Retirement Benefit Plans
3 Months Ended
Apr. 30, 2011
Retirement Benefit Plans  
Retirement Benefit Plans

Note 8 – Retirement Benefit Plans

 

The components of net periodic benefit costs for our non-contributory qualified defined benefit pension plan (primary plan) and non-contributory supplemental pension plans for the three months ended April 30, 2011 and May 1, 2010 were as follows:

 

 

Pension Plans

 

 

 

Primary Plan

 

 

Supplemental

 

 

Total

 

($ in millions)

 

Three Months Ended

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

April 30,

 

 

May 1,

 

 

April 30,

 

 

May 1,

 

 

April 30,

 

 

May 1,

 

 

 

2011

 

 

2010

 

 

2011

 

 

2010

 

 

2011

 

 

2010

 

Service cost

$

22

 

$

22

 

$

1

 

$

 1

 

$

23

 

$

23

 

Interest cost

 

62

 

 

62

 

 

3

 

 

4

 

 

65

 

 

66

 

Expected return on plan assets

 

(96

)

 

(88

 

-

 

 

-

 

 

(96

)

 

(88

Net amortization

 

34

 

 

59

 

 

3

 

 

4

 

 

37

 

 

63

 

Net periodic benefit expense

$

22

 

$

55

 

$

7

 

$

 9

 

$

29

 

$

64

 

 

 

The components of the net periodic benefit of our contributory postretirement health and welfare plan were predominantly included in SG&A expenses on the Consolidated Statements of Operations and were as follows:

 

 

 

 

 

 

 

Postretirement Health

and Welfare Plan

 

($ in millions)

 

 

Three Months Ended

 

 

 

 

April 30,

 

 

May 1,

 

 

 

 

2011

 

 

2010

 

Service cost

 

$

-

 

$

 -

 

Interest cost

 

 

-

 

 

-

 

Expected return on plan assets

 

 

-

 

 

-

 

Net amortization

 

 

(6

 

(6

Net periodic (income)

 

$

(6

$

 (6

 

Defined Contribution Plans

Our defined contribution plans include a qualified Savings, Profit-Sharing and Stock Ownership Plan (401(k) plan), which includes a non-contributory retirement account, and a non-qualified contributory unfunded mirror savings plan offered to certain management associates. Total expense for our defined contribution plans for the first quarters of 2011 and 2010 was $16 million and $14 million, respectively, and was predominantly included in SG&A expenses on the Consolidated Statements of Operations.