|
Retirement Plans (Tables)
|
12 Months Ended |
|
Feb. 02, 2013
|
|
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 February 2, 2013 and January 28, 2012:
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
(millions) |
Change in projected benefit obligation |
|
|
|
Projected benefit obligation, beginning of year |
$ |
3,458 |
|
|
$ |
3,024 |
|
Service cost |
117 |
|
|
102 |
|
Interest cost |
157 |
|
|
160 |
|
Actuarial loss |
283 |
|
|
375 |
|
Benefits paid |
(206 |
) |
|
(203 |
) |
Actuarial gain due to curtailment |
(254 |
) |
|
— |
|
Projected benefit obligation, end of year |
3,555 |
|
|
3,458 |
|
Changes in plan assets |
|
|
|
Fair value of plan assets, beginning of year |
3,069 |
|
|
2,804 |
|
Actual return on plan assets |
374 |
|
|
93 |
|
Company contributions |
150 |
|
|
375 |
|
Benefits paid |
(206 |
) |
|
(203 |
) |
Fair value of plan assets, end of year |
3,387 |
|
|
3,069 |
|
Funded status at end of year |
$ |
(168 |
) |
|
$ |
(389 |
) |
Amounts recognized in the Consolidated Balance Sheets at
February 2, 2013 and January 28, 2012 |
|
|
|
Other liabilities |
$ |
(168 |
) |
|
$ |
(389 |
) |
Amounts recognized in accumulated other comprehensive loss at
February 2, 2013 and January 28, 2012 |
|
|
|
Net actuarial loss |
$ |
1,326 |
|
|
$ |
1,558 |
|
Prior service credit |
— |
|
|
(1 |
) |
|
$ |
1,326 |
|
|
$ |
1,557 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
2010 |
|
(millions) |
Net Periodic Pension Cost |
|
|
|
|
|
Service cost |
$ |
117 |
|
|
$ |
102 |
|
|
$ |
99 |
|
Interest cost |
157 |
|
|
160 |
|
|
158 |
|
Expected return on assets |
(253 |
) |
|
(248 |
) |
|
(218 |
) |
Amortization of net actuarial loss |
141 |
|
|
88 |
|
|
61 |
|
Amortization of prior service credit |
(1 |
) |
|
(1 |
) |
|
(1 |
) |
|
161 |
|
|
101 |
|
|
99 |
|
Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Loss |
|
|
|
|
|
Net actuarial (gain) loss |
(91 |
) |
|
530 |
|
|
(9 |
) |
Amortization of net actuarial loss |
(141 |
) |
|
(88 |
) |
|
(61 |
) |
Amortization of prior service credit |
1 |
|
|
1 |
|
|
1 |
|
|
(231 |
) |
|
443 |
|
|
(69 |
) |
Total recognized in net periodic pension cost and
other comprehensive loss |
$ |
(70 |
) |
|
$ |
544 |
|
|
$ |
30 |
|
|
| Weighted Average Assumptions |
The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan:
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
2010 |
Discount rate |
4.65 |
% |
|
5.40 |
% |
|
5.65 |
% |
Expected long-term return on plan assets |
8.00 |
% |
|
8.00 |
% |
|
8.75 |
% |
Rate of compensation increases |
4.50 |
% |
|
4.50 |
% |
|
4.50 |
% |
The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at February 2, 2013 and January 28, 2012:
|
|
|
|
|
|
|
|
2012 |
|
2011 |
Discount rate |
4.15 |
% |
|
4.65 |
% |
Rate of compensation increases |
4.50 |
% |
|
4.50 |
% |
|
| Fair Values of Plan Assets |
The fair values of the Pension Plan assets as of February 2, 2013, 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 |
$ |
204 |
|
|
$ |
— |
|
|
$ |
204 |
|
|
$ |
— |
|
Equity securities: |
|
|
|
|
|
|
|
U.S. |
832 |
|
|
290 |
|
|
542 |
|
|
— |
|
International |
818 |
|
|
— |
|
|
818 |
|
|
— |
|
Fixed income securities: |
|
|
|
|
|
|
|
U. S. Treasury bonds |
136 |
|
|
— |
|
|
136 |
|
|
— |
|
Other Government bonds |
34 |
|
|
— |
|
|
34 |
|
|
— |
|
Agency backed bonds |
6 |
|
|
— |
|
|
6 |
|
|
— |
|
Corporate bonds |
338 |
|
|
— |
|
|
338 |
|
|
— |
|
Mortgage-backed securities and forwards |
102 |
|
|
— |
|
|
102 |
|
|
— |
|
Asset-backed securities |
24 |
|
|
— |
|
|
24 |
|
|
— |
|
Pooled funds |
303 |
|
|
— |
|
|
303 |
|
|
— |
|
Other types of investments: |
|
|
|
|
|
|
|
Real estate |
280 |
|
|
— |
|
|
— |
|
|
280 |
|
Hedge funds |
154 |
|
|
— |
|
|
— |
|
|
154 |
|
Private equity |
160 |
|
|
— |
|
|
— |
|
|
160 |
|
Total |
$ |
3,391 |
|
|
$ |
290 |
|
|
$ |
2,507 |
|
|
$ |
594 |
|
The fair values of the Pension Plan assets as of January 28, 2012, 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 |
$ |
240 |
|
|
$ |
— |
|
|
$ |
240 |
|
|
$ |
— |
|
Equity securities: |
|
|
|
|
|
|
|
U.S. |
805 |
|
|
251 |
|
|
554 |
|
|
— |
|
International |
648 |
|
|
— |
|
|
648 |
|
|
— |
|
Fixed income securities: |
|
|
|
|
|
|
|
U. S. Treasury bonds |
128 |
|
|
— |
|
|
128 |
|
|
— |
|
Other Government bonds |
31 |
|
|
— |
|
|
31 |
|
|
— |
|
Agency backed bonds |
5 |
|
|
— |
|
|
5 |
|
|
— |
|
Corporate bonds |
310 |
|
|
— |
|
|
310 |
|
|
— |
|
Mortgage-backed securities and forwards |
112 |
|
|
— |
|
|
112 |
|
|
— |
|
Asset-backed securities |
21 |
|
|
— |
|
|
21 |
|
|
— |
|
Pooled funds |
266 |
|
|
— |
|
|
266 |
|
|
— |
|
Other types of investments: |
|
|
|
|
|
|
|
Real estate |
228 |
|
|
— |
|
|
— |
|
|
228 |
|
Hedge funds |
143 |
|
|
— |
|
|
— |
|
|
143 |
|
Private equity |
162 |
|
|
— |
|
|
— |
|
|
162 |
|
Total |
$ |
3,099 |
|
|
$ |
251 |
|
|
$ |
2,315 |
|
|
$ |
533 |
|
|
| 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 2012 and 2011:
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
(millions) |
Balance, beginning of year |
$ |
533 |
|
|
$ |
488 |
|
Actual gain on plan assets: |
|
|
|
Relating to assets still held at the reporting date |
7 |
|
|
9 |
|
Relating to assets sold during the period |
23 |
|
|
22 |
|
Purchases |
71 |
|
|
48 |
|
Sales |
(40 |
) |
|
(34 |
) |
Balance, end of year |
$ |
594 |
|
|
$ |
533 |
|
|
| Estimated Future Benefit Payments |
The following benefit payments are estimated to be paid from the Pension Plan:
|
|
|
|
|
|
(millions) |
Fiscal year |
|
2013 |
$ |
255 |
|
2014 |
248 |
|
2015 |
245 |
|
2016 |
242 |
|
2017 |
238 |
|
2018-2022 |
1,121 |
|
|
|
Supplementary Retirement 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 supplementary retirement plan as of February 2, 2013 and January 28, 2012:
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
(millions) |
Change in projected benefit obligation |
|
|
|
Projected benefit obligation, beginning of year |
$ |
771 |
|
|
$ |
688 |
|
Service cost |
6 |
|
|
6 |
|
Interest cost |
35 |
|
|
36 |
|
Actuarial loss |
76 |
|
|
90 |
|
Benefits paid |
(51 |
) |
|
(49 |
) |
Actuarial gain due to curtailment |
(42 |
) |
|
— |
|
Projected benefit obligation, end of year |
795 |
|
|
771 |
|
Change in plan assets |
|
|
|
Fair value of plan assets, beginning of year |
— |
|
|
— |
|
Company contributions |
51 |
|
|
49 |
|
Benefits paid |
(51 |
) |
|
(49 |
) |
Fair value of plan assets, end of year |
— |
|
|
— |
|
Funded status at end of year |
$ |
(795 |
) |
|
$ |
(771 |
) |
Amounts recognized in the Consolidated Balance Sheets at
February 2, 2013 and January 28, 2012 |
|
|
|
Accounts payable and accrued liabilities |
$ |
(58 |
) |
|
$ |
(55 |
) |
Other liabilities |
(737 |
) |
|
(716 |
) |
|
$ |
(795 |
) |
|
$ |
(771 |
) |
Amounts recognized in accumulated other comprehensive loss at
February 2, 2013 and January 28, 2012 |
|
|
|
Net actuarial loss |
$ |
212 |
|
|
$ |
195 |
|
Prior service credit |
— |
|
|
(1 |
) |
|
$ |
212 |
|
|
$ |
194 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
2010 |
|
(millions) |
Net Periodic Pension Cost |
|
|
|
|
|
Service cost |
$ |
6 |
|
|
$ |
6 |
|
|
$ |
6 |
|
Interest cost |
35 |
|
|
36 |
|
|
37 |
|
Amortization of net actuarial loss |
17 |
|
|
8 |
|
|
3 |
|
Amortization of prior service credit |
(1 |
) |
|
(1 |
) |
|
(1 |
) |
|
57 |
|
|
49 |
|
|
45 |
|
Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Loss |
|
|
|
|
|
Net actuarial loss |
34 |
|
|
90 |
|
|
22 |
|
Amortization of net actuarial loss |
(17 |
) |
|
(8 |
) |
|
(3 |
) |
Amortization of prior service credit |
1 |
|
|
1 |
|
|
1 |
|
|
18 |
|
|
83 |
|
|
20 |
|
Total recognized in net periodic pension cost and
other comprehensive loss |
$ |
75 |
|
|
$ |
132 |
|
|
$ |
65 |
|
|
| Weighted Average Assumptions |
The following weighted average assumptions were used to determine the projected benefit obligations for the supplementary retirement plan at February 2, 2013 and January 28, 2012:
|
|
|
|
|
|
|
|
2012 |
|
2011 |
Discount rate |
4.15 |
% |
|
4.65 |
% |
Rate of compensation increases |
4.90 |
% |
|
4.90 |
% |
The following weighted average assumptions were used to determine net pension costs for the supplementary retirement plan:
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
2010 |
Discount rate |
4.65 |
% |
|
5.40 |
% |
|
5.65 |
% |
Rate of compensation increases |
4.90 |
% |
|
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 |
|
2013 |
$ |
58 |
|
2014 |
61 |
|
2015 |
61 |
|
2016 |
64 |
|
2017 |
58 |
|
2018-2022 |
262 |
|
|