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v3.22.1

Retirement Plans (Tables) | 12 Months Ended
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Jan. 29, 2022
Pension And Other Postretirement Benefit Expense [Abstract] |
Schedule of Costs of Retirement Plans | Retirement expenses, excluding settlement charges, included the following components:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  |  | (millions) |  |  |  |  |
401(k) Qualified Defined Contribution Plan |  | $ | 76 |  |  | $ | 68 |  |  | $ | 96 |
Non-Qualified Defined Contribution Plan |  |  | 1 |  |  |  | 1 |  |  |  | 2 |
Pension Plan |  |  | (85 | ) |  |  | (73 | ) |  |  | (54 | )
Supplementary Retirement Plan |  |  | 24 |  |  |  | 26 |  |  |  | 30 |
|  | $ | 16 |  |  | $ | 22 |  |  | $ | 74 |
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 January 29, 2022 and January 30, 2021:
|  | Pension Plan |  |  | SERP |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (millions) |
Change in projected benefit obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation, beginning of year |  | $ | 3,030 |  |  | $ | 3,321 |  |  | $ | 673 |  |  | $ | 681 |
Service cost |  |  | 1 |  |  |  | 4 |  |  |  | — |  |  |  | — |
Interest cost |  |  | 49 |  |  |  | 66 |  |  |  | 11 |  |  |  | 14 |
Actuarial (gain) loss |  |  | (172 | ) |  |  | 12 |  |  |  | (32 | ) |  |  | 42 |
Benefits paid |  |  | (502 | ) |  |  | (373 | ) |  |  | (46 | ) |  |  | (64 | )
Projected benefit obligation, end of year |  |  | 2,406 |  |  |  | 3,030 |  |  |  | 606 |  |  |  | 673 |
Changes in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  |  | 3,359 |  |  |  | 3,359 |  |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | 43 |  |  |  | 373 |  |  |  | — |  |  |  | — |
Company contributions |  |  | — |  |  |  | — |  |  |  | 46 |  |  |  | 64 |
Benefits paid |  |  | (502 | ) |  |  | (373 | ) |  |  | (46 | ) |  |  | (64 | )
Fair value of plan assets, end of year |  |  | 2,900 |  |  |  | 3,359 |  |  |  | — |  |  |  | — |
Funded status at end of year |  | $ | 494 |  |  | $ | 329 |  |  | $ | (606 | ) |  | $ | (673 | )
Amounts recognized in the Consolidated Balance Sheets at January 29, 2022 and January 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | 494 |  |  | $ | 329 |  |  | $ | — |  |  | $ | — |
Accounts payable and accrued liabilities |  |  | — |  |  |  | — |  |  |  | (47 | ) |  |  | (49 | )
Other liabilities |  |  | — |  |  |  | — |  |  |  | (559 | ) |  |  | (624 | )
|  | $ | 494 |  |  | $ | 329 |  |  | $ | (606 | ) |  | $ | (673 | )
Amounts recognized in accumulated other comprehensive loss at January 29, 2022 and January 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | 617 |  |  | $ | 794 |  |  | $ | 257 |  |  | $ | 301 |
Prior service cost |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 6 |
|  | $ | 617 |  |  | $ | 794 |  |  | $ | 262 |  |  | $ | 307 |
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 |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (millions) |
Net Periodic Pension Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1 |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 49 |  |  |  | 66 |  |  |  | 103 |  |  |  | 11 |  |  |  | 14 |  |  |  | 21 |
Expected return on assets |  |  | (161 | ) |  |  | (183 | ) |  |  | (191 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of net actuarial loss |  |  | 26 |  |  |  | 40 |  |  |  | 29 |  |  |  | 13 |  |  |  | 12 |  |  |  | 9 |
|  |  | (85 | ) |  |  | (73 | ) |  |  | (54 | ) |  |  | 24 |  |  |  | 26 |  |  |  | 30 |
Settlement charges |  |  | 96 |  |  |  | 74 |  |  |  | 45 |  |  |  | — |  |  |  | 10 |  |  |  | 13 |
Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  |  | (55 | ) |  |  | (178 | ) |  |  | 51 |  |  |  | (32 | ) |  |  | 40 |  |  |  | 87 |
Amortization of net actuarial loss |  |  | (26 | ) |  |  | (40 | ) |  |  | (29 | ) |  |  | (13 | ) |  |  | (12 | ) |  |  | (9 | )
Settlement charges |  |  | (96 | ) |  |  | (74 | ) |  |  | (45 | ) |  |  | — |  |  |  | (10 | ) |  |  | (13 | )
|  |  | (177 | ) |  |  | (292 | ) |  |  | (23 | ) |  |  | (45 | ) |  |  | 18 |  |  |  | 65 |
Total recognized |  | $ | (166 | ) |  | $ | (291 | ) |  | $ | (32 | ) |  | $ | (21 | ) |  | $ | 54 |  |  | $ | 108 |
Weighted Average Assumptions | In 2020 and 2021, the Company incurred non-cash settlement charges of $84 million and $96 million, respectively. For 2020, these charges related to the pro-rata recognition of net actuarial losses associated with the Company’s defined benefit retirement plans and were the result of lump sum distributions associated with retiree distribution elections and restructuring activity. For 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. The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan and SERP at January 29, 2022 and January 30, 2021:
|  | Pension Plan |  |  | SERP |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Discount rate |  |  | 3.06 | % |  |  | 2.43 | % |  |  | 3.10 | % |  |  | 2.51 | %
Rate of compensation increases |  |  | 3.50 | % |  |  | 3.45 | % |  |  | — |  |  |  | — |
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 |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
Discount rate used to measure service cost |  | 2.69% - 3.07% |  |  | 2.35% - 2.96% |  |  |  | 4.09 | % |  |  | — |  |  |  | — |  |  |  | — |
Discount rate used to measure interest cost |  | 1.76% - 2.07% |  |  | 1.65% - 2.46% |  |  |  | 3.67 | % |  |  | 1.74 | % |  | 1.65% - 2.44% |  |  | 2.65% - 3.69% |
Expected long-term return on plan assets |  |  | 5.75 | % |  |  | 6.25 | % |  |  | 6.50 | % |  |  | — |  |  |  | — |  |  |  | — |
Rate of compensation increases |  |  | 3.45 | % |  |  | 3.25 | % |  |  | 4.00 | % |  |  | — |  |  |  | — |  |  |  | — |
Cash balance plan interest crediting rate |  |  | 5.00 | % |  |  | 5.00 | % |  |  | 5.00 | % |  |  | — |  |  |  | — |  |  |  | — |
Fair Values of Plan Assets | The fair values of the Pension Plan assets as of January 29, 2022 and January 30, 2021, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows:
|  | Fair Value Category |  | 2021 |  |  | 2020 |
|  |  |  | (millions) |
Short term investments |  | Level 2 |  | $ | 10 |  |  | $ | 3 |
Money market funds |  | Level 1 |  |  | 206 |  |  |  | 136 |
Equity securities: |  |  |  |  |  |  |  |  |  |
U.S. pooled funds |  | Level 1 |  |  | 77 |  |  |  | 356 |
International pooled funds |  | Level 1 |  |  | 31 |  |  |  | 37 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | Level 2 |  |  | 121 |  |  |  | 270 |
Other Government bonds |  | Level 2 |  |  | 74 |  |  |  | 63 |
Corporate bonds |  | Level 2 |  |  | 1,877 |  |  |  | 1,609 |
Mortgage-backed securities |  | Level 2 |  |  | 10 |  |  |  | 11 |
Asset-backed securities |  | Level 2 |  |  | 1 |  |  |  | 1 |
Pooled funds |  | Level 1 |  |  | 72 |  |  |  | 271 |
Other types of investments: |  |  |  |  |  |  |  |  |  |
Derivatives in a positive position |  | Level 2 |  |  | 12 |  |  |  | 8 |
Derivatives in a negative position |  | Level 1 |  |  | — |  |  |  | (4 | )
Derivatives in a negative position |  | Level 2 |  |  | (1 | ) |  |  | — |
Pooled funds (a) |  |  |  |  | 164 |  |  |  | 296 |
Real estate (a) |  |  |  |  | 32 |  |  |  | 31 |
Private equity (a) |  |  |  |  | 186 |  |  |  | 160 |
Total |  |  |  | $ | 2,872 |  |  | $ | 3,248 |
| (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.
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 |  |  |  |  |  |  |  |
2022 |  | $ | 224 |  |  | $ | 47 |
2023 |  |  | 206 |  |  |  | 47 |
2024 |  |  | 193 |  |  |  | 45 |
2025 |  |  | 188 |  |  |  | 44 |
2026 |  |  | 180 |  |  |  | 48 |
2027-2031 |  |  | 768 |  |  |  | 190 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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