Retirement Plans

6 Months Ended

Jul. 29, 2023

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

The Company has defined contribution plans that cover substantially all employees who work 1,000 hours or more in a year. In addition, the Company has a funded defined benefit plan ("Pension Plan") and an unfunded defined benefit supplementary retirement plan ("SERP"), which provides benefits, for certain employees, in excess of qualified plan limitations. Effective January 1, 2012, the Pension Plan was closed to new participants, with limited exceptions, and effective January 2, 2012, the SERP was closed to new participants.

In February 2013, the Company announced changes to the Pension Plan and SERP whereby eligible employees no longer earn future pension service credits after December 31, 2013, with limited exceptions. All retirement benefits attributable to service in subsequent periods are provided through defined contribution plans.

In addition, certain retired employees currently are provided with specified health care and life insurance benefits ("Postretirement Obligations"). Eligibility requirements for such benefits vary, but generally state that benefits are available to eligible employees who were hired prior to a certain date and retire after a certain age with specified years of service. Certain employees are subject to having such benefits modified or terminated.

The defined contribution plan expense and actuarially determined components of the net periodic benefit cost (income) associated with the defined benefit plans are as follows:


	13 Weeks Ended				26 Weeks Ended
	July 29, 2023		July 30, 2022		July 29, 2023		July 30, 2022
	(millions)
401(k) Qualified Defined Contribution Plan	$	21	$	23	$	44	$	45
Pension Plan

Interest cost	$	22	$	15	44		29
Expected return on assets	(34)		(31)		(68)		(62)
Recognition of net actuarial loss	1		4		3		8
	$	(11)	$	(12)	$	(21)	$	(25)
Supplementary Retirement Plan
Interest cost	$	6	$	3	$	11	$	7
Recognition of net actuarial loss	2		3		4		6
	$	8	$	6	$	15	$	13

Total Retirement Expense	$	18	$	17	$	38	$	33

Postretirement Obligations
Interest cost	$	1	$	1	$	2	$	1
Recognition of net actuarial gain	(1)		(2)		(3)		(3)

Amortization of prior service credit	(1)		—		(1)		—
	$	(1)	$	(1)	$	(2)	$	(2)

In connection with the Company's defined benefit plans, for the 13 and 26 weeks ended July 29, 2023, the Company incurred a non-cash settlement charge of $122 million. This charge relates to the pro-rata recognition of net actuarial losses associated with the Company's Pension Plan and is the result of the transfer of pension obligations for certain retirees and beneficiaries under the Pension Plan through the purchase of a group annuity contract with an insurance company.