Retirement Plans (Tables)

12 Months Ended

Jan. 28, 2023

Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]

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


	2022		2021		2020
			(millions)
401(k) Qualified Defined Contribution Plan	$	86	$	76	$	68
Non-Qualified Defined Contribution Plan	1		1		1
Pension Plan	(42)		(85)		(73)
Supplementary Retirement Plan	26		24		26
Postretirement Obligations	(4)		(4)		(3)
	$	67	$	12	$	19

Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan and SERP

The following provides a reconciliation of benefit obligations, plan assets, and funded status of the Pension Plan and SERP as of January 28, 2023 and January 29, 2022:


	Pension Plan				SERP
	2022		2021		2022		2021
	(millions)
Change in projected benefit obligation
Projected benefit obligation, beginning of year	$	2,406	$	3,030	$	606	$	673
Service cost	—		1		—		—
Interest cost	68		49		15		11
Actuarial gain	(301)		(172)		(71)		(32)
Benefits paid	(194)		(502)		(42)		(46)
Projected benefit obligation, end of year	1,979		2,406		508		606
Changes in plan assets
Fair value of plan assets, beginning of year	2,900		3,359		—		—
Actual return (loss) on plan assets	(317)		43		—		—
Company contributions	—		—		42		46
Benefits paid	(194)		(502)		(42)		(46)
Fair value of plan assets, end of year	2,389		2,900		—		—
Funded status at end of year	$	410	$	494	$	(508)	$	(606)
Amounts recognized in the Consolidated Balance Sheets at January 28, 2023 and January 29, 2022
Other assets	$	410	$	494	$	—	$	—
Accounts payable and accrued liabilities	—		—		(48)		(47)
Other liabilities	—		—		(460)		(559)
	$	410	$	494	$	(508)	$	(606)
Amounts recognized in accumulated other comprehensive loss at January 28, 2023 and January 29, 2022
Net actuarial loss	$	704	$	617	$	175	$	257
Prior service cost	—		—		5		5
	$	704	$	617	$	180	$	262

Schedule of Net Periodic Benefit Costs

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


	Pension Plan						SERP
	2022		2021		2020		2022		2021		2020
	(millions)
Net Periodic Pension Cost
Service cost	$	—	$	1	$	4	$	—	$	—	$	—
Interest cost	68		49		66		15		11		14
Expected return on assets	(122)		(161)		(183)		—		—		—
Amortization of net actuarial loss	12		26		40		11		13		12
	(42)		(85)		(73)		26		24		26

Settlement charges	39		96		74		—		—		10
Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss
Net actuarial (gain) loss	138		(55)		(178)		(71)		(32)		40
Amortization of net actuarial loss	(12)		(26)		(40)		(11)		(13)		(12)
Settlement charges	(39)		(96)		(74)		—		—		(10)
	87		(177)		(292)		(82)		(45)		18
Total recognized	$	84	$	(166)	$	(291)	$	(56)	$	(21)	$	54

Weighted Average Assumptions

The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan and SERP at January 28, 2023 and January 29, 2022:


	Pension Plan				SERP
	2022		2021		2022		2021
Discount rate	4.73	%	3.06	%	4.74	%	3.10	%
Rate of compensation increases	3.50	%	3.50	%	—		—
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 and SERP:


	Pension Plan						SERP
	2022		2021		2020		2022		2021		2020
Discount rate used to measure service cost	3.35% - 5.76%		2.69% - 3.07%		2.35% - 2.96%		—		—		—
Discount rate used to measure interest cost	2.55% - 5.49%		1.76% - 2.07%		1.65% - 2.46%		2.53	%	1.74	%	1.65% - 2.44%
Expected long-term return on plan assets	4.60	%	5.75	%	6.25	%	—		—		—
Rate of compensation increases	3.50	%	3.45	%	3.25	%	—		—		—
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 28, 2023 and January 29, 2022, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows:


	Fair Value Category	2022		2021
		(millions)
Short term investments	Level 2	$	—	$	10
Money market funds	Level 1	78		206
Equity securities:
U.S. pooled funds	Level 1	69		77
International pooled funds	Level 1	26		31
Fixed income securities:
U.S. Treasury bonds	Level 2	41		121
Other Government bonds	Level 2	60		74
Corporate bonds	Level 2	1,592		1,877
Mortgage-backed securities	Level 2	14		10
Asset-backed securities	Level 2	—		1
Pooled funds	Level 1	48		72
Other types of investments:
Derivatives in a positive position	Level 2	11		12

Derivatives in a negative position	Level 2	(3)		(1)
Pooled funds (a)		271		164
Real estate (a)		19		32
Private equity (a)		133		186
Total		$	2,359	$	2,872

(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 and from the SERP:


	Pension Plan		SERP
	(millions)
Fiscal year
2023	$	215	$	48
2024	192		46
2025	187		44
2026	180		49
2027	171		42
2028-2032	725		185