Retirement Benefit Plans
 3 Months Ended
May 05, 2018
Retirement Benefit Plans [Abstract]  
Retirement Benefit Plans
Retirement Benefit Plans
The components of net periodic pension expense/(income) for our non-contributory qualified defined benefit pension plan and supplemental pension plans were as follows:
 
Three Months Ended
($ in millions)
May 5,
2018
 
April 29,
2017
Service cost
$
9

 
$
11

 
 
 
 
Other components of net periodic pension cost/(income):
 
 
 
Interest cost
35

 
39

Expected return on plan assets
(56
)
 
(54
)
Amortization of prior service cost/(credit)
2

 
2

Curtailment (gain)/loss recognized
—

 
7

Special termination benefit recognized
—

 
112

 
(19
)
 
106

Net periodic pension expense/(income)
$
(10
)
 
$
117



Service cost is included in SG&A in the unaudited Interim Consolidated Statements of Operations.

In the first quarter of 2017, the Company initiated a Voluntary Early Retirement Program (VERP) for approximately 6,000 eligible associates. Eligibility for the VERP included home office, stores and supply chain personnel who met certain criteria related to age and years of service as of January 31, 2017. Based on the approximately 2,800 associates who elected to accept the VERP, we incurred a total charge of $112 million for special retirement benefits. The special retirement benefits increased the projected benefit obligation (PBO) of the qualified defined benefit pension plan (Primary Pension Plan) and the supplemental pension plans by $88 million and $24 million, respectively. In addition, we incurred curtailment charges of $7 million related to our pension plans as a result of the reduction in the expected years of future service related to these plans. As a result of these curtailments, the assets and the liabilities for our Primary Pension Plan and the liabilities of certain supplemental pension plans were remeasured as of March 31, 2017. The discount rate used for the March 31 remeasurements was 4.34% compared to the year-end 2016 discount rate of 4.40%. These events resulted in the PBO of our Primary Pension Plan decreasing by $3 million and the related assets increasing by $34 million and the PBO of our supplemental pension plans increasing by $3 million. The funded status of the Primary Pension Plan was 98% as of the remeasurement date.