|
Retirement Plans (Tables)
|
12 Months Ended |
|
Jan. 28, 2012
|
|
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 28, 2012 and January 29, 2011:
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
(millions) |
Change in projected benefit obligation |
|
|
|
Projected benefit obligation, beginning of year |
$ |
3,024 |
|
|
$ |
2,879 |
|
Service cost |
102 |
|
|
99 |
|
Interest cost |
160 |
|
|
158 |
|
Actuarial loss |
375 |
|
|
103 |
|
Benefits paid |
(203 |
) |
|
(215 |
) |
Projected benefit obligation, end of year |
$ |
3,458 |
|
|
$ |
3,024 |
|
Changes in plan assets |
|
|
|
Fair value of plan assets, beginning of year |
$ |
2,804 |
|
|
$ |
1,865 |
|
Actual return on plan assets |
93 |
|
|
329 |
|
Company contributions |
375 |
|
|
825 |
|
Benefits paid |
(203 |
) |
|
(215 |
) |
Fair value of plan assets, end of year |
$ |
3,069 |
|
|
$ |
2,804 |
|
Funded status at end of year |
$ |
(389 |
) |
|
$ |
(220 |
) |
Amounts recognized in the Consolidated Balance Sheets at
January 28, 2012 and January 29, 2011 |
|
|
|
Other liabilities |
$ |
(389 |
) |
|
$ |
(220 |
) |
Amounts recognized in accumulated other comprehensive (income) loss at January 28, 2012 and January 29, 2011 |
|
|
|
Net actuarial loss |
$ |
1,558 |
|
|
$ |
1,116 |
|
Prior service credit |
(1 |
) |
|
(2 |
) |
|
$ |
1,557 |
|
|
$ |
1,114 |
|
|
| Schedule of Net Periodic Benefit Costs |
Net pension costs and other amounts recognized in other comprehensive income for the Pension Plan included the following actuarially determined components:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
2009 |
|
(millions) |
Net Periodic Pension Cost |
|
|
|
|
|
Service cost |
$ |
102 |
|
|
$ |
99 |
|
|
$ |
81 |
|
Interest cost |
160 |
|
|
158 |
|
|
173 |
|
Expected return on assets |
(248 |
) |
|
(218 |
) |
|
(187 |
) |
Amortization of net actuarial loss |
88 |
|
|
61 |
|
|
— |
|
Amortization of prior service credit |
(1 |
) |
|
(1 |
) |
|
(1 |
) |
|
101 |
|
|
99 |
|
|
66 |
|
Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Income |
|
|
|
|
|
Net actuarial (gain) loss |
530 |
|
|
(9 |
) |
|
311 |
|
Amortization of net actuarial loss |
(88 |
) |
|
(61 |
) |
|
— |
|
Amortization of prior service credit |
1 |
|
|
1 |
|
|
1 |
|
|
443 |
|
|
(69 |
) |
|
312 |
|
Total recognized in net periodic pension cost and
other comprehensive income |
$ |
544 |
|
|
$ |
30 |
|
|
$ |
378 |
|
|
| Weighted Average Assumptions |
The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan:
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
2009 |
Discount rate |
5.40 |
% |
|
5.65 |
% |
|
7.45 |
% |
Expected long-term return on plan assets |
8.00 |
% |
|
8.75 |
% |
|
8.75 |
% |
Rate of compensation increases |
4.50 |
% |
|
4.50 |
% |
|
5.40 |
% |
The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at January 28, 2012 and January 29, 2011:
|
|
|
|
|
|
|
|
2011 |
|
2010 |
Discount rate |
4.65 |
% |
|
5.40 |
% |
Rate of compensation increases |
4.50 |
% |
|
4.50 |
% |
|
| Fair Values of Plan Assets |
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 |
|
The fair values of the Pension Plan assets as of January 29, 2011, 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 |
$ |
381 |
|
|
$ |
— |
|
|
$ |
381 |
|
|
$ |
— |
|
Equity securities: |
|
|
|
|
|
|
|
U.S. |
814 |
|
|
238 |
|
|
576 |
|
|
— |
|
International |
517 |
|
|
— |
|
|
517 |
|
|
— |
|
Fixed income securities: |
|
|
|
|
|
|
|
U. S. Treasury bonds |
54 |
|
|
— |
|
|
54 |
|
|
— |
|
Other Government bonds |
28 |
|
|
— |
|
|
28 |
|
|
— |
|
Agency backed bonds |
11 |
|
|
— |
|
|
11 |
|
|
— |
|
Corporate bonds |
267 |
|
|
— |
|
|
267 |
|
|
— |
|
Mortgage-backed securities and forwards |
107 |
|
|
— |
|
|
107 |
|
|
— |
|
Asset-backed securities |
19 |
|
|
— |
|
|
19 |
|
|
— |
|
Pooled funds |
180 |
|
|
— |
|
|
180 |
|
|
— |
|
Other types of investments: |
|
|
|
|
|
|
|
Real estate |
201 |
|
|
— |
|
|
— |
|
|
201 |
|
Hedge funds |
143 |
|
|
— |
|
|
— |
|
|
143 |
|
Private equity |
144 |
|
|
— |
|
|
— |
|
|
144 |
|
Total |
$ |
2,866 |
|
|
$ |
238 |
|
|
$ |
2,140 |
|
|
$ |
488 |
|
|
| 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 2011 and 2010:
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
(millions) |
Balance, beginning of year |
$ |
488 |
|
|
$ |
413 |
|
Actual gain on plan assets: |
|
|
|
Relating to assets still held at the reporting date |
9 |
|
|
28 |
|
Relating to assets sold during the period |
22 |
|
|
18 |
|
Purchases |
48 |
|
|
69 |
|
Sales |
(34 |
) |
|
(40 |
) |
Balance, end of year |
$ |
533 |
|
|
$ |
488 |
|
|
| Estimated Future Benefit Payments |
The following benefit payments are estimated to be paid from the Pension Plan:
|
|
|
|
|
|
(millions) |
Fiscal year: |
|
2012 |
$ |
251 |
|
2013 |
244 |
|
2014 |
244 |
|
2015 |
245 |
|
2016 |
254 |
|
2017-2021 |
1,292 |
|
|
|
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 January 28, 2012 and January 29, 2011:
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
(millions) |
Change in projected benefit obligation |
|
|
|
Projected benefit obligation, beginning of year |
$ |
688 |
|
|
$ |
680 |
|
Service cost |
6 |
|
|
6 |
|
Interest cost |
36 |
|
|
37 |
|
Actuarial loss |
90 |
|
|
22 |
|
Benefits paid |
(49 |
) |
|
(57 |
) |
Projected benefit obligation, end of year |
$ |
771 |
|
|
$ |
688 |
|
Change in plan assets |
|
|
|
Fair value of plan assets, beginning of year |
$ |
— |
|
|
$ |
— |
|
Company contributions |
49 |
|
|
57 |
|
Benefits paid |
(49 |
) |
|
(57 |
) |
Fair value of plan assets, end of year |
— |
|
|
— |
|
Funded status at end of year |
$ |
(771 |
) |
|
$ |
(688 |
) |
Amounts recognized in the Consolidated Balance Sheets at
January 28, 2012 and January 29, 2011 |
|
|
|
Accounts payable and accrued liabilities |
$ |
(55 |
) |
|
$ |
(52 |
) |
Other liabilities |
(716 |
) |
|
(636 |
) |
|
$ |
(771 |
) |
|
$ |
(688 |
) |
Amounts recognized in accumulated other comprehensive (income) loss at January 28, 2012 and January 29, 2011 |
|
|
|
Net actuarial loss |
$ |
195 |
|
|
$ |
113 |
|
Prior service credit |
(1 |
) |
|
(2 |
) |
|
$ |
194 |
|
|
$ |
111 |
|
|
| Schedule of Net Periodic Benefit Costs |
Net pension costs and other amounts recognized in other comprehensive income for the supplementary retirement plan included the following actuarially determined components:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
2009 |
|
(millions) |
Net Periodic Pension Cost |
|
|
|
|
|
Service cost |
$ |
6 |
|
|
$ |
6 |
|
|
$ |
4 |
|
Interest cost |
36 |
|
|
37 |
|
|
42 |
|
Amortization of net actuarial loss |
8 |
|
|
3 |
|
|
— |
|
Amortization of prior service credit |
(1 |
) |
|
(1 |
) |
|
(2 |
) |
|
49 |
|
|
45 |
|
|
44 |
|
Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Income |
|
|
|
|
|
Net actuarial (gain) loss |
90 |
|
|
22 |
|
|
113 |
|
Amortization of net actuarial loss |
(8 |
) |
|
(3 |
) |
|
— |
|
Amortization of prior service credit |
1 |
|
|
1 |
|
|
2 |
|
|
83 |
|
|
20 |
|
|
115 |
|
Total recognized in net periodic pension cost and
other comprehensive income |
$ |
132 |
|
|
$ |
65 |
|
|
$ |
159 |
|
|
| Weighted Average Assumptions |
The following weighted average assumptions were used to determine the projected benefit obligations for the supplementary retirement plan at January 28, 2012 and January 29, 2011:
|
|
|
|
|
|
|
|
2011 |
|
2010 |
Discount rate |
4.65 |
% |
|
5.40 |
% |
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:
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
2009 |
Discount rate |
5.40 |
% |
|
5.65 |
% |
|
7.45 |
% |
Rate of compensation increases |
4.90 |
% |
|
4.90 |
% |
|
7.20 |
% |
|
| 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: |
|
2012 |
$ |
55 |
|
2013 |
57 |
|
2014 |
59 |
|
2015 |
59 |
|
2016 |
62 |
|
2017-2021 |
272 |
|
|