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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