Quarterly report pursuant to Section 13 or 15(d)

Benefit Plans

v2.4.0.8
Benefit Plans
 9 Months Ended
Nov. 02, 2013
Pension and Other Postretirement Benefit Expense [Abstract]  
Benefit Plans
Benefit Plans
The Company has a funded defined benefit plan ("Pension Plan") and a defined contribution plan, which cover substantially all employees who work 1,000 hours or more in a year. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions. The Company also has an unfunded defined benefit supplementary retirement plan ("SERP"), which provides benefits, for certain employees, in excess of qualified plan limitations. Effective January 2, 2012, the SERP was closed to new participants. After December 31, 2013, with limited exceptions, employees will no longer earn future pension service credits under the Pension Plan and SERP, and retirement benefits attributable to service after that date will be provided solely through defined contribution plans.
In addition, certain retired employees currently are provided with specified health care and life insurance benefits ("Postretirement Obligations"). Eligibility requirements for such benefits vary, but generally state that benefits are available to eligible employees who were hired prior to a certain date and retire after a certain age with specified years of service. Certain employees are subject to having such benefits modified or terminated.
In March 2010, President Obama signed into law the "Patient Protection and Affordable Care Act" and the "Health Care and Education Affordability Reconciliation Act of 2010" (the "2010 Acts"). The 2010 Acts contain provisions which impact the accounting for postretirement obligations. Based on the analysis to date, the impact of the provisions in the 2010 Acts on the Company's postretirement obligations has not and is not expected to have a material impact on the Company's consolidated financial position, results of operations or cash flows. The Company continues to evaluate the impact of the 2010 Acts on the active and retiree benefit plans offered by the Company.
The actuarially determined components of the net periodic benefit cost are as follows:
 
 
13 Weeks Ended
 
39 Weeks Ended
 
November 2, 2013
 
October 27, 2012
 
November 2, 2013
 
October 27, 2012
 
(millions)
Pension Plan
 
 
 
 
 
 
 
Service cost
$
28

 
$
30

 
$
84

 
$
88

Interest cost
36

 
40

 
107

 
118

Expected return on assets
(60
)
 
(64
)
 
(181
)
 
(190
)
Recognition of net actuarial loss
34

 
35

 
105

 
106

Amortization of prior service credit
—

 
(1
)
 
—

 
(1
)
 
$
38

 
$
40

 
$
115

 
$
121

Supplementary Retirement Plan
 
 
 
 
 
 
 
Service cost
$
2

 
$
1

 
$
5

 
$
4

Interest cost
8

 
9

 
24

 
26

Recognition of net actuarial loss
4

 
4

 
14

 
13

Amortization of prior service credit
—

 
—

 
—

 
—

 
$
14

 
$
14

 
$
43

 
$
43

Postretirement Obligations
 
 
 
 
 
 
 
Service cost
$
—

 
$
—

 
$
—

 
$
—

Interest cost
2

 
3

 
7

 
9

Recognition of net actuarial gain
—

 
(1
)
 
(2
)
 
(3
)
Amortization of prior service cost
—

 
—

 
—

 
—

 
$
2

 
$
2

 
$
5

 
$
6