|
Retirement Plans (Tables)
|
12 Months Ended |
|
Feb. 01, 2014
|
|
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 1, 2014 and February 2, 2013:
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
|
(millions) |
Change in projected benefit obligation |
|
|
|
Projected benefit obligation, beginning of year |
$ |
3,555 |
|
|
$ |
3,458 |
|
Service cost |
112 |
|
|
117 |
|
Interest cost |
143 |
|
|
157 |
|
Actuarial (gain) loss |
(117 |
) |
|
283 |
|
Benefits paid |
(220 |
) |
|
(206 |
) |
Actuarial gain due to curtailment |
— |
|
|
(254 |
) |
Projected benefit obligation, end of year |
3,473 |
|
|
3,555 |
|
Changes in plan assets |
|
|
|
Fair value of plan assets, beginning of year |
3,387 |
|
|
3,069 |
|
Actual return on plan assets |
379 |
|
|
374 |
|
Company contributions |
— |
|
|
150 |
|
Benefits paid |
(220 |
) |
|
(206 |
) |
Fair value of plan assets, end of year |
3,546 |
|
|
3,387 |
|
Funded status at end of year |
$ |
73 |
|
|
$ |
(168 |
) |
Amounts recognized in the Consolidated Balance Sheets at
February 1, 2014 and February 2, 2013 |
|
|
|
Other assets |
$ |
73 |
|
|
$ |
— |
|
Other liabilities |
— |
|
|
(168 |
) |
|
$ |
73 |
|
|
$ |
(168 |
) |
Amounts recognized in accumulated other comprehensive loss at
February 1, 2014 and February 2, 2013 |
|
|
|
Net actuarial loss |
$ |
931 |
|
|
$ |
1,326 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
|
2011 |
|
(millions) |
Net Periodic Pension Cost |
|
|
|
|
|
Service cost |
$ |
112 |
|
|
$ |
117 |
|
|
$ |
102 |
|
Interest cost |
143 |
|
|
157 |
|
|
160 |
|
Expected return on assets |
(242 |
) |
|
(253 |
) |
|
(248 |
) |
Amortization of net actuarial loss |
141 |
|
|
141 |
|
|
88 |
|
Amortization of prior service credit |
— |
|
|
(1 |
) |
|
(1 |
) |
|
154 |
|
|
161 |
|
|
101 |
|
Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Loss |
|
|
|
|
|
Net actuarial (gain) loss |
(254 |
) |
|
(91 |
) |
|
530 |
|
Amortization of net actuarial loss |
(141 |
) |
|
(141 |
) |
|
(88 |
) |
Amortization of prior service credit |
— |
|
|
1 |
|
|
1 |
|
|
(395 |
) |
|
(231 |
) |
|
443 |
|
Total recognized in net periodic pension cost and
other comprehensive loss |
$ |
(241 |
) |
|
$ |
(70 |
) |
|
$ |
544 |
|
|
| Weighted Average Assumptions |
The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at February 1, 2014 and February 2, 2013:
|
|
|
|
|
|
|
|
2013 |
|
2012 |
Discount rate |
4.50 |
% |
|
4.15 |
% |
Rate of compensation increases |
4.10 |
% |
|
4.50 |
% |
The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan:
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
|
2011 |
Discount rate |
4.15 |
% |
|
4.65 |
% |
|
5.40 |
% |
Expected long-term return on plan assets |
7.50 |
% |
|
8.00 |
% |
|
8.00 |
% |
Rate of compensation increases |
4.50 |
% |
|
4.50 |
% |
|
4.50 |
% |
|
| Fair Values of Plan Assets |
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 |
|
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 |
|
|
| 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 2013 and 2012:
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
|
(millions) |
Balance, beginning of year |
$ |
594 |
|
|
$ |
533 |
|
Actual gain on plan assets: |
|
|
|
Relating to assets still held at the reporting date |
1 |
|
|
7 |
|
Relating to assets sold during the period |
48 |
|
|
23 |
|
Purchases |
77 |
|
|
71 |
|
Sales |
(172 |
) |
|
(40 |
) |
Balance, end of year |
$ |
548 |
|
|
$ |
594 |
|
|
| Estimated Future Benefit Payments |
The following benefit payments are estimated to be paid from the Pension Plan:
|
|
|
|
|
|
(millions) |
Fiscal year |
|
2014 |
$ |
274 |
|
2015 |
256 |
|
2016 |
248 |
|
2017 |
244 |
|
2018 |
240 |
|
2019-2023 |
1,107 |
|
|
|
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 1, 2014 and February 2, 2013:
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
|
(millions) |
Change in projected benefit obligation |
|
|
|
Projected benefit obligation, beginning of year |
$ |
795 |
|
|
$ |
771 |
|
Service cost |
6 |
|
|
6 |
|
Interest cost |
32 |
|
|
35 |
|
Actuarial (gain) loss |
(17 |
) |
|
76 |
|
Plan amendment |
8 |
|
|
— |
|
Benefits paid |
(54 |
) |
|
(51 |
) |
Actuarial gain due to curtailment |
— |
|
|
(42 |
) |
Projected benefit obligation, end of year |
770 |
|
|
795 |
|
Change in plan assets |
|
|
|
Fair value of plan assets, beginning of year |
— |
|
|
— |
|
Company contributions |
54 |
|
|
51 |
|
Benefits paid |
(54 |
) |
|
(51 |
) |
Fair value of plan assets, end of year |
— |
|
|
— |
|
Funded status at end of year |
$ |
(770 |
) |
|
$ |
(795 |
) |
Amounts recognized in the Consolidated Balance Sheets at
February 1, 2014 and February 2, 2013 |
|
|
|
Accounts payable and accrued liabilities |
$ |
(59 |
) |
|
$ |
(58 |
) |
Other liabilities |
(711 |
) |
|
(737 |
) |
|
$ |
(770 |
) |
|
$ |
(795 |
) |
Amounts recognized in accumulated other comprehensive loss at
February 1, 2014 and February 2, 2013 |
|
|
|
Net actuarial loss |
$ |
176 |
|
|
$ |
212 |
|
Prior service cost |
8 |
|
|
— |
|
|
$ |
184 |
|
|
$ |
212 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
|
2011 |
|
(millions) |
Net Periodic Pension Cost |
|
|
|
|
|
Service cost |
$ |
6 |
|
|
$ |
6 |
|
|
$ |
6 |
|
Interest cost |
32 |
|
|
35 |
|
|
36 |
|
Amortization of net actuarial loss |
19 |
|
|
17 |
|
|
8 |
|
Amortization of prior service credit |
— |
|
|
(1 |
) |
|
(1 |
) |
|
57 |
|
|
57 |
|
|
49 |
|
Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Loss |
|
|
|
|
|
Net actuarial (gain) loss |
(17 |
) |
|
34 |
|
|
90 |
|
Prior service cost |
8 |
|
|
— |
|
|
— |
|
Amortization of net actuarial loss |
(19 |
) |
|
(17 |
) |
|
(8 |
) |
Amortization of prior service credit |
— |
|
|
1 |
|
|
1 |
|
|
(28 |
) |
|
18 |
|
|
83 |
|
Total recognized in net periodic pension cost and
other comprehensive loss |
$ |
29 |
|
|
$ |
75 |
|
|
$ |
132 |
|
|
| Weighted Average Assumptions |
The following weighted average assumptions were used to determine net pension costs for the supplementary retirement plan:
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
|
2011 |
Discount rate |
4.15 |
% |
|
4.65 |
% |
|
5.40 |
% |
Rate of compensation increases |
4.90 |
% |
|
4.90 |
% |
|
4.90 |
% |
The following weighted average assumptions were used to determine the projected benefit obligations for the supplementary retirement plan at February 1, 2014 and February 2, 2013:
|
|
|
|
|
|
|
|
2013 |
|
2012 |
Discount rate |
4.50 |
% |
|
4.15 |
% |
Rate of compensation increases |
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 |
|
2014 |
$ |
59 |
|
2015 |
63 |
|
2016 |
62 |
|
2017 |
63 |
|
2018 |
59 |
|
2019-2023 |
277 |
|
|