Retirement Plans (Tables)

12 Months Ended

Jan. 30, 2021

Schedule of Costs of Retirement Plans

Retirement expenses, excluding settlement charges, included the following components:

	2020			2019			2018
				(millions)
401(k) Qualified Defined Contribution Plan	$	68		$	96		$	96
Non-Qualified Defined Contribution Plan		1			2			1
Pension Plan		(73	)		(54	)		(64	)
Supplementary Retirement Plan		26			30			31
	$	22		$	74		$	64

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 30, 2021 and February 1, 2020:

	2020			2019
	(millions)
Change in projected benefit obligation
Projected benefit obligation, beginning of year	$	3,321		$	3,011
Service cost		4			5
Interest cost		66			103
Actuarial loss		12			463
Benefits paid		(373	)		(261	)
Projected benefit obligation, end of year		3,030			3,321
Changes in plan assets
Fair value of plan assets, beginning of year		3,359			3,018
Actual return on plan assets		373			602
Company contributions		—			—
Benefits paid		(373	)		(261	)
Fair value of plan assets, end of year		3,359			3,359
Funded status at end of year	$	329		$	38
Amounts recognized in the Consolidated Balance Sheets at January 30, 2021 and    February 1, 2020
Other assets	$	329		$	38
Amounts recognized in accumulated other comprehensive loss at January 30, 2021 and    February 1, 2020
Net actuarial loss	$	794		$	1,086

Schedule of Net Periodic Benefit Costs

Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the Pension Plan included the following actuarially determined components:

	2020			2019			2018
	(millions)
Net Periodic Pension Cost
Service cost	$	4		$	5		$	5
Interest cost		66			103			109
Expected return on assets		(183	)		(191	)		(206	)
Amortization of net actuarial loss		40			29			28
Amortization of prior service credit		—			—			—
		(73	)		(54	)		(64	)
Settlement charges		74			45			78
Other Changes in Plan Assets and Projected Benefit Obligation    Recognized in Other Comprehensive Loss
Net actuarial (gain) loss		(178	)		51			223
Amortization of net actuarial loss		(40	)		(29	)		(28	)
Settlement charges		(74	)		(45	)		(78	)
		(292	)		(23	)		117
Total recognized	$	(291	)	$	(32	)	$	131

Weighted Average Assumptions

The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan at January 30, 2021 and February 1, 2020:

	2020			2019
Discount rate		2.43	%		2.83	%
Rate of compensation increases		3.45	%		3.25	%
Cash balance plan interest crediting rate		5.00	%		5.00	%

The following weighted average assumptions were used to determine the net periodic pension cost for the Pension Plan:

	2020			2019			2018
Discount rate used to measure service cost	2.35% - 2.96%				4.09	%	3.77% - 4.46%
Discount rate used to measure interest cost	1.65% - 2.46%				3.67	%	3.39% - 4.06%
Expected long-term return on plan assets		6.25	%		6.50	%		6.75	%
Rate of compensation increases		3.25	%		4.00	%		4.00	%
Cash balance plan interest crediting rate		5.00	%		5.00	%		5.00	%

Fair Values of Plan Assets

The fair values of the Pension Plan assets as of January 30, 2021, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows:

	Fair Value Measurements
				Quoted Prices in			Significant		Significant
				Active Markets for			Observable		Unobservable
				Identical Assets			Inputs		Inputs
	Total			(Level 1)			(Level 2)		(Level 3)
				(millions)
Short term investments	$	3		$	—		$	3	$	—
Money market funds		136			136			—		—
Equity securities:
U.S. pooled funds		356			356			—		—
International pooled funds (a)		333			37			—		—
Fixed income securities:
U.S. Treasury bonds		270			—			270		—
Other Government bonds		63			—			63		—
Corporate bonds		1,609			—			1,609		—
Mortgage-backed securities		11			—			11		—
Asset-backed securities		1			—			1		—
Pooled funds		271			271			—		—
Other types of investments:
Real estate (a)		31			—			—		—
Private equity (a)		160			—			—		—
Derivatives in a positive position		8			—			8		—
Derivatives in a negative position		(4	)		(4	)		—		—
Total	$	3,248		$	796		$	1,965	$	—

(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 February 1, 2020, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows:

	Fair Value Measurements
				Quoted Prices in		Significant			Significant
				Active Markets for		Observable			Unobservable
				Identical Assets		Inputs			Inputs
	Total			(Level 1)		(Level 2)			(Level 3)
	(millions)
Money market funds	$	37		$	37	$	—		$	—
Equity securities:
U.S. stocks		122			122		—			—
U.S. pooled funds		474			474		—			—
International pooled funds (a)		357			82		—			—
Fixed income securities:
U.S. Treasury bonds		58			—		58			—
Other Government bonds		61			—		61			—
Agency backed bonds		13			—		13			—
Corporate bonds		615			—		615			—
Mortgage-backed securities		23			—		23			—
Asset-backed securities		10			—		10			—
Pooled funds		1,442			1,442		—			—
Other types of investments:
Real estate (a)		37			—		—			—
Private equity (a)		167			—		—			—
Derivatives in a positive position		4			—		4			—
Derivatives in a negative position		(6	)		—		(6	)		—
Total	$	3,414		$	2,157	$	778		$	—

(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.

Estimated Future Benefit Payments

The following benefit payments are estimated to be paid from the Pension Plan:

	(millions)
Fiscal year
2021	$	298
2022		250
2023		236
2024		223
2025		210
2026-2030		896

Supplemental Employee Retirement Plan

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, 2021 and February 1, 2020:

	2020			2019
	(millions)
Change in projected benefit obligation
Projected benefit obligation, beginning of year	$	681		$	644
Service cost		—			—
Interest cost		14			21
Actuarial loss		42			87
Benefits paid		(64	)		(71	)
Projected benefit obligation, end of year		673			681
Change in plan assets
Fair value of plan assets, beginning of year		—			—
Company contributions		64			71
Benefits paid		(64	)		(71	)
Fair value of plan assets, end of year		—			—
Funded status at end of year	$	(673	)	$	(681	)
Amounts recognized in the Consolidated Balance Sheets at January 30, 2021 and    February 1, 2020
Accounts payable and accrued liabilities	$	(49	)	$	(55	)
Other liabilities		(624	)		(626	)
	$	(673	)	$	(681	)
Amounts recognized in accumulated other comprehensive loss at January 30, 2021 and February 1, 2020
Net actuarial loss	$	301		$	283
Prior service cost		6			6
	$	307		$	289

Schedule of Net Periodic Benefit Costs

Net pension costs, settlement charges and other amounts recognized in other comprehensive loss for the supplementary retirement plan included the following actuarially determined components:

	2020			2019			2018
	(millions)
Net Periodic Pension Cost
Service cost	$	—		$	—		$	—
Interest cost		14			21			23
Amortization of net actuarial loss		12			9			7
Amortization of prior service cost		—			—			1
		26			30			31
Settlement charges		10			13			10
Other Changes in Plan Assets and Projected Benefit Obligation    Recognized in Other Comprehensive Loss
Net actuarial loss (gain)		40			87			(9	)
Amortization of net actuarial loss		(12	)		(9	)		(7	)
Amortization of prior service cost		—			—			(1	)
Settlement charges		(10	)		(13	)		(10	)
		18			65			(27	)
Total recognized	$	54		$	108		$	14

Weighted Average Assumptions

The following weighted average assumption was used to determine the projected benefit obligations for the supplementary retirement plan at January 30, 2021 and February 1, 2020:

	2020			2019
Discount rate		2.51	%		2.89	%

The following weighted average assumption was used to determine net pension costs for the supplementary retirement plan:

	2020	2019	2018
Discount rate used to measure interest cost	1.65% - 2.44%	2.65% - 3.69%	3.39% - 4.09%

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
2021	$	49
2022		49
2023		47
2024		44
2025		44
2026-2030		200