Quarterly report pursuant to Section 13 or 15(d)

Benefit Plans

v2.4.0.8
Benefit Plans
 3 Months Ended
May 03, 2014
Pension and Other Postretirement Benefit Expense [Abstract]  
Benefit Plans
Benefit Plans
The Company has a funded defined benefit plan ("Pension Plan") and defined contribution plans, 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 no longer earn future pension service credits under the Pension Plan and SERP, and retirement benefits attributable to service after that date are 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.
Expense related to matching contributions for the 401(k) defined contribution plan amounted to $25 million and $5 million for the 13 weeks ended May 3, 2014 and May 4, 2013, respectively, and the actuarially determined components of the net periodic benefit cost (income) are as follows:
 
 
13 Weeks Ended
 
May 3, 2014
 
May 4, 2013
 
(millions)
Pension Plan
 
 
 
Service cost
$
2

 
$
28

Interest cost
38

 
36

Expected return on assets
(61
)
 
(60
)
Recognition of net actuarial loss
6

 
35

Amortization of prior service credit
—

 
—

 
$
(15
)
 
$
39

Supplementary Retirement Plan
 
 
 
Service cost
$
—

 
$
2

Interest cost
8

 
8

Recognition of net actuarial loss
1

 
4

Amortization of prior service cost
—

 
—

 
$
9

 
$
14

Postretirement Obligations
 
 
 
Service cost
$
—

 
$
—

Interest cost
2

 
3

Recognition of net actuarial gain
(1
)
 
(1
)
Amortization of prior service cost
—

 
—

 
$
1

 
$
2