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v3.24.1

Retirement Plans (Tables) | 12 Months Ended
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Feb. 03, 2024
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] |
Schedule of Costs of Retirement Plans | Retirement expenses, excluding settlement charges, included the following components:
| 2023 |  | 2022 |  | 2021
|  |  | (millions) |  |
401(k) Qualified Defined Contribution Plan | $ | 85 |  |  | $ | 86 |  |  | $ | 76 |
Non-Qualified Defined Contribution Plan | 1 |  |  | 1 |  |  | 1 |
Pension Plan | (38) |  |  | (42) |  |  | (85) |
Supplementary Retirement Plan | 30 |  |  | 26 |  |  | 24 |
Postretirement Obligations | (3) |  |  | (4) |  |  | (4) |
| $ | 75 |  |  | $ | 67 |  |  | $ | 12 |
Schedule of 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 February 3, 2024 and January 28, 2023:
| Pension Plan |  | SERP
| 2023 |  | 2022 |  | 2023 |  | 2022
| (millions)
Change in projected benefit obligation |  |  |  |  |  |  |
Projected benefit obligation, beginning of year | $ | 1,979 |  |  | $ | 2,406 |  |  | $ | 508 |  |  | $ | 606 |
Interest cost | 83 |  |  | 68 |  |  | 23 |  |  | 15 |
Actuarial gain | (65) |  |  | (301) |  |  | (19) |  |  | (71) |
Benefits paid | (441) |  |  | (194) |  |  | (45) |  |  | (42) |
Projected benefit obligation, end of year | 1,556 |  |  | 1,979 |  |  | 467 |  |  | 508 |
Changes in plan assets |  |  |  |  |  |  |
Fair value of plan assets, beginning of year | 2,389 |  |  | 2,900 |  |  | — |  |  | — |
Actual return (loss) on plan assets | 63 |  |  | (317) |  |  | — |  |  | — |
Company contributions | — |  |  | — |  |  | 45 |  |  | 42 |
Benefits paid | (441) |  |  | (194) |  |  | (45) |  |  | (42) |
Fair value of plan assets, end of year | 2,011 |  |  | 2,389 |  |  | — |  |  | — |
Funded status at end of year | $ | 455 |  |  | $ | 410 |  |  | $ | (467) |  |  | $ | (508) |
Amounts recognized in the Consolidated Balance Sheets at February 3, 2024 and January 28, 2023 |  |  |  |  |  |  |
Other assets | $ | 455 |  |  | $ | 410 |  |  | $ | — |  |  | $ | — |
Accounts payable and accrued liabilities | — |  |  | — |  |  | (53) |  |  | (48) |
Other liabilities | — |  |  | — |  |  | (414) |  |  | (460) |
| $ | 455 |  |  | $ | 410 |  |  | $ | (467) |  |  | $ | (508) |
Amounts recognized in accumulated other comprehensive loss at February 3, 2024 and January 28, 2023 |  |  |  |  |  |  |
Net actuarial loss | $ | 563 |  |  | $ | 704 |  |  | $ | 149 |  |  | $ | 175 |
Prior service cost | — |  |  | — |  |  | 4 |  |  | 5 |
| $ | 563 |  |  | $ | 704 |  |  | $ | 153 |  |  | $ | 180 |
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
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
| (millions)
Net Periodic Pension Cost |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 83 |  |  | 68 |  |  | 49 |  |  | 23 |  |  | 15 |  |  | 11 |
Expected return on assets | (125) |  |  | (122) |  |  | (161) |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial loss | 4 |  |  | 12 |  |  | 26 |  |  | 7 |  |  | 11 |  |  | 13 |
| (38) |  |  | (42) |  |  | (85) |  |  | 30 |  |  | 26 |  |  | 24 |
Settlement charges | 134 |  |  | 39 |  |  | 96 |  |  | — |  |  | — |  |  | — |
Other Changes in Plan Assets and Projected Benefit Obligation Recognized in Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss | (3) |  |  | 138 |  |  | (55) |  |  | (19) |  |  | (71) |  |  | (32) |
Amortization of net actuarial loss | (4) |  |  | (12) |  |  | (26) |  |  | (7) |  |  | (11) |  |  | (13) |
Settlement charges | (134) |  |  | (39) |  |  | (96) |  |  | — |  |  | — |  |  | — |
| (141) |  |  | 87 |  |  | (177) |  |  | (26) |  |  | (82) |  |  | (45) |
Total recognized | $ | (45) |  |  | $ | 84 |  |  | $ | (166) |  |  | $ | 4 |  |  | $ | (56) |  |  | $ | (21) |
Schedule of Weighted Average Assumptions | The following weighted average assumptions were used to determine the projected benefit obligations for the Pension Plan and SERP at February 3, 2024 and January 28, 2023:
| Pension Plan |  | SERP
| 2023 |  | 2022 |  | 2023 |  | 2022
Discount rate | 5.06 | % |  | 4.73 | % |  | 5.08 | % |  | 4.74 | %
Rate of compensation increases | 3.50 | % |  | 3.50 | % |  | — |  |  | — |
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
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate used to measure service cost | 4.88% - 6.27% |  | 3.35% - 5.76% |  | 2.69% - 3.07% |  | — |  |  | — |  |  | — |
Discount rate used to measure interest cost | 4.72% - 5.96% |  | 2.55% - 5.49% |  | 1.76% - 2.07% |  | 4.71 | % |  | 2.53 | % |  | 1.74 | %
Expected long-term return on plan assets | 5.30 | % |  | 4.60 | % |  | 5.75 | % |  | — |  |  | — |  |  | — |
Rate of compensation increases | 3.50 | % |  | 3.50 | % |  | 3.45 | % |  | — |  |  | — |  |  | — |
Cash balance plan interest crediting rate | 5.00 | % |  | 5.00 | % |  | 5.00 | % |  | — |  |  | — |  |  | — |
Schedule of Fair Values of Plan Assets | The fair values of the Pension Plan assets as of February 3, 2024 and January 28, 2023, excluding interest and dividend receivables and pending investment purchases and sales, by asset category are as follows:
| Fair Value Category |  | 2023 |  | 2022
|  |  | (millions)
Money market funds | Level 1 |  | 82 |  |  | 78 |
Equity securities: |  |  |  |  |
U.S. pooled funds | Level 1 |  | 62 |  |  | 69 |
International pooled funds | Level 1 |  | 27 |  |  | 26 |
Fixed income securities: |  |  |  |  |
U.S. Treasury bonds | Level 2 |  | 20 |  |  | 41 |
Other Government bonds | Level 2 |  | 58 |  |  | 60 |
Corporate bonds | Level 2 |  | 1,270 |  |  | 1,592 |
Mortgage-backed securities | Level 2 |  | 33 |  |  | 14 |
Pooled funds | Level 1 |  | 37 |  |  | 48 |
Other types of investments: |  |  |  |  |
Derivatives in a positive position | Level 2 |  | 9 |  |  | 11 |
Derivatives in a negative position | Level 2 |  | (2) |  |  | (3) |
Pooled funds (a) |  |  | 274 |  |  | 271 |
Real estate (a) |  |  | 15 |  |  | 19 |
Private equity (a) |  |  | 114 |  |  | 133 |
Total |  |  | $ | 2,000 |  |  | $ | 2,359 |
(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.
Schedule of 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 |  |  |
2024 | $ | 193 |  |  | $ | 53 |
2025 | 160 |  |  | 42 |
2026 | 154 |  |  | 46 |
2027 | 145 |  |  | 40 |
2028 | 138 |  |  | 42 |
2029-2033 | 576 |  |  | 171 |

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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 -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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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 -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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