%)	(4.0	%)	0.5	%
Non-deductible expenses	1.2	%	2.7	%	(0.3	%)
Stock-based compensation	1.8	%	2.0	%	(1.0	%)
Valuation allowance	0.4	%	1.8	%	(0.8	%)
Taxes on foreign operations	1.6	%	1.3	%	0.4	%
Other, net	(0.9	%)	0.2	%	0.3	%
Effective tax rate	27.2	%	27.5	%	43.8	%

Components Of Deferred Tax Assets And Liabilities

The components of deferred tax assets and liabilities are as follows:


	January 28, 2023	January 29, 2022
Deferred tax assets:
Lease liabilities	$463	$471
Compensation and benefits accruals	111	133
Sales return reserve	61	59
Accrued expenses	28	27
Merchandise inventories	33	35
Gift cards	43	25
The Nordy Club loyalty program	8	5
Net operating losses	52	81
Other	25	9
Total deferred tax assets	824	845
Valuation allowance	(28)	(28)
Total deferred tax assets, net of valuation allowance	796	817
Deferred tax liabilities:
ROU assets	(331)	(326)
Land, property and equipment	(230)	(327)
Debt exchange premium	(12)	(12)
Total deferred tax liabilities	(573)	(665)
Net deferred tax assets	$223	$152

Information On Approximate Net Operating Loss Carryforwards

The following sets forth information on approximate net operating loss carryforwards for income tax purposes:


	January 28, 2023	January 29, 2022
State	$756	$1,114
Foreign	26	50

Reconciliation Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


Fiscal year	2022	2021	2020
Unrecognized tax benefit at beginning of year	$47	$32	$22
Gross increase to tax positions in prior periods	1	11	4
Gross decrease to tax positions in prior periods	(6)	—	—
Gross increase to tax positions in current period	7	6	6

Settlements	(1)	(2)	—
Unrecognized tax benefit at end of year	$48	$47	$32

Earnings Per Share (Tables)

12 Months Ended

Jan. 28, 2023

Earnings Per Share [Abstract]

Computation Of EPS

The computation of EPS is as follows:


Fiscal year	2022	2021	2020
Net earnings (loss)	$245	$178	($690)

Basic weighted-average shares outstanding	160.1	159.0	157.2
Dilutive effect of common stock equivalents	2.0	3.5	—
Diluted weighted-average shares outstanding	162.1	162.5	157.2

Basic EPS	$1.53	$1.12	($4.39)
Diluted EPS	$1.51	$1.10	($4.39)

Anti-dilutive common stock equivalents	8.7	8.1	13.5

Segment Reporting (Tables)

12 Months Ended

Jan. 28, 2023

Segment Reporting [Abstract]

Information By Reportable Segment

The following table sets forth information for our reportable segment:


	Retail	Corporate/Other	Total
Fiscal year 2022
Net sales	$15,092	$—	$15,092
Credit card revenues, net	—	438	438
Earnings (loss) before interest and income taxes	719	(254)	465



Capital expenditures	(154)	(319)	(473)
Depreciation and amortization	(316)	(288)	(604)
Assets	5,968	2,777	8,745

Fiscal year 2021
Net sales	$14,402	$—	$14,402
Credit card revenues, net	—	387	387
Earnings (loss) before interest and income taxes	687	(195)	492



Capital expenditures	(218)	(288)	(506)
Depreciation and amortization	(350)	(265)	(615)
Assets	6,244	2,625	8,869

Fiscal year 2020
Net sales	$10,357	$—	$10,357
Credit card revenues, net	—	358	358
Loss before interest and income taxes	(924)	(123)	(1,047)



Capital expenditures	(175)	(210)	(385)
Depreciation and amortization	(404)	(267)	(671)
Assets	6,100	3,438	9,538

Nature Of Operations And Summary Of Significant Accounting Policies (Vendor Allowances) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Nature Of Retail Operations [Line Items]
Total vendor allowances	$ 345	$ 324	$ 240
Purchase price adjustments [Member]
Nature Of Retail Operations [Line Items]
Total vendor allowances	120	108	77
Beauty expenses [Member]
Nature Of Retail Operations [Line Items]
Total vendor allowances	111	103	79
Advertising [Member]
Nature Of Retail Operations [Line Items]
Total vendor allowances	112	110	82
Other [Member]
Nature Of Retail Operations [Line Items]
Total vendor allowances	$ 2	$ 3	$ 2

Nature Of Operations And Summary Of Significant Accounting Policies (Estimated Useful Life of Land, Property And Equipment By Asset Category) (Details)	12 Months Ended
	Jan. 28, 2023
Buildings and improvements [Member] \| Minimum [Member]
Land, Property and Equipment [Line Items]
Estimated useful life (in years)	5 years
Buildings and improvements [Member] \| Maximum [Member]
Land, Property and Equipment [Line Items]
Estimated useful life (in years)	40 years
Store fixtures and equipment [Member] \| Minimum [Member]
Land, Property and Equipment [Line Items]
Estimated useful life (in years)	3 years
Store fixtures and equipment [Member] \| Maximum [Member]
Land, Property and Equipment [Line Items]
Estimated useful life (in years)	15 years
Leasehold improvements [Member] \| Minimum [Member]
Land, Property and Equipment [Line Items]
Estimated useful life (in years)	5 years
Leasehold improvements [Member] \| Maximum [Member]
Land, Property and Equipment [Line Items]
Estimated useful life (in years)	40 years
Capitalized software [Member] \| Minimum [Member]
Land, Property and Equipment [Line Items]
Estimated useful life (in years)	2 years
Capitalized software [Member] \| Maximum [Member]
Land, Property and Equipment [Line Items]
Estimated useful life (in years)	7 years

Nature Of Operations And Summary Of Significant Accounting Policies (COVID-19 Related Asset Impairment Charges) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 30, 2021
Land, Property and Equipment [Line Items]
Long-lived asset impairment		$ 96
Operating lease ROU asset impairment		41
Total asset impairment		$ 137
Other facilities [Member]
Land, Property and Equipment [Line Items]
Long-lived asset impairment	$ 58
Operating lease ROU asset impairment	12
Total asset impairment	70
Trunk Club [Member]
Land, Property and Equipment [Line Items]
Long-lived asset impairment	10
Operating lease ROU asset impairment	0
Total asset impairment	$ 10

Nature Of Operations And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jul. 30, 2022 USD ($)	Jan. 28, 2023 USD ($) state province store	Jan. 29, 2022 USD ($)	Jan. 30, 2021 USD ($) store
Nature Of Retail Operations [Line Items]
Number of states in which company operates \| state		40
Number of provinces in which the company operates \| province		3
Sales return allowance		$ 415	$ 411
Estimated returns asset		179	186
Contract liabilities		536	478	$ 478
Gift card breakage income		40	39	81
Restructuring costs				88
Advertising expense, net of vendor allowances		309	300	283
Selling, general and administrative expenses		5,046	4,953	4,162
Expense related to Company 401(k) plan contributions		71	67	0
Employee retention payroll tax credits			7	69
Checks not yet presented for payment drawn in excess of bank deposit balances		60	74
Other Trunk Club wind-down costs	$ 8
Goodwill		249	249
Goodwill impairment		0	0	0
Unfunded commitments of NAV investments		11	4
Gain on sale of investments		51
Proceeds from sale of assets		73
Fair Value Measured at Net Asset Value Per Share
Nature Of Retail Operations [Line Items]
Equity interests		42	35
Cost of sales and related buying and occupancy costs [Member]
Nature Of Retail Operations [Line Items]
Restructuring costs				25
SG&A expenses [Member]
Nature Of Retail Operations [Line Items]
Restructuring costs				63
Shipping and handling [Member]
Nature Of Retail Operations [Line Items]
Selling, general and administrative expenses		885	993	$ 828
Nordstrom Rewards [Member]
Nature Of Retail Operations [Line Items]
Contract liabilities		115	112
Gift Cards [Member]
Nature Of Retail Operations [Line Items]
Contract liabilities		$ 370	$ 366
Loyalty Program, Nordstrom Notes [Member]
Nature Of Retail Operations [Line Items]
Breakage rate		7.00%
Average period between issuance and redemption		11 months
Loyalty Program, Points [Member]
Nature Of Retail Operations [Line Items]
Breakage rate		7.00%
Gift Cards [Member]
Nature Of Retail Operations [Line Items]
Breakage rate		3.00%
Average period between issuance and redemption		2 years
Nordstrom - U.S. [Member]
Nature Of Retail Operations [Line Items]
Number of retail channels \| store		94
Nordstrom - U.S. [Member] \| Facility Closing
Nature Of Retail Operations [Line Items]
Number of retail channels \| store				16
Nordstrom Canada [Member]
Nature Of Retail Operations [Line Items]
Number of retail channels \| store		6
Nordstrom Rack Canada [Member]
Nature Of Retail Operations [Line Items]
Number of retail channels \| store		7
Nordstrom Local [Member]
Nature Of Retail Operations [Line Items]
Number of retail channels \| store		7
ASOS \| Nordstrom
Nature Of Retail Operations [Line Items]
Number of retail channels \| store		1
Nordstrom Rack [Member]
Nature Of Retail Operations [Line Items]
Number of retail channels \| store		241
Last Chance [Member]
Nature Of Retail Operations [Line Items]
Number of retail channels \| store		2
Jeffrey Boutiques \| Facility Closing
Nature Of Retail Operations [Line Items]
Number of retail channels \| store				3
Trunk Club [Member] \| Facility Closing
Nature Of Retail Operations [Line Items]
Number of retail channels \| store				6

Revenue (Summary Of Contract Liabilities) (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Revenue from Contract with Customer [Abstract]
Contract liabilities in other current liabilities	$ 536	$ 478	$ 478
Contract liabilities in other liabilities	$ 136	$ 0	$ 0

Revenue (Disaggregated Net Sales) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 15,092	$ 14,402	$ 10,357
% of net sales	100.00%	100.00%	100.00%
Digital Sales [Member]
Disaggregation of Revenue [Line Items]
% of net sales	38.00%	42.00%	55.00%
Nordstrom
Disaggregation of Revenue [Line Items]
Total net sales	$ 10,279	$ 9,640	$ 6,997
Nordstrom Rack
Disaggregation of Revenue [Line Items]
Total net sales	$ 4,813	$ 4,762	$ 3,360

Revenue (Percent Of Net Sales By Merchandise Category Summary) (Details)	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Disaggregation of Revenue [Line Items]
% of net sales	100.00%	100.00%	100.00%
Women's Apparel [Member]
Disaggregation of Revenue [Line Items]
% of net sales	28.00%	28.00%	29.00%
Shoes [Member]
Disaggregation of Revenue [Line Items]
% of net sales	26.00%	25.00%	26.00%
Men's Apparel [Member]
Disaggregation of Revenue [Line Items]
% of net sales	15.00%	14.00%	12.00%
Accessories [Member]
Disaggregation of Revenue [Line Items]
% of net sales	13.00%	14.00%	14.00%
Beauty [Member]
Disaggregation of Revenue [Line Items]
% of net sales	12.00%	12.00%	12.00%
Kids' Apparel [Member]
Disaggregation of Revenue [Line Items]
% of net sales	3.00%	4.00%	4.00%
Other [Member]
Disaggregation of Revenue [Line Items]
% of net sales	3.00%	3.00%	3.00%

Revenue (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Revenue (Narrative) (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized from beginning contract liability balance	$ 265	$ 244

Land, Property And Equipment (Schedule Of Land, Property And Equipment) (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Land, Property and Equipment [Line Items]
Land, property and equipment	$ 11,640	$ 11,299
Less: accumulated depreciation and amortization	(8,289)	(7,737)
Land, property and equipment, net	3,351	3,562
Land and land improvements [Member]
Land, Property and Equipment [Line Items]
Land, property and equipment	288	285
Buildings and building improvements [Member]
Land, Property and Equipment [Line Items]
Land, property and equipment	1,352	1,338
Leasehold improvements [Member]
Land, Property and Equipment [Line Items]
Land, property and equipment	3,389	3,350
Store fixtures and equipment [Member]
Land, Property and Equipment [Line Items]
Land, property and equipment	4,138	4,038
Capitalized software [Member]
Land, Property and Equipment [Line Items]
Land, property and equipment	2,151	1,915
Construction in progress [Member]
Land, Property and Equipment [Line Items]
Land, property and equipment	$ 322	$ 373

Land, Property And Equipment (Narrative) (Details) $ in Millions	12 Months Ended
	Jan. 29, 2022 USD ($)
Property, Plant and Equipment [Abstract]
Non-cash investing activities for accruals for capital expenditures	$ (48)

Leases (Lease Terms Summary) (Details)	Jan. 28, 2023
Nordstrom [Member] \| Minimum [Member]
Leases [Line Items]
Lease terms	15 years
Nordstrom [Member] \| Maximum [Member]
Leases [Line Items]
Lease terms	30 years
Nordstrom Rack [Member]
Leases [Line Items]
Lease terms	10 years
Other facilities [Member] \| Minimum [Member]
Leases [Line Items]
Lease terms	5 years
Other facilities [Member] \| Maximum [Member]
Leases [Line Items]
Lease terms	20 years

Leases (Components Of Lease Cost) (Details) - USD ($)
$ in Millions

12 Months Ended

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Leases [Abstract]

Operating Lease Cost

$ 280

$ 265

$ 263

Variable lease cost

^[1]

100

^[1]

100

Sublease income

(19)

(20)

(19)

Total lease cost, net

$ 358

$ 345

$ 344

[1]	Variable lease cost includes short-term lease cost, which was immaterial in 2022, 2021 and 2020.

Leases (Future Lease Payments) (Details)
$ in Millions

Jan. 28, 2023

USD ($)

Leases [Abstract]

$ 339

344

295

247

198

793

2,216

^[1],[2]

Less: amount representing interest

(432)

Present value of net lease payments

1,784

^[3]

Lease payments for operating leases that have not yet commenced

$ 101

[1]	Total lease payments do not include payments for variable lease costs that are required by most of our lease agreements.
[2]	Total lease payments include Nordstrom Canada future lease payments. On March 2, 2023, Nordstrom Canada commenced a wind-down of its business operations (see Note 15: Subsequent Events for more information).
[3]	Net lease payments exclude $101 of lease payments for operating leases that were signed but not yet commenced as of January 28, 2023.

Leases (Supplemental Lease Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Leases [Abstract]
Cash paid related to operating lease liabilities	$ 354	$ 371	$ 332
Operating lease interest	85	87	95
Operating lease liabilities arising from lease agreements	$ 260	$ 137	$ 79
Weighted-average remaining lease term	8 years	9 years
Weighted-average discount rate	4.90%	4.70%

Debt And Credit Facilities (Summary Of Long-Term Debt) (Details) - USD ($)
$ in Millions

Jan. 28, 2023

Jan. 29, 2022

Debt Instrument [Line Items]

Total long-term debt

$ 2,856

$ 2,853

Deferred bond issuance costs

(20)

(21)

Senior notes, 2.30%, due April 2024 [Member]

Debt Instrument [Line Items]

Total long-term debt

$ 250

Debt instrument interest rate

2.30%

Senior notes, 4.00%, due March 2027 [Member]

Debt Instrument [Line Items]

Total long-term debt

$ 349

Debt instrument interest rate

4.00%

Senior debentures, 6.95%, due March 2028 [Member]

Debt Instrument [Line Items]

Total long-term debt

$ 300

Debt instrument interest rate

6.95%

Senior notes, 4.375%, due April 2030 [Member]

Debt Instrument [Line Items]

Total long-term debt

$ 500

Debt instrument interest rate

4.375%

Senior notes, 4.25%, due August 2031 [Member]

Debt Instrument [Line Items]

Total long-term debt

$ 425

Debt instrument interest rate

4.25%

Senior notes, 7.00%, due January 2038 [Member]

Debt Instrument [Line Items]

Total long-term debt

$ 147

Debt instrument interest rate

7.00%

Senior notes, 5.00%, due January 2044 [Member]

Debt Instrument [Line Items]

Total long-term debt

^[1]

$ 905

$ 903

Debt instrument interest rate

5.00%

Unamortized discount

$ 61

$ 63

[1]	The unamortized discount on these notes was $61 and $63 as of January 28, 2023 and January 29, 2022.

Debt And Credit Facilities (Schedule Of Required Principal Payments On Long-Term Debt) (Details)
$ in Millions

12 Months Ended

Jan. 28, 2023

USD ($)

Debt Instrument [Line Items]

2023

$ 0

^[1]

2024

250

^[1]

2025

^[1]

2026

^[1]

2027

350

^[1]

Thereafter

2,339

^[1]

Estimated future interest payments

$ 1,659

Estimated future payments, term

1 year

Interest Expense [Member]

Debt Instrument [Line Items]

Estimated future payments, term

1 year

Future interest payments due in twelve months

Debt Instrument [Line Items]

Estimated future interest payments

$ 141

[1]	Required principal payments exclude estimated future interest payments of $1,659 as of January 28, 2023, with $141 payable within one year.

Debt And Credit Facilities (Components Of Interest Expense, Net) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Debt Disclosure [Abstract]
Interest on long-term debt and short-term borrowings	$ 150	$ 258	$ 199
Less:
Interest income	(10)	(1)	(3)
Capitalized interest	(12)	(11)	(15)
Interest expense, net	$ 128	$ 246	$ 181

Debt And Credit Facilities (Narrative) (Details) $ in Millions	3 Months Ended		12 Months Ended
	Jan. 28, 2023 USD ($) numberOfRatingsAgencies numberOfPeriods covenant	May 01, 2021 USD ($)	Jan. 28, 2023 USD ($) numberOfRatingsAgencies numberOfPeriods covenant	Jan. 29, 2022 USD ($)	Jan. 30, 2021 USD ($)	Oct. 29, 2022 USD ($)
Debt Instrument [Line Items]
Total long-term debt	$ 2,856		$ 2,856	$ 2,853
Principal payments on long-term borrowings			0	1,100	$ 0
Interest expense, net			$ 128	246	$ 181
Number of financial covenant tests \| covenant	2		2
Commercial Paper [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 800		$ 800
Commercial paper issuances outstanding	0		$ 0	0
Middle range of Leverage Ratio limits on dividends and share repurchases
Debt Instrument [Line Items]
Limit on dividends and share repurchases	100
Upper range of Leverage Ratio limits on dividends and share repurchases
Debt Instrument [Line Items]
Limit on dividends and share repurchases	$ 60
Minimum [Member]
Debt Instrument [Line Items]
Number of specified ratings agencies \| numberOfRatingsAgencies	2		2
Maximum [Member]
Debt Instrument [Line Items]
Number of specified ratings agencies \| numberOfRatingsAgencies	3		3
Senior notes, 2.30%, due April 2024 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 250		$ 250	$ 250
Debt instrument interest rate	2.30%		2.30%	2.30%
Senior notes, 4.25%, due August 2031 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 425		$ 425	$ 425
Debt instrument interest rate	4.25%		4.25%	4.25%
2021 Refinancing [Member]
Debt Instrument [Line Items]
Interest expense, net		$ 88
One time "make-whole" premium		$ 78
Senior notes, 4.00%, due October 2021 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate				4.00%
Secured Notes, 8.75%, due May 2025 [Member]
Debt Instrument [Line Items]
Principal payments on long-term borrowings				$ 600
Unsecured revolving credit facility [Member]
Debt Instrument [Line Items]
Current borrowing capacity	$ 800		$ 800
Debt covenant leverage ratio	4		4
Fixed Charge Coverage Ratio	1.25		1.25
Option to increase the current capacity of revolving credit facility	$ 200		$ 200
Maximum borrowing capacity	$ 1,000		$ 1,000
Number of options to extend revolver	2		2
Commercial paper issuances outstanding	$ 0		$ 0	$ 0		$ 100
Unsecured revolving credit facility [Member] \| Leverage ratio for unlimited dividends and share repurchases
Debt Instrument [Line Items]
Debt covenant leverage ratio	3		3
Unsecured revolving credit facility [Member] \| Upper limit of Leverage Ratio
Debt Instrument [Line Items]
Debt covenant leverage ratio	3.5		3.5
Unsecured revolving credit facility [Member] \| Minimum [Member] \| Unsecured revolver lower limit requirements
Debt Instrument [Line Items]
Number of specified ratings agencies \| numberOfRatingsAgencies	1		1
Number of consecutive fiscal quarters meeting leverage ratio threshold \| numberOfPeriods	2		2
Debt covenant leverage ratio	2.5		2.5

Fair Value Measurements (Summary Of Carrying Value And Fair Value Estimate Of Long-Term Debt, Including Current Maturities) (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Fair Value Measurements, Long-term Debt [Line Items]
Carrying value of long-term debt	$ 2,856	$ 2,853
Level 2 [Member]
Fair Value Measurements, Long-term Debt [Line Items]
Fair value of long-term debt	$ 2,278	$ 2,758

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Fair Value Measurements (Narrative) (Details)	12 Months Ended
Fair Value Measurements (Narrative) (Details)	Jan. 28, 2023
Minimum [Member]
Fair Value Measurements, Long-term Debt [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	6 years
Maximum [Member]
Fair Value Measurements, Long-term Debt [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	10 years

Self-Insurance (Summary Of Self-Insurance Reserves) (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Self-insurance reserve [Line Items]
Total self-insurance reserves	$ 116	$ 125
Workers' compensation [Member]
Self-insurance reserve [Line Items]
Total self-insurance reserves	78	77
Employee health and welfare [Member]
Self-insurance reserve [Line Items]
Total self-insurance reserves	26	28
Other liability [Member]
Self-insurance reserve [Line Items]
Total self-insurance reserves	$ 12	$ 20

Self-Insurance (Narrative) (Details) $ in Millions	12 Months Ended
Self-Insurance (Narrative) (Details) $ in Millions	Jan. 28, 2023 USD ($)
Self-insurance reserve [Line Items]
Estimated future payments, term	1 year
Standby letters of credit issued on our behalf outstanding	$ 2
Standby Letters of Credit
Self-insurance reserve [Line Items]
Standby letters of credit issued on our behalf available	13
Workers' compensation [Member]
Self-insurance reserve [Line Items]
Self-insurance policy retention per claim	1
Workers' compensation policy limit	$ 0
Percent of future payment obligation due	30.00%
Estimated future payments, term	1 year
Other liability [Member]
Self-insurance reserve [Line Items]
Self-insurance policy retention per claim	$ 1
Percent of future payment obligation due	60.00%
Estimated future payments, term	1 year
Self-insurance policy limit	$ 101

SERP (Benefit Obligations And Funded Status) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Benefit obligation at beginning of year	$ 212	$ 229
Participant service cost	2	2	$ 2
Interest cost	6	5	6
Benefits paid	(10)	(10)
Actuarial (gain) loss	(34)	(14)	7
Benefit obligation at end of year	176	212	229
Fair value of plan assets at beginning of year	0	0
Employer contribution	10	10
Benefits paid	(10)	(10)
Fair value of plan assets at end of year	0	0	$ 0
Underfunded status at end of year	$ (176)	$ (212)

SERP (Amounts Recognized As Liabilities In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Accrued salaries, wages and related benefits	$ 11	$ 11
Other liabilities (noncurrent)	165	201
Net amount recognized	$ 176	$ 212

SERP (Components Of SERP Expense Recognized In The Consolidated Statements Of Earnings) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Participant service cost	$ 2	$ 2	$ 2
Interest cost	6	5	6
Amortization of net loss and other	4	8	9
Total SERP expense	$ 12	$ 15	$ 17

SERP (Amounts Recognized In Accumulated Other Comprehensive Loss (Pre-tax)) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Actuarial (gain) loss	$ (34)	$ (14)	$ 7
Amortization of net loss and other	(4)	(8)	(9)
Amounts recognized in accumulated other comprehensive loss	$ (38)	$ (22)	$ (2)

SERP (Weighted-Average Assumptions Used To Determine Benefit Obligations And SERP Expense) (Details)	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Assumptions used to determine benefit obligation:
Discount rate	4.95%	3.19%	2.62%
Rate of compensation increase	2.50%	2.50%	2.50%
Assumptions used to determine SERP expense:
Discount rate	3.19%	2.62%	2.97%
Rate of compensation increase	2.50%	2.50%	2.50%

SERP (Expected Future Benefit Payments Including Benefits Attributable To Estimated Future Employee Service) (Details) $ in Millions	Jan. 28, 2023 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
2023	$ 11
2024	12
2025	12
2026	13
2027	13
2028 – 2032	62
Thereafter	$ 53

SERP (Narrative) (Details) $ in Millions	Jan. 28, 2023 USD ($) participant officer retiree beneficiary	Jan. 29, 2022 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Number of total participants in SERP benefits plan \| participant	57
Number of officers and select employees eligible for SERP benefits \| officer	7
Number of retirees eligible for SERP benefits \| retiree	47
Number of beneficiaries eligible for SERP benefits \| beneficiary	3
Accumulated benefit obligation \| $	$ 175	$ 211

Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details) - USD ($)
$ in Millions

12 Months Ended

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense, before income tax benefit

$ 59

$ 79

$ 67

Income tax benefit

(15)

(20)

(26)

Total stock-based compensation expense, net of income tax benefit

Restricted stock units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense, before income tax benefit

Stock options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense, before income tax benefit

Other [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock-based compensation expense, before income tax benefit

^[1]

$ 7

$ 5

$ 2

[1]	Other stock-based compensation expense includes PSUs, ESPP and nonemployee director stock awards.

Stock-Based Compensation (Stock-Based Compensation Expense Before Income Tax Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit	$ 59	$ 79	$ 67
Cost of sales and related buying and occupancy costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit	9	15	16
SG&A expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit	$ 50	$ 64	$ 51

Stock-Based Compensation (Summary Of Restricted Stock Unit Activity) (Details) - Restricted stock units [Member] shares in Millions	12 Months Ended
	Jan. 28, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, beginning of year (in shares or units) \| shares	4.6
Outstanding, beginning of year (in dollars per share) \| $ / shares	$ 36
Granted (in shares or units) \| shares	3.1
Granted (in dollars per share) \| $ / shares	$ 21
Vested (in shares or units) \| shares	(2.3)
Vested (in dollars per share) \| $ / shares	$ 27
Forfeited or cancelled (in shares or units) \| shares	(0.8)
Forfeited or cancelled (in dollars per share) \| $ / shares	$ 26
Outstanding, end of year (in shares or units) \| shares	4.6
Outstanding, end of year (in dollars per share) \| $ / shares	$ 32

Stock-Based Compensation (Assumptions To Estimate The Fair Value For Stock Options At Grant Date) (Details) - $ / shares

12 Months Ended

Mar. 03, 2022

Mar. 04, 2021

Aug. 27, 2020

Jun. 01, 2020

Jan. 28, 2023

Jan. 29, 2022

^[1]

Jan. 30, 2021

^[2]

Assumptions

Weighted-average volatility

52.40%

52.20%

60.10%

Weighted-average expected dividend yield

3.40%

Expected life in years

8 years 3 months 18 days

7 years 8 months 12 days

Grant Date Information

Weighted-average fair value per option

$ 10

$ 13

$ 7

Exercise price per option

$ 26

$ 36

$ 17

$ 26

Additional Option Grant

Grant Date Information

Exercise price per option

^[2]

$ 15

Stock options [Member]

Grant Date Information

Option expiration period, in years

^[1]

10 years

Stock options [Member] | Share-Based Payment Arrangement, Tranche Two

Grant Date Information

Vesting period

^[1]

20 days

Minimum [Member]

Assumptions

Risk-free interest rate

1.18%

0.11%

0.18%

Minimum [Member] | Stock options [Member]

Grant Date Information

Vesting period

2 years

Maximum [Member]

Assumptions

Risk-free interest rate

1.95%

1.51%

0.62%

Maximum [Member] | Stock options [Member]

Grant Date Information

Vesting period

4 years

[1]

The options granted on March 4, 2021 include market performance-based stock options with a contractual term of ten years that were awarded to certain members of senior management as well as time-based options. The price-hurdle options contain a market condition that requires the closing price of our stock to meet or exceed certain price thresholds for 20 consecutive trading days in order for shares to vest.

[2]

Additional non-qualified stock options were also granted to certain company leaders on August 27, 2020 at an exercise price per option of $15. The assumptions used to estimate the fair value for the additional stock options were similar to the 2020 grant assumptions presented in this table. In 2020, we also granted stock options to certain qualified employees outside of the June and August grant dates, which were insignificant in aggregate.

Stock-Based Compensation (Summary Of Stock Option Activity) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

12 Months Ended

Mar. 03, 2022

Mar. 04, 2021

Jun. 01, 2020

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Outstanding, beginning of year (in shares)

10.4

Outstanding, beginning of year (in dollars per share)

$ 39

Granted (in shares)

1.1

Exercise price at time of grant (in dollars per share)

$ 26

$ 36

$ 17

$ 26

Exercised (in shares)

(0.9)

Exercised (in dollars per share)

$ 15

Forfeited or cancelled (in shares)

(2.1)

Forfeited or cancelled (in dollars per share)

$ 47

Outstanding, end of year (in shares)

8.5

10.4

Outstanding, end of year (in dollars per share)

$ 38

$ 39

Outstanding, end of year, weighted-average remaining contractual life (years)

5 years

Outstanding, end of year, aggregate intrinsic value

^[1]

$ 6

Vested, end of year (in shares)

6.3

Vested, end of year (in dollars per share)

$ 41

Vested, end of year, weighted-average remaining contractual life (years)

4 years

Vested, end of year, aggregate intrinsic value

^[1]

$ 6

Vested or expected to vest, end of year (in shares)

7.6

Vested or expected to vest, end of year (in dollars per share)

$ 39

Vested or expected to vest, end of year, weighted-average remaining contractual life (years)

5 years

Vested or expected to vest, end of year, aggregate intrinsic value

^[1]

$ 6

Aggregate intrinsic value of options exercised

$ 0

$ 1

Fair value of stock options vested

$ 27

$ 2

$ 8

[1]	The aggregate intrinsic value represents the amount realized if all in-the-money options were exercised on the final business day before January 28, 2023.

Stock-Based Compensation (Narrative) (Details) - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Jan. 28, 2023

Jan. 29, 2022

Jan. 30, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares of common stock issued under deferred and stock-based compensation plan arrangement

3.4

1.6

2.2

Common stock, shares authorized

1,000.0

Common stock, shares issued

160.1

159.4

Common stock, shares outstanding

160.1

159.4

Shares issued under Employee Stock Purchase Plan

0.9

0.5

1.0

Other current liabilities

$ 1,203

$ 1,160

Restricted stock units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

4 years

Total fair value of units vested

$ 62

$ 44

Total unrecognized stock-based compensation expense related to nonvested share-based awards

$ 66

Weighted-average period that unrecognized stock-based compensation expense is expected to be recognized

29 months

Stock options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total unrecognized stock-based compensation expense related to nonvested share-based awards

$ 5

Weighted-average period that unrecognized stock-based compensation expense is expected to be recognized

32 months

Option expiration period, in years

^[1]

10 years

Stock options [Member] | Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

4 years

Stock options [Member] | Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

2 years

Employee stock purchase plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock, shares authorized

16.1

Maximum percentage of employee payroll deductions under ESPP

15.00%

ESPP offering period

6 months

Percentage of fair market value for purchase of shares of common stock in ESPP

90.00%

Shares available for issuance under Employee Stock Purchase Plan

2.4

Other current liabilities

$ 6

2019 Equity Incentive Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Maximum aggregate number of shares to be issued

24.5

Common stock, shares authorized

24.5

Common stock, shares issued

13.6

Common stock, shares outstanding

13.6

Shares available for grant under equity incentive plan

13.9

[1]

Shareholders' Equity (Summary Of Share Repurchase Program Activity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Shareholders' Equity [Line Items]
Capacity beginning balance	$ 707	$ 707	$ 707
Shares repurchased (in shares)	2.8	0.0	0.0
Shares repurchased, average price per share (in dollars per share)	$ 22	$ 0	$ 0
Capacity ending balance	$ 438	$ 707	$ 707
2018 Program [Member]
Shareholders' Equity [Line Items]
Expiration of unused capacity	(707)
2022 Program [Member]
Shareholders' Equity [Line Items]
Program authorization	500
Accumulated deficit [Member]
Shareholders' Equity [Line Items]
Shares repurchased (amount)	$ (62)	$ 0	$ 0

Shareholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 10, 2023 $ / shares	Jan. 28, 2023 USD ($) $ / shares shares	Jan. 29, 2022 $ / shares	Jan. 30, 2021 $ / shares
Shareholders' Equity [Line Items]
Dividends (in dollars per share)		$ 0.76	$ 0	$ 0.37
Number of rights declared for each outstanding share of common stock		1
Number of shares each right holders is entitled to purchase per right \| shares		1
Exercise price per right		$ 94
Ownership percentage required that triggers exercisability for right holders		10.00%
Multiple of exercise price of right, value of common stock received		2
Redemption price per right		$ 0.001
Rights Plan expiration date		Sep. 19, 2023
Subsequent Event [Member]
Shareholders' Equity [Line Items]
Quarterly dividend per share declared and paid subsequent quarter	$ 0.19
2022 Program [Member]
Shareholders' Equity [Line Items]
Program authorization \| $		$ 500

Income Taxes (U.S. And Foreign Components Of Earnings Before Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 316	$ 241	$ (1,210)
Foreign	21	5	(18)
Earnings (loss) before income taxes	$ 337	$ 246	$ (1,228)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Income Taxes (Components Of Income Tax Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Current income taxes:
Federal	$ 149	$ 61	$ (501)
State and local	27	18	(34)
Foreign	(1)	0	4
Total current income tax expense (benefit)	175	79	(531)
Deferred income taxes:
Federal	(86)	(10)	47
State and local	(2)	(5)	(57)
Foreign	5	4	3
Total deferred income tax benefit	(83)	(11)	(7)
Total income tax expense (benefit)	$ 92	$ 68	$ (538)

Income Taxes (Reconciliation Of Statutory To Effective Tax Rate) (Details)	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Tax Credit Carryforward [Line Items]
Statutory rate	21.00%	21.00%	21.00%
Federal credits	(3.80%)	(4.00%)	0.50%
State and local income taxes, net of federal income taxes	5.90%	3.40%	6.10%
Non-deductible expenses	1.20%	2.70%	(0.30%)
Stock-based compensation	1.80%	2.00%	(1.00%)
Valuation allowance	0.40%	1.80%	(0.80%)
Taxes on foreign operations	1.60%	1.30%	0.40%
Other, net	(0.90%)	0.20%	0.30%
Effective tax rate	27.20%	27.50%	43.80%
CARES Act
Tax Credit Carryforward [Line Items]
Federal credits	0.00%	(0.90%)	17.60%

Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
Deferred tax assets:
Lease liabilities	$ 463	$ 471
Compensation and benefits accruals	111	133
Sales return reserve	61	59
Accrued expenses	28	27
Merchandise inventories	33	35
Gift cards	43	25
The Nordy Club loyalty program	8	5
Net operating losses	52	81
Other	25	9
Total deferred tax assets	824	845
Valuation allowance	(28)	(28)
Total deferred tax assets, net of valuation allowance	796	817
Deferred tax liabilities:
ROU assets	(331)	(326)
Land, property and equipment	(230)	(327)
Debt exchange premium	(12)	(12)
Total deferred tax liabilities	(573)	(665)
Net deferred tax assets	$ 223	$ 152

Income Taxes (Information On Approximate Net Operating Loss Carryforwards) (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022
State [Member]
Income Tax Examination [Line Items]
Approximate net operating loss carryforwards for income tax	$ 756	$ 1,114
Foreign [Member]
Income Tax Examination [Line Items]
Approximate net operating loss carryforwards for income tax	$ 26	$ 50

Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefit at beginning of year	$ 47	$ 32	$ 22
Gross increase to tax positions in prior periods	1	11	4
Gross decrease to tax positions in prior periods	(6)	0	0
Gross increase to tax positions in current period	7	6	6
Settlements	(1)	(2)	0
Unrecognized tax benefit at end of year	$ 48	$ 47	$ 32

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Tax Credit Carryforward [Line Items]
Valuation Allowance		$ 28	$ 28
Change in valuation allowance		0	4
Unrecognized tax benefits that would affect the effective tax rate		45	39
Interest and penalties		0	0	$ 0
Liability for interest and penalties		$ 8	$ 7
Estimated future interest payments [Member]
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits related to federal, state and local tax positions	$ 30

Commitments And Contingencies (Narrative) (Details) $ in Millions	12 Months Ended
	Jan. 28, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligations, inventory purchase orders and capital expenditure commitments	$ 1,780
Estimated future payments, term	1 year

Earnings Per Share (Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Earnings Per Share [Abstract]
Net earnings (loss)	$ 245	$ 178	$ (690)
Basic weighted-average shares outstanding (in shares)	160.1	159.0	157.2
Dilutive effect of common stock equivalents (in shares)	2.0	3.5	0.0
Diluted weighted-average shares outstanding (in shares)	162.1	162.5	157.2
Basic EPS (in dollars per share)	$ 1.53	$ 1.12	$ (4.39)
Diluted EPS (in dollars per share)	$ 1.51	$ 1.10	$ (4.39)
Anti-dilutive common stock equivalents	8.7	8.1	13.5

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Segment Reporting (Information By Reportable Segment) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
Segment Reporting Information [Line Items]
Net sales	$ 15,092	$ 14,402	$ 10,357
Credit card revenues, net	438	387	358
Earnings (loss) before interest and income taxes	465	492	(1,047)
Capital expenditures	(473)	(506)	(385)
Depreciation and amortization	(604)	(615)	(671)
Assets	8,745	8,869	9,538
Retail [Member]
Segment Reporting Information [Line Items]
Net sales	15,092	14,402	10,357
Credit card revenues, net	0	0	0
Earnings (loss) before interest and income taxes	719	687	(924)
Capital expenditures	(154)	(218)	(175)
Depreciation and amortization	(316)	(350)	(404)
Assets	5,968	6,244	6,100
Corporate/Other
Segment Reporting Information [Line Items]
Net sales	0	0	0
Credit card revenues, net	438	387	358
Earnings (loss) before interest and income taxes	(254)	(195)	(123)
Capital expenditures	(319)	(288)	(210)
Depreciation and amortization	(288)	(265)	(267)
Assets	$ 2,777	$ 2,625	$ 3,438

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Segment Reporting (Narrative) (Details)	12 Months Ended
Segment Reporting (Narrative) (Details)	Jan. 28, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	2

Subsequent Events (Details) - Estimated future interest payments [Member] $ in Millions	3 Months Ended
	Apr. 29, 2023 USD ($)
Minimum [Member]
Subsequent Event [Line Items]
Expected Exit Costs	$ 300
Maximum [Member]
Subsequent Event [Line Items]
Expected Exit Costs	$ 350