Retirement Benefit Plans (Tables)
|
12 Months Ended |
Jan. 30, 2016 |
|---|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| 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 | | 2015 | | 2014 | | 2013 | Service cost | | $ | 69 |
| | $ | 61 |
| | $ | 78 |
| Interest cost | | 196 |
| | 211 |
| | 204 |
| Expected return on plan assets | | (357 | ) | | (348 | ) | | (340 | ) | Actuarial loss/(gain) | | 52 |
| | — |
| | — |
| Amortization of prior service cost/(credit) | | 8 |
| | 7 |
| | 6 |
| Settlement expense | | 180 |
| | — |
| | — |
| Other | | 6 |
| | — |
| | — |
| Loss/(gain) on transfer of benefits | | — |
| | 51 |
| | — |
| Net periodic benefit expense/(income) | | $ | 154 |
| | $ | (18 | ) | | $ | (52 | ) | | | | | | | | Supplemental Pension Plans | | | | | | | Service cost | | $ | — |
| | $ | — |
| | $ | — |
| Interest cost | | 7 |
| | 9 |
| | 12 |
| Actuarial loss/(gain) | | 1 |
| | 12 |
| | (2 | ) | Amortization of prior service cost/(credit) | | — |
| | — |
| | 1 |
| Loss/(gain) on transfer of benefits | | — |
| | (51 | ) | | — |
| Net periodic benefit expense/(income) | | $ | 8 |
| | $ | (30 | ) | | $ | 11 |
| | | | | | | | Primary and Supplemental Pension Plans Total | | | | | | | Service cost | | $ | 69 |
| | $ | 61 |
| | $ | 78 |
| Interest cost | | 203 |
| | 220 |
| | 216 |
| Expected return on plan assets | | (357 | ) | | (348 | ) | | (340 | ) | Amortization of actuarial loss/(gain) | | 53 |
| | 12 |
| | (2 | ) | Amortization of prior service cost/(credit) | | 8 |
| | 7 |
| | 7 |
| Settlement expense | | 180 |
| | — |
| | — |
| Other | | 6 |
| | — |
| | — |
| Loss/(gain) on transfer of benefits | | — |
| | — |
| | — |
| Net periodic benefit expense/(income) | | $ | 162 |
| | $ | (48 | ) | | $ | (41 | ) |
|
| Schedule of Changes in Projected Benefit Obligations |
| | | | | | | | | | | | | | | | | | | Primary Pension Plan | | Supplemental Plans | | ($ in millions) | 2015 | | 2014 | | 2015 | | 2014 | | Change in PBO | | | | | |
| | | | Beginning balance | $ | 5,254 |
|
| $ | 4,477 |
|
| $ | 191 |
|
| $ | 219 |
| | Service cost | 69 |
| | 61 |
| | — |
| | — |
| | Interest cost | 196 |
| | 211 |
| | 7 |
| | 9 |
| | Amendments | — |
| | 20 |
| | — |
| | — |
| | Settlements | (1,555 | ) | | — |
| | — |
| | — |
| | Transfer of benefits | — |
| | 56 |
| | — |
| | (56 | ) | | Actuarial loss/(gain) | (247 | ) | | 818 |
| | (3 | ) | | 39 |
| | Benefits (paid) | (390 | ) | | (389 | ) | | (19 | ) | | (20 | ) | | Balance at measurement date | $ | 3,327 |
| | $ | 5,254 |
| | $ | 176 |
| | $ | 191 |
| | | | | | | | | | | Change in fair value of plan assets | | | | | | | | | Beginning balance | $ | 5,474 |
| | $ | 5,140 |
| | $ | — |
| | $ | — |
| | Company contributions | — |
| | — |
| | 19 |
| | 20 |
| | Actual return on assets(1) | (242 | ) | | 723 |
| | — |
| | — |
| | Settlements | (1,555 | ) | | — |
| | — |
| | — |
| | Benefits (paid) | (390 | ) | | (389 | ) | | (19 | ) | | (20 | ) | | Balance at measurement date | $ | 3,287 |
| | $ | 5,474 |
| | $ | — |
| | $ | — |
| | Funded status of the plan | $ | (40 | ) | (2) | $ | 220 |
| (2) | $ | (176 | ) | (3) | $ | (191 | ) | (3) |
| | (1) | Includes plan administrative expenses. |
| | (2) | $40 million in 2015 is included in Other liabilities and $220 million in 2014 is presented as Prepaid pension in the Consolidated Balance Sheets. |
| | (3) | $46 million in 2015 and $16 million in 2014 were included in Other accounts payable and accrued expenses on the Consolidated Balance Sheets, and the remaining amounts were included in Other liabilities. |
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| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
| | | | | | | | | | | | | | | | | | Primary Pension Plan | | Supplemental Plans | ($ in millions) | 2015 | | 2014 | | 2015 | | 2014 | Net actuarial loss/(gain) | $ | 333 |
| | $ | 213 |
| | $ | 13 |
| | $ | 17 |
| Prior service cost/(credit) | 57 |
| | 65 |
| | (4 | ) | | (4 | ) | Total | $ | 390 |
| (1) | $ | 278 |
| | $ | 9 |
| | $ | 13 |
|
| | (1) | In 2016, approximately $8 million for the Primary Pension Plan is expected to be amortized from Accumulated other comprehensive income/(loss) into net periodic benefit expense/(income) included in Pension in the Consolidated Statement of Operations. |
|
| Schedule of Allocation of Plan Assets |
| | | | | | | | | | | | | | | | | | | | Investments at Fair Value at January 30, 2016 | ($ in millions) | | Level 1(1) | | Level 2(1) | | Level 3 | | Total | Assets | | | | | | | | | Cash | | $ | 86 |
| | $ | — |
| | $ | — |
| | $ | 86 |
| Common collective trusts | | — |
| | 427 |
| | — |
| | 427 |
| Cash and cash equivalents total | | 86 |
| | 427 |
| | — |
| | 513 |
| Common collective trusts – domestic | | — |
| | — |
| | — |
| | — |
| Common collective trusts – international | | — |
| | 166 |
| | — |
| | 166 |
| Equity securities – domestic | | 192 |
| | — |
| | — |
| | 192 |
| Equity securities – international | | 89 |
| | — |
| | — |
| | 89 |
| Private equity | | — |
| | — |
| | 248 |
| | 248 |
| Equity securities total | | 281 |
| | 166 |
| | 248 |
| | 695 |
| Common collective trusts | | — |
| | 676 |
| | — |
| | 676 |
| Corporate bonds | | — |
| | 771 |
| | 5 |
| | 776 |
| Swaps | | — |
| | 787 |
| | — |
| | 787 |
| Government securities | | — |
| | 230 |
| | — |
| | 230 |
| Corporate loans | | — |
| | — |
| | — |
| | — |
| Municipal bonds | | — |
| | — |
| | — |
| | — |
| Mortgage backed securities | | — |
| | 4 |
| | — |
| | 4 |
| Other fixed income | | — |
| | 155 |
| | 3 |
| | 158 |
| Fixed income total | | — |
| | 2,623 |
| | 8 |
| | 2,631 |
| Public REITs | | 34 |
| | — |
| | — |
| | 34 |
| Private real estate | | — |
| | 14 |
| | 151 |
| | 165 |
| Real estate total | | 34 |
| | 14 |
| | 151 |
| | 199 |
| Hedge funds | | — |
| | — |
| | 214 |
| | 214 |
| Other investments total | | — |
| | — |
| | 214 |
| | 214 |
| Total investment assets at fair value | | $ | 401 |
| | $ | 3,230 |
| | $ | 621 |
| | $ | 4,252 |
| Liabilities | | | | | | | | | Swaps | | $ | — |
| | $ | (801 | ) | | $ | — |
| | $ | (801 | ) | Other fixed income | | — |
| | (6 | ) | | — |
| | (6 | ) | Fixed income total | | — |
| | (807 | ) | | — |
| | (807 | ) | Total liabilities at fair value | | $ | — |
| | $ | (807 | ) | | $ | — |
| | $ | (807 | ) | Accounts payable, net | | | | | | | | (158 | ) | Total net assets | | | | | | | | $ | 3,287 |
|
| | (1) | There were no significant transfers in or out of level 1 or 2 investments. |
| | | | | | | | | | | | | | | | | | | | 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. |
|
| Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets |
| | | | | | | | | | | | | | | | | | | | | | 2015 | ($ in millions) | Private Equity | | Real Estate | | Corporate Loans | | Corporate Bonds | | Hedge Funds | Balance, beginning of year | $ | 281 |
| | $ | 153 |
| | $ | 5 |
| | $ | 7 |
| | $ | 314 |
| Transfers, net | — |
| | — |
| | — |
| | — |
| | — |
| Realized gains/(loss) | 41 |
| | (23 | ) | | — |
| | (3 | ) | | 3 |
| Unrealized (losses)/gains | (17 | ) | | 38 |
| | — |
| | 2 |
| | (1 | ) | Purchases and issuances | 18 |
| | 2 |
| | — |
| | 1 |
| | 119 |
| Sales, maturities and settlements | (75 | ) | | (19 | ) | | (2 | ) | | (2 | ) | | (221 | ) | Balance, end of year | $ | 248 |
| | $ | 151 |
| | $ | 3 |
| | $ | 5 |
| | $ | 214 |
|
| | | | | | | | | | | | | | | | | | | | | | 2014 | ($ in millions) | Private Equity | | Real Estate | | Corporate Loans | | Corporate Bonds | | Hedge Funds | Balance, beginning of year | $ | 298 |
| | $ | 204 |
| | $ | 6 |
| | $ | 11 |
| | $ | 153 |
| 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 |
|
|
| Schedule of Expected Benefit Payments |
| | | | | | | | | | ($ in millions) | | Primary Plan Benefits | | Supplemental Plan Benefits | 2016 | | $ | 199 |
| | $ | 45 |
| 2017 | | 202 |
| | 23 |
| 2018 | | 206 |
| | 16 |
| 2019 | | 212 |
| | 15 |
| 2020 | | 216 |
| | 14 |
| 2020-2025 | | 1,152 |
| | 66 |
|
|
| Schedule of Target Allocation Ranges for Defined Benefit Plan Assets |
| | | | | | | | | | | | 2015 Target | | Plan Assets | Asset Class | | Allocation Ranges | | 2015 | | 2014 | Equity | | 15% - 35% | | 16 | % | | 29 | % | Fixed income | | 50% - 60% | | 54 | % | | 58 | % | Real estate, cash and other investments | | 20% - 40% | | 30 | % | | 13 | % | Total | | | | 100 | % | | 100 | % |
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| Weighted-Average Actuarial Assumptions Used To Determine Expense [Member] |
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| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| Schedule of Assumptions Used |
| | | | | | | | | | | | 2015 | | 2014 | | 2013 | | Expected return on plan assets | 6.75 | % | | 7.00 | % | | 7.00 | % | | Discount rate | 3.87 | % | | 4.89 | % | | 4.19 | % | | Salary increase | 3.5 | % | | 3.5 | % | | 4.7 | % | |
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| Weighted Average Actuarial Assumptions Used To Determine Liability [Member] |
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| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| Schedule of Assumptions Used |
| | | | | | | | | | | | | 2015 | | 2014 | | 2013 | Discount rate | | 4.73 | % | | 3.87 | % | | 4.89 | % | Salary progression rate | | 3.9 | % | | 3.5 | % | | 3.5 | % |
|