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Pension, Postretirement Health Care and Other Benefits | 3 Months Ended
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May 02, 2015
Compensation and Retirement Disclosure [Abstract] |
Pension, Postretirement Health Care and Other Benefits | Pension, Postretirement Health Care and Other Benefits Pension and Postretirement Health Care Benefits We provide qualified defined benefit pension plans, unfunded nonqualified pension plans and certain postretirement health care benefits to eligible team members.
Net Pension and Postretirement Health Care Benefits Expense | Pension Benefits |  | Postretirement Health Care Benefits
| Three Months Ended |  | Three Months Ended
(millions) | May 2, 2015 |  |  | May 3, 2014 |  |  | May 2, 2015 |  |  | May 3, 2014 |
Service cost | $ | 28 |  |  | $ | 28 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost | 38 |  |  | 38 |  |  | — |  |  | 1 |
Expected return on assets | (65 | ) |  | (58 | ) |  | — |  |  | — |
Amortization of losses | 23 |  |  | 16 |  |  | 1 |  |  | 1 |
Amortization of prior service cost | (3 | ) |  | (3 | ) |  | (4 | ) |  | (4 | )
Settlement charges | 2 |  |  | — |  |  | — |  |  | — |
Total | $ | 23 |  |  | $ | 21 |  |  | $ | (2 | ) |  | $ | (1 | )
As a result of the restructuring initiatives discussed in Note 3, we remeasured the assets and liabilities of our largest pension plan as of March 9, 2015. The remeasurement resulted in a $208 million reduction to the projected benefit obligation, primarily resulting from a 41 basis point increase in the discount rate used, and a $47 million reduction of plan assets. Subsequent to the remeasurement, the pension plan was overfunded, with plan assets of $3,725 million exceeding the projected benefit obligation of $3,604 million. We expect this remeasurement will reduce 2015 pension expense by $26 million, $3 million of which was recognized during the first quarter. Other Benefits We offer unfunded nonqualified deferred compensation plans to certain team members. We mitigate some of our risk of these plans through investing in vehicles, including company-owned life insurance and prepaid forward contracts in our own common stock, that offset a substantial portion of our economic exposure to the returns of these plans. These investment vehicles are general corporate assets and are marked to market with the related gains and losses recognized in the Consolidated Statements of Operations in the period they occur. The total change in fair value for contracts indexed to our own common stock recognized in earnings was pretax income of $3 million and $7 million for the three months ended May 2, 2015 and May 3, 2014, respectively. During the three months ended May 2, 2015 and May 3, 2014, we made no investments in prepaid forward contracts in our own common stock. Adjusting our position in these investment vehicles may involve repurchasing shares of Target common stock when settling the forward contracts as described in Note 8. The settlement dates of these instruments are regularly renegotiated with the counterparty.
Prepaid Forward Contracts on Target Common Stock (millions, except per share data) | Number of Shares |  | Contractual Price Paid per Share |  | Contractual Fair Value |  | Total Cash Investment |
May 2, 2015 | 0.4 |  | $ | 41.13 |  | $ | 35 |  | $ | 18 |
January 31, 2015 | 0.5 |  | $ | 41.11 |  | $ | 38 |  | $ | 21 |
May 3, 2014 | 1.3 |  | $ | 48.81 |  | $ | 80 |  | $ | 63 |

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414718&loc=d3e28014-114942 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35742057&loc=SL14450702-114947 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414199&loc=d3e39622-114963 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 + Details
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