Retirement Plans (Tables)

12 Months Ended

Feb. 03, 2024

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

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


	2023		2022		2021
			(millions)
401(k) Qualified Defined Contribution Plan	$	85	$	86	$	76
Non-Qualified Defined Contribution Plan	1		1		1
Pension Plan	(38)		(42)		(85)
Supplementary Retirement Plan	30		26		24
Postretirement Obligations	(3)		(4)		(4)
	$	75	$	67	$	12

Schedule of 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 February 3, 2024 and January 28, 2023:


	Pension Plan				SERP
	2023		2022		2023		2022
	(millions)
Change in projected benefit obligation
Projected benefit obligation, beginning of year	$	1,979	$	2,406	$	508	$	606

Interest cost	83		68		23		15
Actuarial gain	(65)		(301)		(19)		(71)
Benefits paid	(441)		(194)		(45)		(42)
Projected benefit obligation, end of year	1,556		1,979		467		508
Changes in plan assets
Fair value of plan assets, beginning of year	2,389		2,900		—		—
Actual return (loss) on plan assets	63		(317)		—		—
Company contributions	—		—		45		42
Benefits paid	(441)		(194)		(45)		(42)
Fair value of plan assets, end of year	2,011		2,389		—		—
Funded status at end of year	$	455	$	410	$	(467)	$	(508)
Amounts recognized in the Consolidated Balance Sheets at February 3, 2024 and January 28, 2023
Other assets	$	455	$	410	$	—	$	—
Accounts payable and accrued liabilities	—		—		(53)		(48)
Other liabilities	—		—		(414)		(460)
	$	455	$	410	$	(467)	$	(508)
Amounts recognized in accumulated other comprehensive loss at February 3, 2024 and January 28, 2023
Net actuarial loss	$	563	$	704	$	149	$	175
Prior service cost	—		—		4		5
	$	563	$	704	$	153	$	180

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
	2023		2022		2021		2023		2022		2021
	(millions)
Net Periodic Pension Cost
Service cost	$	—	$	—	$	1	$	—	$	—	$	—
Interest cost	83		68		49		23		15		11
Expected return on assets	(125)		(122)		(161)		—		—		—
Amortization of net actuarial loss	4		12		26		7		11		13
	(38)		(42)		(85)		30		26		24

Settlement charges	134		39		96		—		—		—

Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Income (Loss)
Net actuarial (gain) loss	(3)		138		(55)		(19)		(71)		(32)
Amortization of net actuarial loss	(4)		(12)		(26)		(7)		(11)		(13)
Settlement charges	(134)		(39)		(96)		—		—		—
	(141)		87		(177)		(26)		(82)		(45)
Total recognized	$	(45)	$	84	$	(166)	$	4	$	(56)	$	(21)

Schedule of Weighted Average Assumptions

The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan and SERP at February 3, 2024 and January 28, 2023:


	Pension Plan				SERP
	2023		2022		2023		2022
Discount rate	5.06	%	4.73	%	5.08	%	4.74	%
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
	2023		2022		2021		2023		2022		2021
Discount rate used to measure service cost	4.88% - 6.27%		3.35% - 5.76%		2.69% - 3.07%		—		—		—
Discount rate used to measure interest cost	4.72% - 5.96%		2.55% - 5.49%		1.76% - 2.07%		4.71	%	2.53	%	1.74	%
Expected long-term return on plan assets	5.30	%	4.60	%	5.75	%	—		—		—
Rate of compensation increases	3.50	%	3.50	%	3.45	%	—		—		—
Cash balance plan interest crediting rate	5.00	%	5.00	%	5.00	%	—		—		—

Schedule of Fair Values of Plan Assets

The fair values of the Pension Plan assets as of February 3, 2024 and January 28, 2023, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows:


	Fair Value Category	2023		2022
		(millions)

Money market funds	Level 1	82		78
Equity securities:
U.S. pooled funds	Level 1	62		69
International pooled funds	Level 1	27		26
Fixed income securities:
U.S. Treasury bonds	Level 2	20		41
Other Government bonds	Level 2	58		60
Corporate bonds	Level 2	1,270		1,592
Mortgage-backed securities	Level 2	33		14

Pooled funds	Level 1	37		48
Other types of investments:
Derivatives in a positive position	Level 2	9		11

Derivatives in a negative position	Level 2	(2)		(3)
Pooled funds (a)		274		271
Real estate (a)		15		19
Private equity (a)		114		133
Total		$	2,000	$	2,359

(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.

Schedule of 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
2024	$	193	$	53
2025	160		42
2026	154		46
2027	145		40
2028	138		42
2029-2033	576		171