|
Retirement Benefit Plans (Tables)
|
12 Months Ended |
|
Jan. 31, 2015
|
| 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 | | 2014 | | 2013 | | 2012 | Service cost | | $ | 61 |
| | $ | 78 |
| | $ | 87 |
| Interest cost | | 211 |
| | 204 |
| | 242 |
| Expected return on plan assets | | (348 | ) | | (340 | ) | | (382 | ) | Amortization of actuarial loss/(gain) | | 52 |
| | 152 |
| | 220 |
| Amortization of prior service cost/(credit) | | 7 |
| | 6 |
| | — |
| Settlement expense | | — |
| | — |
| | 148 |
| Loss/(gain) on transfer of benefits | | 15 |
| | — |
| | — |
| Net periodic benefit expense/(income) | | $ | (2 | ) | | $ | 100 |
| | $ | 315 |
| | | | | | | | Supplemental Pension Plans | | | | | | | Service cost | | $ | — |
| | $ | — |
| | $ | 1 |
| Interest cost | | 9 |
| | 12 |
| | 13 |
| Amortization of actuarial loss/(gain) | | 14 |
| | 24 |
| | 23 |
| Amortization of prior service cost/(credit) | | — |
| | 1 |
| | 1 |
| Loss/(gain) on transfer of benefits | | (15 | ) | | — |
| | — |
| Net periodic benefit expense/(income) | | $ | 8 |
| | $ | 37 |
| | $ | 38 |
| | | | | | | | Primary and Supplemental Pension Plans Total | | | | | | | Service cost | | $ | 61 |
| | $ | 78 |
| | $ | 88 |
| Interest cost | | 220 |
| | 216 |
| | 255 |
| Expected return on plan assets | | (348 | ) | | (340 | ) | | (382 | ) | Amortization of actuarial loss/(gain) | | 66 |
| | 176 |
| | 243 |
| Amortization of prior service cost/(credit) | | 7 |
| | 7 |
| | 1 |
| Settlement charge | | — |
| | — |
| | 148 |
| Loss/(gain) on transfer of benefits | | — |
| | — |
| | — |
| Net periodic benefit expense/(income) | | $ | 6 |
| | $ | 137 |
| | $ | 353 |
|
|
| Schedule of Changes in Projected Benefit Obligations |
| | | | | | | | | | | | | | | | | | | Primary Pension Plan | | Supplemental Plans | | ($ in millions) | 2014 | | 2013 | | 2014 | | 2013 | | Change in PBO | | | | | |
| | | | Beginning balance | $ | 4,477 |
|
| $ | 5,042 |
|
| $ | 219 |
|
| $ | 303 |
| | Service cost | 61 |
| | 78 |
| | — |
| | — |
| | Interest cost | 211 |
| | 204 |
| | 9 |
| | 12 |
| | Amendments | 20 |
| | 17 |
| | — |
| | (8 | ) | | Transfer of benefits | 56 |
| | — |
| | (56 | ) | | — |
| | Actuarial loss/(gain) | 818 |
| | (442 | ) | | 39 |
| | (34 | ) | | Benefits (paid) | (389 | ) | | (422 | ) | | (20 | ) | | (54 | ) | | Balance at measurement date | $ | 5,254 |
| | $ | 4,477 |
| | $ | 191 |
| | $ | 219 |
| | | | | | | | | | | Change in fair value of plan assets | | | | | | | | | Beginning balance | $ | 5,140 |
| | $ | 5,035 |
| | $ | — |
| | $ | — |
| | Company contributions | — |
| | — |
| | 20 |
| | 54 |
| | Actual return on assets(1) | 723 |
| | 527 |
| | — |
| | — |
| | Benefits (paid) | (389 | ) | | (422 | ) | | (20 | ) | | (54 | ) | | Balance at measurement date | $ | 5,474 |
| | $ | 5,140 |
| | $ | — |
| | $ | — |
| | Funded status of the plan | $ | 220 |
| (2) | $ | 663 |
| (2) | $ | (191 | ) | (3) | $ | (219 | ) | (3) |
| | (1) | Includes plan administrative expenses. |
| | (2) | Presented as Prepaid pension in the Consolidated Balance Sheets. |
| | (3) | $16 million in 2014 and $44 million in 2013 were included in Other accounts payable and accrued expenses on the Consolidated Balance Sheets, and the remaining amounts were included in Other liabilities. |
|
| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
| | | | | | | | | | | | | | | | | | Primary Pension Plan | | Supplemental Plans | ($ in millions) | 2014 | | 2013 | | 2014 | | 2013 | Net actuarial loss/(gain) | $ | 1,331 |
| | $ | 898 |
| | $ | 110 |
| | $ | 127 |
| Prior service cost/(credit) | 65 |
| | 53 |
| | (4 | ) | | (6 | ) | Total | $ | 1,396 |
| (1) | $ | 951 |
| | $ | 106 |
| (1) | $ | 121 |
|
| | (1) | In 2015, approximately $111 million for the Primary Pension Plan and $13 million for the supplemental plans are expected to be amortized from Accumulated other comprehensive income/(loss) into net periodic benefit expense/(income) |
|
| Schedule of Allocation of Plan Assets |
| | | | | | | | | | | | | | | | | | | | Investments at Fair Value at January 31, 2015 | ($ in millions) | | Level 1(1) | | Level 2(1) | | Level 3 | | Total | Assets | | | | | | | | | Cash | | $ | 10 |
| | $ | 2 |
| | $ | — |
| | $ | 12 |
| Common collective trusts | | — |
| | 38 |
| | — |
| | 38 |
| Cash and cash equivalents total | | 10 |
| | 40 |
| | — |
| | 50 |
| Common collective trusts – domestic | | — |
| | 222 |
| | — |
| | 222 |
| Common collective trusts – international | | — |
| | 197 |
| | — |
| | 197 |
| Equity securities – domestic | | 733 |
| | — |
| | — |
| | 733 |
| Equity securities – international | | 104 |
| | — |
| | — |
| | 104 |
| Private equity | | — |
| | — |
| | 281 |
| | 281 |
| Equity securities total | | 837 |
| | 419 |
| | 281 |
| | 1,537 |
| Common collective trusts | | — |
| | 1,695 |
| | — |
| | 1,695 |
| Corporate bonds | | — |
| | 1,319 |
| | 7 |
| | 1,326 |
| Swaps | | — |
| | 415 |
| | — |
| | 415 |
| Government securities | | — |
| | 167 |
| | — |
| | 167 |
| Corporate loans | | — |
| | 69 |
| | 5 |
| | 74 |
| Municipal bonds | | — |
| | 66 |
| | — |
| | 66 |
| Mortgage backed securities | | — |
| | 5 |
| | — |
| | 5 |
| Other fixed income | | — |
| | 21 |
| | — |
| | 21 |
| Fixed income total | | — |
| | 3,757 |
| | 12 |
| | 3,769 |
| Public REITs | | 100 |
| | — |
| | — |
| | 100 |
| Private real estate | | — |
| | 20 |
| | 153 |
| | 173 |
| Real estate total | | 100 |
| | 20 |
| | 153 |
| | 273 |
| Hedge funds | | — |
| | — |
| | 314 |
| | 314 |
| Other investments total | | — |
| | — |
| | 314 |
| | 314 |
| Total investment assets at fair value | | $ | 947 |
| | $ | 4,236 |
| | $ | 760 |
| | $ | 5,943 |
| Liabilities | | | | | | | | | Swaps | | $ | — |
| | $ | (428 | ) | | $ | — |
| | $ | (428 | ) | Other fixed income | | (2 | ) | | (3 | ) | | — |
| | (5 | ) | Fixed income total | | (2 | ) | | (431 | ) | | — |
| | (433 | ) | Total liabilities at fair value | | $ | (2 | ) | | $ | (431 | ) | | $ | — |
| | $ | (433 | ) | Accounts payable, net | | | | | | | | (36 | ) | Total net assets | | | | | | | | $ | 5,474 |
|
| | (1) | There were no significant transfers in or out of level 1 or 2 investments. |
| | | | | | | | | | | | | | | | | | | | 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 |
| Municipal bonds | | — |
| | 50 |
| | — |
| | 50 |
| Mortgage backed securities | | — |
| | 6 |
| | — |
| | 6 |
| Corporate loans | | — |
| | 27 |
| | 6 |
| | 33 |
| Government securities | | — |
| | 106 |
| | — |
| | 106 |
| 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. |
|
| Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets |
| | | | | | | | | | | | | | | | | | | | | | 2014 | ($ in millions) | Private Equity | | Real Estate | | Corporate Loans | | Corporate Bonds | | Hedge Funds | Balance, beginning of year | $ | 298 |
| | $ | 204 |
| | $ | 6 |
| | $ | 11 |
| | $ | 153 |
| Transfers, net | — |
| | — |
| | — |
| | — |
| | — |
| Realized gains/(loss) | 57 |
| | 3 |
| | — |
| | — |
| | 13 |
| Unrealized (losses)/gains | (8 | ) | | 17 |
| | — |
| | (1 | ) | | (4 | ) | Purchases and issuances | 31 |
| | 3 |
| | 4 |
| | 5 |
| | 467 |
| Sales, maturities and settlements | (97 | ) | | (74 | ) | | (5 | ) | | (8 | ) | | (315 | ) | Balance, end of year | $ | 281 |
| | $ | 153 |
| | $ | 5 |
| | $ | 7 |
| | $ | 314 |
|
| | | | | | | | | | | | | | | | | | | | | | 2013 | ($ in millions) | Private Equity | | Real Estate | | Corporate Loans | | Corporate Bonds | | Hedge Funds | Balance, beginning of year | $ | 297 |
| | $ | 231 |
| | $ | 12 |
| | $ | 10 |
| | $ | — |
| 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 |
|
|
| Schedule of Expected Benefit Payments |
| | | | | | | | | | ($ in millions) | | Primary Plan Benefits | | Supplemental Plan Benefits | 2015 | | $ | 388 |
| | $ | 16 |
| 2016 | | 333 |
| | 44 |
| 2017 | | 333 |
| | 22 |
| 2018 | | 334 |
| | 15 |
| 2019 | | 336 |
| | 14 |
| 2020-2024 | | 1,682 |
| | 67 |
|
|
| Schedule of Target Allocation Ranges for Defined Benefit Plan Assets |
| | | | | | | | | | | | 2014 Target | | Plan Assets | Asset Class | | Allocation Ranges | | 2014 | | 2013 | Equity | | 20% - 40% | | 29 | % | | 44 | % | Fixed income | | 50% - 60% | | 58 | % | | 42 | % | Real estate, cash and other investments | | 0% - 20% | | 13 | % | | 14 | % | Total | | | | 100 | % | | 100 | % |
|
| Schedule of Defined Contribution Plan Expense |
| | | | | | | | | | | | | | ($ in millions) | | 2014 | | 2013 | | 2012 | Savings Plan – 401(k) | | $ | 37 |
| | $ | 38 |
| | $ | 43 |
| Savings Plan – retirement account | | 13 |
| | 11 |
| | 11 |
| Mirror Savings Plan | | 3 |
| | 3 |
| | 3 |
| Total | | $ | 53 |
| | $ | 52 |
| | $ | 57 |
|
|
| 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 |
| | | | | | | | | | | | 2014 | | 2013 | | 2012 | | Expected return on plan assets | 7.0 | % | | 7.0 | % | | 7.5 | % | | Discount rate | 4.89 | % | | 4.19 | % | | 4.82 | % | (1) | Salary increase | 3.5 | % | | 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. |
|
| 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 |
| | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Discount rate | | 3.87 | % | | 4.89 | % | | 4.19 | % | Salary progression rate | | 3.5 | % | | 3.5 | % | | 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) | | 2014 | | 2013 | | 2012 | Interest cost | | $ | 1 |
| | $ | 1 |
| | $ | 1 |
| Amortization of actuarial loss/(gain) | | (1 | ) | | (1 | ) | | (1 | ) | Amortization of prior service cost/(credit) | | (8 | ) | | (8 | ) | | (14 | ) | Net periodic benefit expense/(income) | | $ | (8 | ) | | $ | (8 | ) | | $ | (14 | ) |
|
| Schedule of Changes in Projected Benefit Obligations |
Obligations and Funded Status | | | | | | | | | | | | | | ($ in millions) | | 2014 | | | | 2013 | | | Change in APBO | | | | | | | | | Beginning balance | | $ | 15 |
| | | | $ | 18 |
| | | Interest cost | | 1 |
| | | | 1 |
| | | Participant contributions | | 9 |
| | | | 13 |
| | | Actuarial (gain)/loss | | (3 | ) | | | | — |
| | | Benefits (paid) | | (11 | ) | | | | (17 | ) | | | Balance at measurement date | | $ | 11 |
| | | | $ | 15 |
| | | Change in fair value of plan assets | | | | | | | | | Beginning balance | | $ | — |
| | | | $ | — |
| | | Participant contributions | | 9 |
| |
| | 13 |
| | | Company contributions | | 2 |
| | | | 4 |
| | | Benefits (paid) | | (11 | ) | | | | (17 | ) | | | Balance at measurement date | | $ | — |
| | | | $ | — |
| | | Funded status of the plan | | $ | (11 | ) | | (1) | | $ | (15 | ) | | (1) |
| | (1) | Of the total accrued liability, $1 million for 2014 and $2 million for 2013 was included in Other accounts payable and accrued expenses in the Consolidated Balance Sheets, and the remaining amounts were included in Other liabilities. |
|
| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
| | | | | | | | | | | | ($ in millions) | | 2014 | | | | 2013 | Net actuarial loss/(gain) | | $ | (8 | ) | | | | $ | (6 | ) | Prior service cost/(credit) | | (7 | ) | | | | (15 | ) | Total | | $ | (15 | ) | | (1) | | $ | (21 | ) |
(1) In 2015, approximately $(1) million of net actuarial loss/(gain) and $(7) million of prior service cost/(credit) for the postretirement plan are expected to be amortized from Accumulated other comprehensive income/(loss) into net periodic postretirement benefit (income) included in SG&A in the Consolidated Statement of Operations. |
| Schedule of Expected Benefit Payments |
| | | | | ($ in millions) | Other Postretirement Benefits | 2015 | $ | 1 |
| 2016 | 1 |
| 2017 | 1 |
| 2018 | 1 |
| 2019 | 1 |
| 2020-2024 | 5 |
|
|