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Retirement Plans (Tables)
12 Months Ended
Feb. 02, 2013
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 2, 2013 and January 28, 2012:
 
 
2012
 
2011
 
(millions)
Change in projected benefit obligation
 
 
 
Projected benefit obligation, beginning of year
$
3,458

 
$
3,024

Service cost
117

 
102

Interest cost
157

 
160

Actuarial loss
283

 
375

Benefits paid
(206
)
 
(203
)
Actuarial gain due to curtailment
(254
)
 

Projected benefit obligation, end of year
3,555

 
3,458

Changes in plan assets
 
 
 
Fair value of plan assets, beginning of year
3,069

 
2,804

Actual return on plan assets
374

 
93

Company contributions
150

 
375

Benefits paid
(206
)
 
(203
)
Fair value of plan assets, end of year
3,387

 
3,069

Funded status at end of year
$
(168
)
 
$
(389
)
Amounts recognized in the Consolidated Balance Sheets at
February 2, 2013 and January 28, 2012
 
 
 
Other liabilities
$
(168
)
 
$
(389
)
Amounts recognized in accumulated other comprehensive loss at
February 2, 2013 and January 28, 2012
 
 
 
Net actuarial loss
$
1,326

 
$
1,558

Prior service credit

 
(1
)
 
$
1,326

 
$
1,557

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:
 
 
2012
 
2011
 
2010
 
(millions)
Net Periodic Pension Cost
 
 
 
 
 
Service cost
$
117

 
$
102

 
$
99

Interest cost
157

 
160

 
158

Expected return on assets
(253
)
 
(248
)
 
(218
)
Amortization of net actuarial loss
141

 
88

 
61

Amortization of prior service credit
(1
)
 
(1
)
 
(1
)
 
161

 
101

 
99

Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Loss
 
 
 
 
 
Net actuarial (gain) loss
(91
)
 
530

 
(9
)
Amortization of net actuarial loss
(141
)
 
(88
)
 
(61
)
Amortization of prior service credit
1

 
1

 
1

 
(231
)
 
443

 
(69
)
Total recognized in net periodic pension cost and
other comprehensive loss
$
(70
)
 
$
544

 
$
30


Weighted Average Assumptions
The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan:
 
 
2012
 
2011
 
2010
Discount rate
4.65
%
 
5.40
%
 
5.65
%
Expected long-term return on plan assets
8.00
%
 
8.00
%
 
8.75
%
Rate of compensation increases
4.50
%
 
4.50
%
 
4.50
%
The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at February 2, 2013 and January 28, 2012:
 
 
2012
 
2011
Discount rate
4.15
%
 
4.65
%
Rate of compensation increases
4.50
%
 
4.50
%
Fair Values of Plan Assets
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

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


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 2012 and 2011:
 
 
2012
 
2011
 
(millions)
Balance, beginning of year
$
533

 
$
488

Actual gain on plan assets:
 
 
 
Relating to assets still held at the reporting date
7

 
9

Relating to assets sold during the period
23

 
22

Purchases
71

 
48

Sales
(40
)
 
(34
)
Balance, end of year
$
594

 
$
533

Estimated Future Benefit Payments
The following benefit payments are estimated to be paid from the Pension Plan:
 
 
(millions)
Fiscal year
 
2013
$
255

2014
248

2015
245

2016
242

2017
238

2018-2022
1,121

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 2, 2013 and January 28, 2012:
 
 
2012
 
2011
 
(millions)
Change in projected benefit obligation
 
 
 
Projected benefit obligation, beginning of year
$
771

 
$
688

Service cost
6

 
6

Interest cost
35

 
36

Actuarial loss
76

 
90

Benefits paid
(51
)
 
(49
)
Actuarial gain due to curtailment
(42
)
 

Projected benefit obligation, end of year
795

 
771

Change in plan assets
 
 
 
Fair value of plan assets, beginning of year

 

Company contributions
51

 
49

Benefits paid
(51
)
 
(49
)
Fair value of plan assets, end of year

 

Funded status at end of year
$
(795
)
 
$
(771
)
Amounts recognized in the Consolidated Balance Sheets at
February 2, 2013 and January 28, 2012
 
 
 
Accounts payable and accrued liabilities
$
(58
)
 
$
(55
)
Other liabilities
(737
)
 
(716
)
 
$
(795
)
 
$
(771
)
Amounts recognized in accumulated other comprehensive loss at
February 2, 2013 and January 28, 2012
 
 
 
Net actuarial loss
$
212

 
$
195

Prior service credit

 
(1
)
 
$
212

 
$
194

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:
 
 
2012
 
2011
 
2010
 
(millions)
Net Periodic Pension Cost
 
 
 
 
 
Service cost
$
6

 
$
6

 
$
6

Interest cost
35

 
36

 
37

Amortization of net actuarial loss
17

 
8

 
3

Amortization of prior service credit
(1
)
 
(1
)
 
(1
)
 
57

 
49

 
45

Other Changes in Plan Assets and Projected Benefit Obligation
Recognized in Other Comprehensive Loss
 
 
 
 
 
Net actuarial loss
34

 
90

 
22

Amortization of net actuarial loss
(17
)
 
(8
)
 
(3
)
Amortization of prior service credit
1

 
1

 
1

 
18

 
83

 
20

Total recognized in net periodic pension cost and
other comprehensive loss
$
75

 
$
132

 
$
65


Weighted Average Assumptions
The following weighted average assumptions were used to determine the projected benefit obligations for the supplementary retirement plan at February 2, 2013 and January 28, 2012:
 
 
2012
 
2011
Discount rate
4.15
%
 
4.65
%
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:
 
 
2012
 
2011
 
2010
Discount rate
4.65
%
 
5.40
%
 
5.65
%
Rate of compensation increases
4.90
%
 
4.90
%
 
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
 
2013
$
58

2014
61

2015
61

2016
64

2017
58

2018-2022
262