Retirement Plans (Tables)
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12 Months Ended |
Jan. 30, 2016 |
Schedule of Costs of Retirement Plans [Table Text Block] |
| | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | | (millions) | 401(k) Qualified Defined Contribution Plan | $ | 88 |
| | $ | 89 |
| | $ | 24 |
| Non-Qualified Defined Contribution Plan | 2 |
| | 2 |
| | — |
| Pension Plan | (54 | ) | | (64 | ) | | 154 |
| Supplementary Retirement Plan | 41 |
| | 38 |
| | 57 |
| | $ | 77 |
| | $ | 65 |
| | $ | 235 |
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Pension Plan [Member] |
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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 30, 2016 and January 31, 2015: | | | | | | | | | | 2015 | | 2014 | | (millions) | Change in projected benefit obligation | | | | Projected benefit obligation, beginning of year | $ | 3,966 |
| | $ | 3,473 |
| Service cost | 6 |
| | 6 |
| Interest cost | 137 |
| | 151 |
| Actuarial (gain) loss | (282 | ) | | 563 |
| Benefits paid | (242 | ) | | (227 | ) | Projected benefit obligation, end of year | 3,585 |
| | 3,966 |
| Changes in plan assets | | | | Fair value of plan assets, beginning of year | 3,636 |
| | 3,546 |
| Actual return on plan assets | (138 | ) | | 317 |
| Company contributions | — |
| | — |
| Benefits paid | (242 | ) | | (227 | ) | Fair value of plan assets, end of year | 3,256 |
| | 3,636 |
| Funded status at end of year | $ | (329 | ) | | $ | (330 | ) | Amounts recognized in the Consolidated Balance Sheets at January 30, 2016 and January 31, 2015 | | | | Other liabilities | $ | (329 | ) | | $ | (330 | ) | |
| |
| Amounts recognized in accumulated other comprehensive loss at January 30, 2016 and January 31, 2015 | | | | Net actuarial loss | $ | 1,451 |
| | $ | 1,397 |
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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: | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | | (millions) | Net Periodic Pension Cost | | | | | | Service cost | $ | 6 |
| | $ | 6 |
| | $ | 112 |
| Interest cost | 137 |
| | 151 |
| | 143 |
| Expected return on assets | (235 | ) | | (246 | ) | | (242 | ) | Amortization of net actuarial loss | 38 |
| | 25 |
| | 141 |
| Amortization of prior service credit | — |
| | — |
| | — |
| | (54 | ) | | (64 | ) | | 154 |
| Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss | | | | | | Net actuarial (gain) loss | 92 |
| | 491 |
| | (254 | ) | Amortization of net actuarial loss | (38 | ) | | (25 | ) | | (141 | ) | Amortization of prior service credit | — |
| | — |
| | — |
| | 54 |
| | 466 |
| | (395 | ) | Total recognized in net periodic pension cost and other comprehensive loss | $ | — |
| | $ | 402 |
| | $ | (241 | ) |
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Weighted Average Assumptions |
The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan: | | | | | | | | | | | 2015 | | 2014 | | 2013 | Discount rate | 3.55 | % | | 4.50 | % | | 4.15 | % | Expected long-term return on plan assets | 7.00 | % | | 7.50 | % | | 7.50 | % | Rate of compensation increases | 4.10 | % | | 4.10 | % | | 4.50 | % |
The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at January 30, 2016 and January 31, 2015: | | | | | | | | 2015 | | 2014 | Discount rate | 4.17 | % | | 3.55 | % | Rate of compensation increases | 4.10 | % | | 4.10 | % |
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Fair Values of Plan Assets |
The fair values of the Pension Plan assets as of January 30, 2016, 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 | $ | 15 |
| | $ | 15 |
| | $ | — |
| | $ | — |
| Money market securities | 36 |
| | — |
| | 36 |
| | — |
| Money market pooled funds (a) | 46 |
| | — |
| | — |
| | — |
| Equity securities: | | | | | | | | U.S. stocks | 280 |
| | 280 |
| | — |
| | — |
| U.S. pooled funds (a) | 391 |
| | — |
| | — |
| | — |
| International pooled funds (a) | 575 |
| | — |
| | — |
| | — |
| Fixed income securities: | | | | | | | | U. S. Treasury bonds | 233 |
| | — |
| | 233 |
| | — |
| Other Government bonds | 41 |
| | — |
| | 41 |
| | — |
| Agency backed bonds | 31 |
| | — |
| | 31 |
| | — |
| Corporate bonds | 433 |
| | — |
| | 433 |
| | — |
| Mortgage-backed securities | 112 |
| | — |
| | 112 |
| | — |
| Asset-backed securities | 28 |
| | — |
| | 28 |
| | — |
| Pooled funds (a) | 427 |
| | — |
| | — |
| | — |
| Other types of investments: | | | | | | | | Real estate (a) | 238 |
| | — |
| | — |
| | — |
| Hedge funds (a) | 179 |
| | — |
| | — |
| | — |
| Private equity (a) | 188 |
| | — |
| | — |
| | — |
| Derivatives in a positive position | 15 |
| | — |
| | 15 |
| | — |
| Derivatives in a negative position | (22 | ) | | — |
| | (22 | ) | | — |
| Total | $ | 3,246 |
| | $ | 295 |
| | $ | 907 |
| | $ | — |
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(a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets.
The fair values of the Pension Plan assets as of January 31, 2015, 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) | Money market securities | $ | 108 |
| | $ | — |
| | $ | 108 |
| | $ | — |
| Money market pooled funds (a) | 140 |
| | — |
| | — |
| | — |
| Equity securities: | | | | | | | | U.S. stocks | 344 |
| | 344 |
| | — |
| | — |
| U.S. pooled funds (a) | 477 |
| | — |
| | — |
| | — |
| International pooled funds (a) | 659 |
| | — |
| | — |
| | — |
| Fixed income securities: | | | | | | | | U. S. Treasury bonds | 272 |
| | — |
| | 272 |
| | — |
| Other Government bonds | 55 |
| | — |
| | 55 |
| | — |
| Agency backed bonds | 28 |
| | — |
| | 28 |
| | — |
| Corporate bonds | 434 |
| | — |
| | 434 |
| | — |
| Mortgage-backed securities | 102 |
| | — |
| | 102 |
| | — |
| Asset-backed securities | 19 |
| | — |
| | 19 |
| | — |
| Pooled funds (a) | 458 |
| | — |
| | — |
| | — |
| Other types of investments: | | | | | | | | Real estate (a) | 244 |
| | — |
| | — |
| | — |
| Hedge funds (a) | 175 |
| | — |
| | — |
| | — |
| Private equity (a) | 181 |
| | — |
| | — |
| | — |
| Derivatives in a positive position | 27 |
| | — |
| | 27 |
| | — |
| Derivatives in a negative position | (38 | ) | | — |
| | (38 | ) | | — |
| Total | $ | 3,685 |
| | $ | 344 |
| | $ | 1,007 |
| | $ | — |
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Estimated Future Benefit Payments |
The following benefit payments are estimated to be paid from the Pension Plan: | | | | | | (millions) | Fiscal year | | 2016 | $ | 377 |
| 2017 | 319 |
| 2018 | 302 |
| 2019 | 264 |
| 2020 | 256 |
| 2021-2025 | 1,176 |
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Supplemental Employee Retirement Plan |
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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 30, 2016 and January 31, 2015: | | | | | | | | | | 2015 | | 2014 | | (millions) | Change in projected benefit obligation | | | | Projected benefit obligation, beginning of year | $ | 920 |
| | $ | 770 |
| Service cost | — |
| | — |
| Interest cost | 31 |
| | 33 |
| Actuarial (gain) loss | (70 | ) | | 170 |
| Benefits paid | (58 | ) | | (53 | ) | Projected benefit obligation, end of year | 823 |
| | 920 |
| Change in plan assets | | | | Fair value of plan assets, beginning of year | — |
| | — |
| Company contributions | 58 |
| | 53 |
| Benefits paid | (58 | ) | | (53 | ) | Fair value of plan assets, end of year | — |
| | — |
| Funded status at end of year | $ | (823 | ) | | $ | (920 | ) | Amounts recognized in the Consolidated Balance Sheets at January 30, 2016 and January 31, 2015 | | | | Accounts payable and accrued liabilities | $ | (138 | ) | | $ | (69 | ) | Other liabilities | (685 | ) | | (851 | ) | | $ | (823 | ) | | $ | (920 | ) | Amounts recognized in accumulated other comprehensive loss at January 30, 2016 and January 31, 2015 | | | | Net actuarial loss | $ | 261 |
| | $ | 341 |
| Prior service cost | 8 |
| | 8 |
| | $ | 269 |
| | $ | 349 |
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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: | | | | | | | | | | | | | | 2015 | | 2014 | | 2013 | | (millions) | Net Periodic Pension Cost | | | | | | Service cost | $ | — |
| | $ | — |
| | $ | 6 |
| Interest cost | 31 |
| | 33 |
| | 32 |
| Amortization of net actuarial loss | 10 |
| | 5 |
| | 19 |
| Amortization of prior service credit | — |
| | — |
| | — |
| | 41 |
| | 38 |
| | 57 |
| Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss | | | | | | Net actuarial (gain) loss | (70 | ) | | 170 |
| | (17 | ) | Prior service cost | — |
| | — |
| | 8 |
| Amortization of net actuarial loss | (10 | ) | | (5 | ) | | (19 | ) | Amortization of prior service credit | — |
| | — |
| | — |
| | (80 | ) | | 165 |
| | (28 | ) | Total recognized in net periodic pension cost and other comprehensive loss | $ | (39 | ) | | $ | 203 |
| | $ | 29 |
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Weighted Average Assumptions |
The following weighted average assumption was used to determine the projected benefit obligations for the supplementary retirement plan at January 30, 2016 and January 31, 2015: | | | | | | | | 2015 | | 2014 | Discount rate | 4.23 | % | | 3.55 | % |
The following weighted average assumptions were used to determine net pension costs for the supplementary retirement plan: | | | | | | | | | | | 2015 | | 2014 | | 2013 | Discount rate | 3.55 | % | | 4.50 | % | | 4.15 | % | Rate of compensation increases | N/A |
| | N/A |
| | 4.90 | % |
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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 | | 2016 | $ | 138 |
| 2017 | 66 |
| 2018 | 53 |
| 2019 | 60 |
| 2020 | 48 |
| 2021-2025 | 242 |
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