Retirement Plans

3 Months Ended

May 04, 2024

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

Retirement Plans

Retirement Plans

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
	May 4, 2024		April 29, 2023
	(millions)
401(k) Qualified Defined Contribution Plan	$	23	$	23
Pension Plan
Interest cost	$	18	$	22
Expected return on assets	(29)		(34)
Recognition of net actuarial loss	1		2
	$	(10)	$	(10)
Supplementary Retirement Plan
Interest cost	$	5	$	5
Recognition of net actuarial loss	2		2
	$	7	$	7
Total Retirement Expense	$	20	$	20
Postretirement Obligations
Interest cost	$	1	$	1
Recognition of net actuarial gain	(2)		(2)
	$	(1)	$	(1)