|
Retirement Plans (Tables)
|
12 Months Ended |
|
Jan. 31, 2015
|
| Pension Plan [Member] |
|
| Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan |
The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan as of January 31, 2015 and February 1, 2014:
|
|
|
|
|
|
|
|
|
|
2014 |
|
2013 |
|
(millions) |
Change in projected benefit obligation |
|
|
|
Projected benefit obligation, beginning of year |
$ |
3,473 |
|
|
$ |
3,555 |
|
Service cost |
6 |
|
|
112 |
|
Interest cost |
151 |
|
|
143 |
|
Actuarial (gain) loss |
563 |
|
|
(117 |
) |
Benefits paid |
(227 |
) |
|
(220 |
) |
Projected benefit obligation, end of year |
3,966 |
|
|
3,473 |
|
Changes in plan assets |
|
|
|
Fair value of plan assets, beginning of year |
3,546 |
|
|
3,387 |
|
Actual return on plan assets |
317 |
|
|
379 |
|
Company contributions |
— |
|
|
— |
|
Benefits paid |
(227 |
) |
|
(220 |
) |
Fair value of plan assets, end of year |
3,636 |
|
|
3,546 |
|
Funded status at end of year |
$ |
(330 |
) |
|
$ |
73 |
|
Amounts recognized in the Consolidated Balance Sheets at
January 31, 2015 and February 1, 2014 |
|
|
|
Other assets |
$ |
— |
|
|
$ |
73 |
|
Other liabilities |
(330 |
) |
|
— |
|
|
$ |
(330 |
) |
|
$ |
73 |
|
Amounts recognized in accumulated other comprehensive loss at
January 31, 2015 and February 1, 2014 |
|
|
|
Net actuarial loss |
$ |
1,397 |
|
|
$ |
931 |
|
|
| Schedule of Net Periodic Benefit Costs |
Net pension costs and other amounts recognized in other comprehensive loss for the Pension Plan included the following actuarially determined components:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
2013 |
|
2012 |
|
(millions) |
Net Periodic Pension Cost |
|
|
|
|
|
Service cost |
$ |
6 |
|
|
$ |
112 |
|
|
$ |
117 |
|
Interest cost |
151 |
|
|
143 |
|
|
157 |
|
Expected return on assets |
(246 |
) |
|
(242 |
) |
|
(253 |
) |
Amortization of net actuarial loss |
25 |
|
|
141 |
|
|
141 |
|
Amortization of prior service credit |
— |
|
|
— |
|
|
(1 |
) |
|
(64 |
) |
|
154 |
|
|
161 |
|
Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Loss |
|
|
|
|
|
Net actuarial (gain) loss |
491 |
|
|
(254 |
) |
|
(91 |
) |
Amortization of net actuarial loss |
(25 |
) |
|
(141 |
) |
|
(141 |
) |
Amortization of prior service credit |
— |
|
|
— |
|
|
1 |
|
|
466 |
|
|
(395 |
) |
|
(231 |
) |
Total recognized in net periodic pension cost and
other comprehensive loss |
$ |
402 |
|
|
$ |
(241 |
) |
|
$ |
(70 |
) |
|
| Weighted Average Assumptions |
The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at January 31, 2015 and February 1, 2014:
|
|
|
|
|
|
|
|
2014 |
|
2013 |
Discount rate |
3.55 |
% |
|
4.50 |
% |
Rate of compensation increases |
4.10 |
% |
|
4.10 |
% |
The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan:
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
2013 |
|
2012 |
Discount rate |
4.50 |
% |
|
4.15 |
% |
|
4.65 |
% |
Expected long-term return on plan assets |
7.50 |
% |
|
7.50 |
% |
|
8.00 |
% |
Rate of compensation increases |
4.10 |
% |
|
4.50 |
% |
|
4.50 |
% |
|
| Fair Values of Plan Assets |
The fair values of the Pension Plan assets as of January 31, 2015, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements |
|
Total |
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
(millions) |
Cash and cash equivalents |
$ |
248 |
|
|
$ |
— |
|
|
$ |
248 |
|
|
$ |
— |
|
Equity securities: |
|
|
|
|
|
|
|
U.S. |
821 |
|
|
344 |
|
|
477 |
|
|
— |
|
International |
659 |
|
|
— |
|
|
659 |
|
|
— |
|
Fixed income securities: |
|
|
|
|
|
|
|
U. S. Treasury bonds |
272 |
|
|
— |
|
|
272 |
|
|
— |
|
Other Government bonds |
55 |
|
|
— |
|
|
55 |
|
|
— |
|
Agency backed bonds |
28 |
|
|
— |
|
|
28 |
|
|
— |
|
Corporate bonds |
434 |
|
|
— |
|
|
434 |
|
|
— |
|
Mortgage-backed securities and forwards |
91 |
|
|
— |
|
|
91 |
|
|
— |
|
Asset-backed securities |
19 |
|
|
— |
|
|
19 |
|
|
— |
|
Pooled funds |
458 |
|
|
— |
|
|
458 |
|
|
— |
|
Other types of investments: |
|
|
|
|
|
|
|
Real estate |
244 |
|
|
— |
|
|
— |
|
|
244 |
|
Hedge funds |
175 |
|
|
— |
|
|
— |
|
|
175 |
|
Private equity |
181 |
|
|
— |
|
|
— |
|
|
181 |
|
Total |
$ |
3,685 |
|
|
$ |
344 |
|
|
$ |
2,741 |
|
|
$ |
600 |
|
The fair values of the Pension Plan assets as of February 1, 2014, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements |
|
Total |
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
(millions) |
Cash and cash equivalents |
$ |
211 |
|
|
$ |
— |
|
|
$ |
211 |
|
|
$ |
— |
|
Equity securities: |
|
|
|
|
|
|
|
U.S. |
834 |
|
|
354 |
|
|
480 |
|
|
— |
|
International |
748 |
|
|
— |
|
|
748 |
|
|
— |
|
Fixed income securities: |
|
|
|
|
|
|
|
U. S. Treasury bonds |
221 |
|
|
— |
|
|
221 |
|
|
— |
|
Other Government bonds |
39 |
|
|
— |
|
|
39 |
|
|
— |
|
Agency backed bonds |
22 |
|
|
— |
|
|
22 |
|
|
— |
|
Corporate bonds |
388 |
|
|
— |
|
|
388 |
|
|
— |
|
Mortgage-backed securities and forwards |
95 |
|
|
— |
|
|
95 |
|
|
— |
|
Asset-backed securities |
20 |
|
|
— |
|
|
20 |
|
|
— |
|
Pooled funds |
454 |
|
|
— |
|
|
454 |
|
|
— |
|
Other types of investments: |
|
|
|
|
|
|
|
Real estate |
214 |
|
|
— |
|
|
— |
|
|
214 |
|
Hedge funds |
167 |
|
|
— |
|
|
— |
|
|
167 |
|
Private equity |
167 |
|
|
— |
|
|
— |
|
|
167 |
|
Total |
$ |
3,580 |
|
|
$ |
354 |
|
|
$ |
2,678 |
|
|
$ |
548 |
|
|
| Changes in Fair Value of Level 3 Assets |
The following table sets forth a summary of changes in fair value of the Pension Plan’s level 3 assets for 2014 and 2013:
|
|
|
|
|
|
|
|
|
|
2014 |
|
2013 |
|
(millions) |
Balance, beginning of year |
$ |
548 |
|
|
$ |
594 |
|
Actual gain on plan assets: |
|
|
|
Relating to assets still held at the reporting date |
18 |
|
|
1 |
|
Relating to assets sold during the period |
22 |
|
|
48 |
|
Purchases |
71 |
|
|
77 |
|
Sales |
(59 |
) |
|
(172 |
) |
Balance, end of year |
$ |
600 |
|
|
$ |
548 |
|
|
| Estimated Future Benefit Payments |
The following benefit payments are estimated to be paid from the Pension Plan:
|
|
|
|
|
|
(millions) |
Fiscal year |
|
2015 |
$ |
301 |
|
2016 |
286 |
|
2017 |
280 |
|
2018 |
272 |
|
2019 |
270 |
|
2020-2024 |
1,236 |
|
|
| Supplemental Employee Retirement Plan |
|
| Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan |
The following provides a reconciliation of benefit obligations, plan assets and funded status of the supplementary retirement plan as of January 31, 2015 and February 1, 2014:
|
|
|
|
|
|
|
|
|
|
2014 |
|
2013 |
|
(millions) |
Change in projected benefit obligation |
|
|
|
Projected benefit obligation, beginning of year |
$ |
770 |
|
|
$ |
795 |
|
Service cost |
— |
|
|
6 |
|
Interest cost |
33 |
|
|
32 |
|
Actuarial (gain) loss |
170 |
|
|
(17 |
) |
Plan amendment |
— |
|
|
8 |
|
Benefits paid |
(53 |
) |
|
(54 |
) |
Projected benefit obligation, end of year |
920 |
|
|
770 |
|
Change in plan assets |
|
|
|
Fair value of plan assets, beginning of year |
— |
|
|
— |
|
Company contributions |
53 |
|
|
54 |
|
Benefits paid |
(53 |
) |
|
(54 |
) |
Fair value of plan assets, end of year |
— |
|
|
— |
|
Funded status at end of year |
$ |
(920 |
) |
|
$ |
(770 |
) |
Amounts recognized in the Consolidated Balance Sheets at
January 31, 2015 and February 1, 2014 |
|
|
|
Accounts payable and accrued liabilities |
$ |
(69 |
) |
|
$ |
(59 |
) |
Other liabilities |
(851 |
) |
|
(711 |
) |
|
$ |
(920 |
) |
|
$ |
(770 |
) |
Amounts recognized in accumulated other comprehensive loss at
January 31, 2015 and February 1, 2014 |
|
|
|
Net actuarial loss |
$ |
341 |
|
|
$ |
176 |
|
Prior service cost |
8 |
|
|
8 |
|
|
$ |
349 |
|
|
$ |
184 |
|
|
| Schedule of Net Periodic Benefit Costs |
Net pension costs and other amounts recognized in other comprehensive loss for the supplementary retirement plan included the following actuarially determined components:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
2013 |
|
2012 |
|
(millions) |
Net Periodic Pension Cost |
|
|
|
|
|
Service cost |
$ |
— |
|
|
$ |
6 |
|
|
$ |
6 |
|
Interest cost |
33 |
|
|
32 |
|
|
35 |
|
Amortization of net actuarial loss |
5 |
|
|
19 |
|
|
17 |
|
Amortization of prior service credit |
— |
|
|
— |
|
|
(1 |
) |
|
38 |
|
|
57 |
|
|
57 |
|
Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Loss |
|
|
|
|
|
Net actuarial (gain) loss |
170 |
|
|
(17 |
) |
|
34 |
|
Prior service cost |
— |
|
|
8 |
|
|
— |
|
Amortization of net actuarial loss |
(5 |
) |
|
(19 |
) |
|
(17 |
) |
Amortization of prior service credit |
— |
|
|
— |
|
|
1 |
|
|
165 |
|
|
(28 |
) |
|
18 |
|
Total recognized in net periodic pension cost and
other comprehensive loss |
$ |
203 |
|
|
$ |
29 |
|
|
$ |
75 |
|
|
| Weighted Average Assumptions |
The following weighted average assumption was used to determine the projected benefit obligations for the supplementary retirement plan at January 31, 2015 and February 1, 2014:
|
|
|
|
|
|
|
|
2014 |
|
2013 |
Discount rate |
3.55 |
% |
|
4.50 |
% |
The following weighted average assumptions were used to determine net pension costs for the supplementary retirement plan:
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
2013 |
|
2012 |
Discount rate |
4.50 |
% |
|
4.15 |
% |
|
4.65 |
% |
Rate of compensation increases |
N/A |
|
|
4.90 |
% |
|
4.90 |
% |
|
| Estimated Future Benefit Payments |
The following benefit payments are estimated to be funded by the Company and paid from the supplementary retirement plan:
|
|
|
|
|
|
(millions) |
Fiscal year |
|
2015 |
$ |
69 |
|
2016 |
68 |
|
2017 |
70 |
|
2018 |
64 |
|
2019 |
68 |
|
2020-2024 |
267 |
|
|