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v3.21.1

Postretirement Health Care and Life Insurance Benefits (Tables) - Other Postretirement Benefits Plan [Member] | 12 Months Ended
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Jan. 30, 2021
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status Pension Plan | The following provides a reconciliation of benefit obligations, plan assets, and funded status of the postretirement obligations as of January 30, 2021 and February 1, 2020:
|  | 2020 |  |  | 2019 |
|  | (millions) |
Change in accumulated postretirement benefit obligation |  |  |  |  |  |  |  |
Accumulated postretirement benefit obligation, beginning of year |  | $ | 133 |  |  | $ | 137 |
Service cost |  |  | — |  |  |  | — |
Interest cost |  |  | 2 |  |  |  | 5 |
Actuarial loss (gain) |  |  | (6 | ) |  |  | 5 |
Medicare Part D subsidy |  |  | — |  |  |  | — |
Benefits paid |  |  | (10 | ) |  |  | (14 | )
Accumulated postretirement benefit obligation, end of year |  |  | 119 |  |  |  | 133 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  |  | — |  |  |  | — |
Company contributions |  |  | 10 |  |  |  | 14 |
Benefits paid |  |  | (10 | ) |  |  | (14 | )
Fair value of plan assets, end of year |  |  | — |  |  |  | — |
Funded status at end of year |  | $ | (119 | ) |  | $ | (133 | )
Amounts recognized in the Consolidated Balance Sheets at January 30, 2021 and February 1, 2020 |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | (13 | ) |  | $ | (14 | )
Other liabilities |  |  | (106 | ) |  |  | (119 | )
|  | $ | (119 | ) |  | $ | (133 | )
Amounts recognized in accumulated other comprehensive loss at January 30, 2021 and February 1, 2020 |  |  |  |  |  |  |  |
Net actuarial gain |  | $ | (32 | ) |  | $ | (30 | )
Prior service credit |  |  | (7 | ) |  |  | (8 | )
|  | $ | (39 | ) |  | $ | (38 | )
Schedule of Net Periodic Benefit Costs | Net postretirement benefit costs and other amounts recognized in other comprehensive loss included the following actuarially determined components:
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (millions) |
Net Periodic Postretirement Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 2 |  |  |  | 5 |  |  |  | 5 |
Amortization of net actuarial gain |  |  | (4 | ) |  |  | (6 | ) |  |  | (5 | )
Amortization of prior service credit |  |  | (1 | ) |  |  | (1 | ) |  |  | (1 | )
|  |  | (3 | ) |  |  | (2 | ) |  |  | (1 | )
Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  |  | (6 | ) |  |  | 5 |  |  |  | (11 | )
Amortization of net actuarial gain |  |  | 4 |  |  |  | 6 |  |  |  | 5 |
Amortization of prior service credit |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Prior service credit |  |  | — |  |  |  | — |  |  |  | — |
|  |  | (1 | ) |  |  | 12 |  |  |  | (5 | )
Total recognized |  | $ | (4 | ) |  | $ | 10 |  |  | $ | (6 | )
Weighted Average Assumptions | The following weighted average assumption was used to determine the accumulated postretirement benefit obligations at January 30, 2021 and February 1, 2020:
|  | 2020 |  |  | 2019 |
Discount rate |  |  | 2.32 | % |  |  | 2.81 | %
The following weighted average assumption was used to determine the net postretirement benefit costs for the postretirement obligations:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Discount rate used to measure interest cost |  |  | 2.30 | % |  |  | 3.57 | % |  |  | 3.28 | %
Schedule of Health Care Cost Trend Rates | The following provides the assumed health care cost trend rates related to the Company’s accumulated postretirement benefit obligations at January 30, 2021 and February 1, 2020:
|  | 2020 |  |  | 2019 |
Health care cost trend rates assumed for next year |  | 4.9% - 8.0% |  |  | 5.25% - 8.63% |
Rates to which the cost trend rate is assumed to decline (the ultimate trend rate) |  | 4.5% |  |  | 4.5% |
Year that the rate reaches the ultimate trend rate |  | 2029 |  |  | 2027 |
Estimated Future Benefit Payments | The following table reflects the benefit payments estimated to be funded by the Company and paid from the accumulated postretirement benefit obligations and estimated federal subsidies expected to be received under the Medicare Prescription Drug Improvement and Modernization Act of 2003:
|  | Expected Benefit Payments |
|  | (millions) |
Fiscal Year |  |  |  |
2021 |  | $ | 13 |
2022 |  |  | 12 |
2023 |  |  | 11 |
2024 |  |  | 10 |
2025 |  |  | 9 |
2026-2030 |  |  | 36 |

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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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