Quarterly report pursuant to Section 13 or 15(d)

Retirement Benefit Plans

v2.4.0.8
Retirement Benefit Plans
9 Months Ended
Nov. 02, 2013
Retirement Benefit Plans [Abstract]  
Retirement Benefit Plans
Retirement Benefit Plans
The components of net periodic benefit expense/(income) for our non-contributory qualified defined benefit pension plan (Primary Pension Plan), non-contributory supplemental pension plans and contributory postretirement health and welfare plan are as follows:
 
 
Three Months Ended
 
Nine Months Ended
($ in millions)
November 2,
2013
 
October 27,
2012
 
November 2,
2013
 
October 27,
2012
Primary Pension Plan
 
 
 
Service cost
$
20

 
$
21

 
$
59

 
$
67

Interest cost
51

 
61

 
153

 
185

Expected return on plan assets
(85
)
 
(95
)
 
(255
)
 
(284
)
Amortization of actuarial loss/(gain)
38

 
55

 
114

 
171

Amortization of prior service cost/(credit)
1

 

 
4

 

Net periodic benefit expense/(income)
$
25

 
$
42

 
$
75

 
$
139

 
 
 
 
 
 
 
 
Supplemental Pension Plans
 
 
 
 
 
 
 
Service cost
$

 
$

 
$

 
$
1

Interest cost
3

 
3

 
9

 
10

Amortization of actuarial loss/(gain)
6

 
6

 
18

 
17

Amortization of prior service cost/(credit)

 

 

 

Net periodic benefit expense/(income)
$
9

 
$
9

 
$
27

 
$
28

 
 
 
 
 
 
 
 
Primary and Supplemental Pension Plans Total
 
 
 
 
 
 
 
Service cost
$
20

 
$
21

 
$
59

 
$
68

Interest cost
54

 
64

 
162

 
195

Expected return on plan assets
(85
)
 
(95
)
 
(255
)
 
(284
)
Amortization of actuarial loss/(gain)
44

 
61

 
132

 
188

Amortization of prior service cost/(credit)
1

 

 
4

 

Net periodic benefit expense/(income)
$
34

 
$
51

 
$
102

 
$
167

 
 
 
 
 
 
 
 
Postretirement Health and Welfare Plan
 
 
 
 
 
 
 
Service cost
$

 
$

 
$

 
$

Interest cost
1

 

 
1

 
1

Amortization of actuarial loss/(gain)
(1
)
 

 
(1
)
 

Amortization of prior service cost/(credit)
(2
)
 
(4
)
 
(6
)
 
(11
)
Net periodic benefit expense/(income)
$
(2
)
 
$
(4
)
 
$
(6
)
 
$
(10
)
 
 
 
 
 
 
 
 
Retirement Benefit Plans Total
 
 
 
 
 
 
 
Service cost
$
20

 
$
21

 
$
59

 
$
68

Interest cost
55

 
64

 
163

 
196

Expected return on plan assets
(85
)
 
(95
)
 
(255
)
 
(284
)
Amortization of actuarial loss/(gain)
43

 
61

 
131

 
188

Amortization of prior service cost/(credit)
(1
)
 
(4
)
 
(2
)
 
(11
)
Net periodic benefit expense/(income)
$
32

 
$
47

 
$
96

 
$
157


Net periodic benefit expense/(income) for our noncontributory postretirement health and welfare plan is predominantly included in SG&A expense in the unaudited Interim Consolidated Statements of Operations.
Curtailments
During the first half of 2012, we took actions to reduce our work force. During the third quarter of 2012, when substantially all employee exits were completed, we recorded a net curtailment gain of $7 million due to the reduction in the expected years of future service related to our retirement benefit plans. The net curtailment gain is included in the line item Restructuring and management transition in the unaudited Interim Consolidated Statements of Operations (see Note 9).
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 members of management. Total expense for our defined contribution plans for the third quarters of 2013 and 2012 was $12 million and $13 million, respectively, and was predominantly included in SG&A expenses in the unaudited Interim Consolidated Statements of Operations. Total expense for the first nine months of 2013 and 2012 was $38 million and $43 million, respectively.