|
Retirement Benefit Plans (Tables)
|
12 Months Ended |
|
Feb. 01, 2014
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
| Types of Retirement and Other Benefits |
Retirement and other benefits include: | | Defined Benefit Pension Plans | Primary Pension Plan – funded | Supplemental retirement plans – unfunded | | Other Benefit Plans | Postretirement benefits – medical and dental | Defined contribution plans: | 401(k) savings, profit-sharing and stock ownership plan | Deferred compensation plan |
|
| Schedule of Costs of Retirement Plans |
| | | | | | | | | | | | | | ($ in millions) | | | | | | | Primary Pension Plan | | 2013 | | 2012 | | 2011 | Service cost | | $ | 78 |
| | $ | 87 |
| | $ | 88 |
| Interest cost | | 204 |
| | 242 |
| | 247 |
| Expected return on plan assets | | (340 | ) | | (382 | ) | | (385 | ) | Amortization of actuarial loss/(gain) | | 152 |
| | 220 |
| | 137 |
| Amortization of prior service cost/(credit) | | 6 |
| | — |
| | — |
| Settlement expense | | — |
| | 148 |
| | — |
| Net periodic benefit expense/(income) | | $ | 100 |
| | $ | 315 |
| | $ | 87 |
| | | | | | | | Supplemental Pension Plans | | | | | | | Service cost | | $ | — |
| | $ | 1 |
| | $ | 2 |
| Interest cost | | 12 |
| | 13 |
| | 13 |
| Amortization of actuarial loss/(gain) | | 24 |
| | 23 |
| | 18 |
| Amortization of prior service cost/(credit) | | 1 |
| | 1 |
| | 1 |
| Net periodic benefit expense/(income) | | $ | 37 |
| | $ | 38 |
| | $ | 34 |
| | | | | | | | Primary and Supplemental Pension Plans Total | | | | | | | Service cost | | $ | 78 |
| | $ | 88 |
| | $ | 90 |
| Interest cost | | 216 |
| | 255 |
| | 260 |
| Expected return on plan assets | | (340 | ) | | (382 | ) | | (385 | ) | Amortization of actuarial loss/(gain) | | 176 |
| | 243 |
| | 155 |
| Amortization of prior service cost/(credit) | | 7 |
| | 1 |
| | 1 |
| Settlement charge | | — |
| | 148 |
| | — |
| Net periodic benefit expense/(income) | | $ | 137 |
| | $ | 353 |
| | $ | 121 |
|
|
| Schedule of Changes in Projected Benefit Obligations |
| | | | | | | | | | | | | | | | | | | Primary Pension Plan | | Supplemental Plans | | ($ in millions) | 2013 | | 2012 | | 2013 | | 2012 | | Change in PBO | | | | | |
| | | | Beginning balance | $ | 5,042 |
|
| $ | 5,297 |
|
| $ | 303 |
|
| $ | 309 |
| | Service cost | 78 |
| | 87 |
| | — |
| | 1 |
| | Interest cost | 204 |
| | 242 |
| | 12 |
| | 13 |
| | Special termination benefits | — |
| | — |
| | — |
| | — |
| | Amendments | 17 |
| | 42 |
| | (8 | ) | | — |
| | Curtailments | — |
| | (80 | ) | | — |
| | (13 | ) | | Settlements | — |
| | (439 | ) | | — |
| | — |
| | Actuarial loss/(gain) | (442 | ) | | 204 |
| | (34 | ) | | 59 |
| | Benefits (paid) | (422 | ) | | (311 | ) | | (54 | ) | | (66 | ) | | Balance at measurement date | $ | 4,477 |
| | $ | 5,042 |
| | $ | 219 |
| | $ | 303 |
| | | | | | | | | | | Change in fair value of plan assets | | | | | | | | | Beginning balance | $ | 5,035 |
| | $ | 5,176 |
| | $ | — |
| | $ | — |
| | Company contributions | — |
| | — |
| | 54 |
| | 66 |
| | Actual return on assets(1) | 527 |
| | 609 |
| | — |
| | — |
| | Settlements | — |
| | (439 | ) | | — |
| | — |
| | Benefits (paid) | (422 | ) | | (311 | ) | | (54 | ) | | (66 | ) | | Balance at measurement date | $ | 5,140 |
| | $ | 5,035 |
| | $ | — |
| | $ | — |
| | Funded status of the plan | $ | 663 |
| (2) | $ | (7 | ) | (3) | $ | (219 | ) | (4) | $ | (303 | ) | (4) |
| | (1) | Includes plan administrative expenses. |
| | (2) | Presented as Prepaid pension in the Consolidated Balance Sheets. |
| | (3) | Included in Other liabilities in the Consolidated Balance Sheets. |
| | (4) | $44 million in 2013 and $53 million in 2012 were included in Other accounts payable and accrued expenses on the Consolidated Balance Sheets, and the remaining amounts were included in Other liabilities. |
|
| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
| | | | | | | | | | | | | | | | | | Primary Pension Plan | | Supplemental Plans | ($ in millions) | 2013 | | 2012 | | 2013 | | 2012 | Net actuarial loss/(gain) | $ | 898 |
| | $ | 1,679 |
| | $ | 127 |
| | $ | 185 |
| Prior service cost/(credit) | 53 |
| | 42 |
| | (6 | ) | | 3 |
| Total | $ | 951 |
| (1) | $ | 1,721 |
| | $ | 121 |
| (1) | $ | 188 |
|
| | (1) | In 2014, approximately $57 million for the Primary Pension Plan and $15 million for the supplemental plans are expected to be amortized from Accumulated other comprehensive income/(loss) into net periodic benefit expense/(income) |
|
| Schedule of Allocation of Plan Assets |
| | | | | | | | | | | | | | | | | | | | Investments at Fair Value at February 1, 2014 | ($ in millions) | | Level 1(1) | | Level 2(1) | | Level 3 | | Total | Assets | | | | | | | | | Cash | | $ | 158 |
| | $ | — |
| | $ | — |
| | $ | 158 |
| Common collective trusts | | — |
| | 32 |
| | — |
| | 32 |
| Cash and cash equivalents total | | 158 |
| | 32 |
| | — |
| | 190 |
| Common collective trusts – domestic | | — |
| | 224 |
| | — |
| | 224 |
| Common collective trusts – international | | — |
| | 335 |
| | — |
| | 335 |
| Equity securities – domestic | | 1,206 |
| | — |
| | — |
| | 1,206 |
| Equity securities – international | | 197 |
| | 6 |
| | — |
| | 203 |
| Private equity | | — |
| | — |
| | 298 |
| | 298 |
| Equity securities total | | 1,403 |
| | 565 |
| | 298 |
| | 2,266 |
| Common collective trusts | | — |
| | 1,099 |
| | — |
| | 1,099 |
| Corporate bonds | | — |
| | 838 |
| | 11 |
| | 849 |
| Swaps | | — |
| | 238 |
| | — |
| | 238 |
| Government securities | | — |
| | 106 |
| | — |
| | 106 |
| Corporate loans | | — |
| | 27 |
| | 6 |
| | 33 |
| Municipal bonds | | — |
| | 50 |
| | — |
| | 50 |
| Mortgage backed securities | | — |
| | 6 |
| | — |
| | 6 |
| Other fixed income | | 1 |
| | 12 |
| | — |
| | 13 |
| Fixed income total | | 1 |
| | 2,376 |
| | 17 |
| | 2,394 |
| Public REITs | | 118 |
| | — |
| | — |
| | 118 |
| Private real estate | | — |
| | 19 |
| | 204 |
| | 223 |
| Real estate total | | 118 |
| | 19 |
| | 204 |
| | 341 |
| Hedge funds | | — |
| | — |
| | 153 |
| | 153 |
| Other investments total | | — |
| | — |
| | 153 |
| | 153 |
| Total investment assets at fair value | | $ | 1,680 |
| | $ | 2,992 |
| | $ | 672 |
| | $ | 5,344 |
| Liabilities | | | | | | | | | Swaps | | $ | — |
| | $ | (237 | ) | | $ | — |
| | $ | (237 | ) | Other fixed income | | (2 | ) | | (2 | ) | | — |
| | (4 | ) | Fixed income total | | (2 | ) | | (239 | ) | | — |
| | (241 | ) | Total liabilities at fair value | | $ | (2 | ) | | $ | (239 | ) | | $ | — |
| | $ | (241 | ) | Accounts payable, net | | | | | | | | 37 |
| Total net assets | | | | | | | | $ | 5,140 |
|
| | (1) | There were no significant transfers in or out of level 1 or 2 investments. |
| | | | | | | | | | | | | | | | | | | | Investments at Fair Value at February 2, 2013 | ($ in millions) | | Level 1(1) | | Level 2(1) | | Level 3 | | Total | Assets | | | | | | | | | Cash | | $ | 31 |
| | $ | — |
| | $ | — |
| | $ | 31 |
| Common collective trusts | | — |
| | 47 |
| | — |
| | 47 |
| Cash and cash equivalents total | | 31 |
| | 47 |
| | — |
| | 78 |
| Common collective trusts – domestic | | — |
| | 161 |
| | — |
| | 161 |
| Common collective trusts – international | | — |
| | 407 |
| | — |
| | 407 |
| Equity securities – domestic | | 1,325 |
| | — |
| | — |
| | 1,325 |
| Equity securities – international | | 210 |
| | 6 |
| | — |
| | 216 |
| Private equity | | — |
| | — |
| | 297 |
| | 297 |
| Equity securities total | | 1,535 |
| | 574 |
| | 297 |
| | 2,406 |
| Common collective trusts | | — |
| | 1,171 |
| | — |
| | 1,171 |
| Corporate bonds | | — |
| | 871 |
| | 10 |
| | 881 |
| Swaps | | — |
| | 216 |
| | — |
| | 216 |
| Municipal bonds | | — |
| | 49 |
| | — |
| | 49 |
| Mortgage backed securities | | — |
| | 26 |
| | 12 |
| | 38 |
| Corporate loans | | — |
| | 54 |
| | — |
| | 54 |
| Government securities | | — |
| | 8 |
| | — |
| | 8 |
| Other fixed income | | 3 |
| | 35 |
| | — |
| | 38 |
| Fixed income total | | 3 |
| | 2,430 |
| | 22 |
| | 2,455 |
| Public REITs | | 133 |
| | — |
| | — |
| | 133 |
| Private real estate | | — |
| | 17 |
| | 231 |
| | 248 |
| Real estate total | | 133 |
| | 17 |
| | 231 |
| | 381 |
| Total investment assets at fair value | | $ | 1,702 |
| | $ | 3,068 |
| | $ | 550 |
| | $ | 5,320 |
| Liabilities | | | | | | | | | Swaps | | $ | — |
| | $ | (216 | ) | | $ | — |
| | $ | (216 | ) | Other fixed income | | — |
| | (54 | ) | | — |
| | (54 | ) | Fixed income total | | — |
| | (270 | ) | | — |
| | (270 | ) | Total liabilities at fair value | | $ | — |
| | $ | (270 | ) | | $ | — |
| | $ | (270 | ) | Accounts payable, net | | | | | | | | (15 | ) | Total net assets | | | | | | | | $ | 5,035 |
|
| | (1) | There were no significant transfers in or out of level 1 or 2 investments. |
|
| Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets |
| | | | | | | | | | | | | | | | | | | | | | | | 2013 | ($ in millions) | | Private Equity | | Real Estate | | Corporate Loans | | Corporate Bonds | | Hedge Funds | Balance, beginning of year | | $ | 297 |
| | $ | 231 |
| | $ | 12 |
| | $ | 10 |
| | $ | — |
| Transfers, net | | — |
| | — |
| | — |
| | — |
| | — |
| Realized gains/(loss) | | 38 |
| | 5 |
| | — |
| | — |
| | — |
| Unrealized (losses)/gains | | 3 |
| | 11 |
| | — |
| | (1 | ) | | 3 |
| Purchases and issuances | | 33 |
| | 4 |
| | 2 |
| | 2 |
| | 150 |
| Sales, maturities and settlements | | (73 | ) | | (47 | ) | | (8 | ) | | — |
| | — |
| Balance, end of year | | $ | 298 |
| | $ | 204 |
| | $ | 6 |
| | $ | 11 |
| | $ | 153 |
|
| | | | | | | | | | | | | | | | | | | | 2012 | ($ in millions) | | Private Equity | | Real Estate | | Corporate Loans | | Corporate Bonds | Balance, beginning of year | | $ | 299 |
| | $ | 255 |
| | $ | 27 |
| | $ | 9 |
| Transfers, net | | — |
| | 3 |
| | — |
| | — |
| Realized gains/(loss) | | 33 |
| | — |
| | (1 | ) | | (1 | ) | Unrealized (losses)/gains | | (5 | ) | | 7 |
| | — |
| | — |
| Purchases and issuances | | 47 |
| | 6 |
| | 3 |
| | 6 |
| Sales, maturities and settlements | | (77 | ) | | (40 | ) | | (17 | ) | | (4 | ) | Balance, end of year | | $ | 297 |
| | $ | 231 |
| | $ | 12 |
| | $ | 10 |
|
|
| Schedule of Expected Benefit Payments |
| | | | | | | | | | ($ in millions) | | Primary Plan Benefits | | Supplemental Plan Benefits | 2014 | | $ | 342 |
| | $ | 44 |
| 2015 | | 331 |
| | 48 |
| 2016 | | 330 |
| | 42 |
| 2017 | | 330 |
| | 20 |
| 2018 | | 331 |
| | 13 |
| 2019-2023 | | 1,652 |
| | 64 |
|
|
| Schedule of Target Allocation Ranges for Defined Benefit Plan Assets |
| | | | | | | | | | | | 2013 Target | | Plan Assets | Asset Class | | Allocation Ranges | | 2013 | | 2012 | Equity | | 40% -60% | | 44 | % | | 48 | % | Fixed income | | 35% -50% | | 42 | % | | 43 | % | Real estate, cash and other investments | | 0% - 10% | | 14 | % | | 9 | % | Total | | | | 100 | % | | 100 | % |
|
| Schedule of Defined Contribution Plan Expense |
| | | | | | | | | | | | | | ($ in millions) | | 2013 | | 2012 | | 2011 | Savings Plan – 401(k) | | $ | 38 |
| | $ | 43 |
| | $ | 52 |
| Savings Plan – retirement account | | 11 |
| | 11 |
| | 11 |
| Mirror Savings Plan | | 3 |
| | 3 |
| | 4 |
| Total | | $ | 52 |
| | $ | 57 |
| | $ | 67 |
|
|
|
Weighted-Average Actuarial Assumptions Used To Determine Expense [Member]
|
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
| Schedule of Assumptions Used |
| | | | | | | | | | | | 2013 | | 2012 | | 2011 | | Expected return on plan assets | 7.0 | % | | 7.5 | % | | 7.5 | % | | Discount rate | 4.19 | % | | 4.82 | % | (1) | 5.65 | % | (2) | Salary increase | 4.7 | % | | 4.7 | % | | 4.7 | % | |
| | (1) | The discount rate used was revised to 4.25% on the remeasurement date of September 30, 2012 as a result of the curtailments. |
| | (2) | The discount rate used for the Supplemental Retirement Program and Benefit Restoration Plan was revised to 5.06% on the remeasurement date of October 15, 2011 as a result of the VERP. |
|
|
Weighted Average Actuarial Assumptions Used To Determine Liability [Member]
|
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
| Schedule of Assumptions Used |
| | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Discount rate | | 4.89 | % | | 4.19 | % | | 4.82 | % | Salary progression rate | | 3.5 | % | | 4.7 | % | | 4.7 | % |
|
|
Other Postretirement Benefit Plan, Defined Benefit [Member]
|
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
| Schedule of Costs of Retirement Plans |
| | | | | | | | | | | | | | ($ in millions) | | 2013 | | 2012 | | 2011 | Interest cost | | $ | 1 |
| | $ | 1 |
| | $ | 1 |
| Amortization of actuarial loss/(gain) | | (1 | ) | | (1 | ) | | (1 | ) | Amortization of prior service cost/(credit) | | (8 | ) | | (14 | ) | | (25 | ) | Net periodic benefit expense/(income) | | $ | (8 | ) | | $ | (14 | ) | | $ | (25 | ) |
|
| Schedule of Changes in Projected Benefit Obligations |
Obligations and Funded Status | | | | | | | | | | | | | | ($ in millions) | | 2013 | | | | 2012 | | | Change in APBO | | | | | | | | | Beginning balance | | $ | 18 |
| | | | $ | 24 |
| | | Interest cost | | 1 |
| | | | 1 |
| | | Participant contributions | | 13 |
| | | | 14 |
| | | Curtailments | | — |
| | | | (2 | ) | | | Actuarial (gain)/loss | | — |
| | | | (3 | ) | | | Benefits (paid) | | (17 | ) | | | | (16 | ) | | | Balance at measurement date | | $ | 15 |
| | | | $ | 18 |
| | | Change in fair value of plan assets | | | | | | | | | Beginning balance | | $ | — |
| | | | $ | — |
| | | Participant contributions | | 13 |
| |
| | 14 |
| | | Company contributions | | 4 |
| | | | 2 |
| | | Benefits (paid) | | (17 | ) | | | | (16 | ) | | | Balance at measurement date | | $ | — |
| | | | $ | — |
| | | Funded status of the plan | | $ | (15 | ) | | (1) | | $ | (18 | ) | | (1) |
| | (1) | Of the total accrued liability, $2 million for 2013 and $2 million for 2012 was included in Other accounts payable and accrued expenses in the Consolidated Balance Sheets, and the remaining amounts were included in Other liabilities. |
|
| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
| | | | | | | | | | | | ($ in millions) | | 2013 | | | | 2012 | Net actuarial loss/(gain) | | $ | (6 | ) | | | | $ | (7 | ) | Prior service cost/(credit) | | (15 | ) | | | | (23 | ) | Total | | $ | (21 | ) | | (1) | | $ | (30 | ) |
(1) In 2014, approximately $(1) million of net actuarial loss/(gain) and $(8) million of prior service cost/(credit) for the postretirement plan are expected to be amortized from Accumulated other comprehensive income/(loss) into net periodic postretirement benefit (income) included in SG&A in the Consolidated Statement of Operations. |
| Schedule of Expected Benefit Payments |
| | | | | ($ in millions) | Other Postretirement Benefits | 2014 | $ | 2 |
| 2015 | 2 |
| 2016 | 2 |
| 2017 | 2 |
| 2018 | 2 |
| 2019-2023 | 6 |
|
|