XML 28 R15.htm IDEA: XBRL DOCUMENT
v3.21.2

Benefit Plans | 9 Months Ended
--- | ---
Oct. 30, 2021
Pension And Other Postretirement Benefit Expense [Abstract] |
Benefit Plans |
6. | Benefit Plans
The Company has defined contribution plans that cover substantially all colleagues 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 colleagues, 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 colleagues 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 colleagues 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 colleagues who were hired prior to a certain date and retire after a certain age with specified years of service. Certain colleagues 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 |  |  | 39 Weeks Ended |
|  | October 30, 2021 |  |  | October 31, 2020 |  |  | October 30, 2021 |  |  | October 31, 2020 |
|  | (millions) |  |  | (millions) |
401(k) Qualified Defined Contribution Plan |  | $ | 20 |  |  | $ | 17 |  |  | $ | 59 |  |  | $ | 49 |
Pension Plan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 4 |
Interest cost |  |  | 11 |  |  |  | 13 |  |  |  | 36 |  |  |  | 51 |
Expected return on assets |  |  | (39 | ) |  |  | (46 | ) |  |  | (122 | ) |  |  | (138 | )
Recognition of net actuarial loss |  |  | 5 |  |  |  | 11 |  |  |  | 22 |  |  |  | 31 |
|  | $ | (23 | ) |  | $ | (21 | ) |  | $ | (63 | ) |  | $ | (52 | )
Supplementary Retirement Plan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  |  | 3 |  |  |  | 3 |  |  |  | 8 |  |  |  | 11 |
Recognition of net actuarial loss |  |  | 3 |  |  |  | 3 |  |  |  | 10 |  |  |  | 9 |
|  | $ | 6 |  |  | $ | 6 |  |  | $ | 18 |  |  | $ | 20 |
Total Retirement Expense |  | $ | 3 |  |  | $ | 2 |  |  | $ | 14 |  |  | $ | 17 |
Postretirement Obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 3 |
Recognition of net actuarial gain |  |  | (1 | ) |  |  | (1 | ) |  |  | (4 | ) |  |  | (4 | )
|  | $ | — |  |  | $ | — |  |  | $ | (3 | ) |  | $ | (1 | )
In connection with the Company’s Pension Plan, for the 13 and 39 weeks ended October 30, 2021, the Company incurred non-cash settlement charges of $8 million and $90 million, respectively. For the 13 weeks ended October 30, 2021, these charges relate to the pro-rata recognition of net actuarial losses associated with the Company's Pension Plan and are the result of an increase in lump sum distributions associated with retiree distribution elections. For the 39 weeks ended October 30, 2021, these charges relate 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. The Company transferred $256 million of Pension Plan assets to the insurance company in the second quarter of 2021, thereby reducing its Pension Plan benefit obligations. In connection with the Company's defined benefit plans, for the 13 and 39 weeks ended October 31, 2020, the Company incurred non-cash settlement charges of $26 million and $65 million, respectively. These charges relate to the pro-rata recognition of net actuarial losses associated with the Company's defined benefit plans and is the result of an increase in lump sum distributions associated with retiree distribution elections and restructuring activity.

X
- Definition The entire disclosure of an entity's employee compensation and benefit plans, excluding share-based compensation and including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 + Details
Name: | us-gaap_CompensationAndEmployeeBenefitPlansOtherThanShareBasedCompensationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitExpenseAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration