Annual report pursuant to Section 13 and 15(d)

Retirement Plans (Tables)

v3.3.1.900
Retirement Plans (Tables)
12 Months Ended
Jan. 30, 2016
Schedule of Costs of Retirement Plans [Table Text Block]
 
2015
 
2014
 
2013
 
(millions)
401(k) Qualified Defined Contribution Plan
$
88

 
$
89

 
$
24

Non-Qualified Defined Contribution Plan
2

 
2

 

Pension Plan
(54
)
 
(64
)
 
154

Supplementary Retirement Plan
41

 
38

 
57

 
$
77

 
$
65

 
$
235

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 30, 2016 and January 31, 2015:
 
 
2015
 
2014
 
(millions)
Change in projected benefit obligation
 
 
 
Projected benefit obligation, beginning of year
$
3,966

 
$
3,473

Service cost
6

 
6

Interest cost
137

 
151

Actuarial (gain) loss
(282
)
 
563

Benefits paid
(242
)
 
(227
)
Projected benefit obligation, end of year
3,585

 
3,966

Changes in plan assets
 
 
 
Fair value of plan assets, beginning of year
3,636

 
3,546

Actual return on plan assets
(138
)
 
317

Company contributions

 

Benefits paid
(242
)
 
(227
)
Fair value of plan assets, end of year
3,256

 
3,636

Funded status at end of year
$
(329
)
 
$
(330
)
Amounts recognized in the Consolidated Balance Sheets at
January 30, 2016 and January 31, 2015
 
 
 
Other liabilities
$
(329
)
 
$
(330
)
 

 

Amounts recognized in accumulated other comprehensive loss at
January 30, 2016 and January 31, 2015
 
 
 
Net actuarial loss
$
1,451

 
$
1,397

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:
 
 
2015
 
2014
 
2013
 
(millions)
Net Periodic Pension Cost
 
 
 
 
 
Service cost
$
6

 
$
6

 
$
112

Interest cost
137

 
151

 
143

Expected return on assets
(235
)
 
(246
)
 
(242
)
Amortization of net actuarial loss
38

 
25

 
141

Amortization of prior service credit

 

 

 
(54
)
 
(64
)
 
154

Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Loss
 
 
 
 
 
Net actuarial (gain) loss
92

 
491

 
(254
)
Amortization of net actuarial loss
(38
)
 
(25
)
 
(141
)
Amortization of prior service credit

 

 

 
54

 
466

 
(395
)
Total recognized in net periodic pension cost and
other comprehensive loss
$

 
$
402

 
$
(241
)

Weighted Average Assumptions
The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan:
 
 
2015
 
2014
 
2013
Discount rate
3.55
%
 
4.50
%
 
4.15
%
Expected long-term return on plan assets
7.00
%
 
7.50
%
 
7.50
%
Rate of compensation increases
4.10
%
 
4.10
%
 
4.50
%
The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at January 30, 2016 and January 31, 2015:
 
 
2015
 
2014
Discount rate
4.17
%
 
3.55
%
Rate of compensation increases
4.10
%
 
4.10
%
Fair Values of Plan Assets
The fair values of the Pension Plan assets as of January 30, 2016, 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
$
15

 
$
15

 
$

 
$

Money market securities
36

 

 
36

 

Money market pooled funds (a)
46

 

 

 

Equity securities:
 
 
 
 
 
 
 
U.S. stocks
280

 
280

 

 

U.S. pooled funds (a)
391

 

 

 

International pooled funds (a)
575

 

 

 

Fixed income securities:
 
 
 
 
 
 
 
U. S. Treasury bonds
233

 

 
233

 

Other Government bonds
41

 

 
41

 

Agency backed bonds
31

 

 
31

 

Corporate bonds
433

 

 
433

 

Mortgage-backed securities
112

 

 
112

 

Asset-backed securities
28

 

 
28

 

Pooled funds (a)
427

 

 

 

Other types of investments:
 
 
 
 
 
 
 
Real estate (a)
238

 

 

 

Hedge funds (a)
179

 

 

 

Private equity (a)
188

 

 

 

Derivatives in a positive position
15

 

 
15

 

Derivatives in a negative position
(22
)
 

 
(22
)
 

Total
$
3,246

 
$
295

 
$
907

 
$


(a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value 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)
Money market securities
$
108

 
$

 
$
108

 
$

Money market pooled funds (a)
140

 

 

 

Equity securities:
 
 
 
 
 
 
 
U.S. stocks
344

 
344

 

 

U.S. pooled funds (a)
477

 

 

 

International pooled funds (a)
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
102

 

 
102

 

Asset-backed securities
19

 

 
19

 

Pooled funds (a)
458

 

 

 

Other types of investments:
 
 
 
 
 
 
 
Real estate (a)
244

 

 

 

Hedge funds (a)
175

 

 

 

Private equity (a)
181

 

 

 

Derivatives in a positive position
27

 

 
27

 

Derivatives in a negative position
(38
)
 

 
(38
)
 

Total
$
3,685

 
$
344

 
$
1,007

 
$


Estimated Future Benefit Payments
The following benefit payments are estimated to be paid from the Pension Plan:
 
 
(millions)
Fiscal year
 
2016
$
377

2017
319

2018
302

2019
264

2020
256

2021-2025
1,176

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 30, 2016 and January 31, 2015:
 
 
2015
 
2014
 
(millions)
Change in projected benefit obligation
 
 
 
Projected benefit obligation, beginning of year
$
920

 
$
770

Service cost

 

Interest cost
31

 
33

Actuarial (gain) loss
(70
)
 
170

Benefits paid
(58
)
 
(53
)
Projected benefit obligation, end of year
823

 
920

Change in plan assets
 
 
 
Fair value of plan assets, beginning of year

 

Company contributions
58

 
53

Benefits paid
(58
)
 
(53
)
Fair value of plan assets, end of year

 

Funded status at end of year
$
(823
)
 
$
(920
)
Amounts recognized in the Consolidated Balance Sheets at
January 30, 2016 and January 31, 2015
 
 
 
Accounts payable and accrued liabilities
$
(138
)
 
$
(69
)
Other liabilities
(685
)
 
(851
)
 
$
(823
)
 
$
(920
)
Amounts recognized in accumulated other comprehensive loss at
January 30, 2016 and January 31, 2015
 
 
 
Net actuarial loss
$
261

 
$
341

Prior service cost
8

 
8

 
$
269

 
$
349

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:
 
 
2015
 
2014
 
2013
 
(millions)
Net Periodic Pension Cost
 
 
 
 
 
Service cost
$

 
$

 
$
6

Interest cost
31

 
33

 
32

Amortization of net actuarial loss
10

 
5

 
19

Amortization of prior service credit

 

 

 
41

 
38

 
57

Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Loss
 
 
 
 
 
Net actuarial (gain) loss
(70
)
 
170

 
(17
)
Prior service cost

 

 
8

Amortization of net actuarial loss
(10
)
 
(5
)
 
(19
)
Amortization of prior service credit

 

 

 
(80
)
 
165

 
(28
)
Total recognized in net periodic pension cost and
other comprehensive loss
$
(39
)
 
$
203

 
$
29


Weighted Average Assumptions
The following weighted average assumption was used to determine the projected benefit obligations for the supplementary retirement plan at January 30, 2016 and January 31, 2015:
 
 
2015
 
2014
Discount rate
4.23
%
 
3.55
%
The following weighted average assumptions were used to determine net pension costs for the supplementary retirement plan:
 
 
2015
 
2014
 
2013
Discount rate
3.55
%
 
4.50
%
 
4.15
%
Rate of compensation increases
N/A

 
N/A

 
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
 
2016
$
138

2017
66

2018
53

2019
60

2020
48

2021-2025
242