Quarterly report pursuant to Section 13 or 15(d)

Retirement Benefit Plans

v2.4.0.8
Retirement Benefit Plans
6 Months Ended
Aug. 02, 2014
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 were as follows:
 
 
Three Months Ended
 
Six Months Ended
($ in millions)
August 2,
2014
 
August 3,
2013
 
August 2,
2014
 
August 3,
2013
Primary Pension Plan
 
 
 
 
 
 
 
Service cost
$
16

 
$
19

 
$
31

 
$
39

Interest cost
52

 
51

 
105

 
102

Expected return on plan assets
(87
)
 
(85
)
 
(174
)
 
(170
)
Amortization of actuarial loss/(gain)
12

 
38

 
25

 
76

Amortization of prior service cost/(credit)
3

 
2

 
4

 
3

Net periodic benefit expense/(income)
$
(4
)
 
$
25

 
$
(9
)
 
$
50

 
 
 
 
 
 
 
 
Supplemental Pension Plans
 
 
 
 
 
 
 
Service cost
$

 
$

 
$

 
$

Interest cost
2

 
3

 
4

 
6

Amortization of actuarial loss/(gain)
4

 
6

 
8

 
12

Amortization of prior service cost/(credit)

 

 

 

Net periodic benefit expense/(income)
$
6

 
$
9

 
$
12

 
$
18

 
 
 
 
 
 
 
 
Primary and Supplemental Pension Plans Total
 
 
 
 
 
 
 
Service cost
$
16

 
$
19

 
$
31

 
$
39

Interest cost
54

 
54

 
109

 
108

Expected return on plan assets
(87
)
 
(85
)
 
(174
)
 
(170
)
Amortization of actuarial loss/(gain)
16

 
44

 
33

 
88

Amortization of prior service cost/(credit)
3

 
2

 
4

 
3

Net periodic benefit expense/(income)
$
2

 
$
34

 
$
3

 
$
68

 
 
 
 
 
 
 
 
Postretirement Health and Welfare Plan
 
 
 
 
 
 
 
Service cost
$

 
$

 
$

 
$

Interest cost

 

 

 

Amortization of actuarial loss/(gain)

 

 

 

Amortization of prior service cost/(credit)
(2
)
 
(2
)
 
(4
)
 
(4
)
Net periodic benefit expense/(income)
$
(2
)
 
$
(2
)
 
$
(4
)
 
$
(4
)
 
 
 
 
 
 
 
 
Retirement Benefit Plans Total
 
 
 
 
 
 
 
Service cost
$
16

 
$
19

 
$
31

 
$
39

Interest cost
54

 
54

 
109

 
108

Expected return on plan assets
(87
)
 
(85
)
 
(174
)
 
(170
)
Amortization of actuarial loss/(gain)
16

 
44

 
33

 
88

Amortization of prior service cost/(credit)
1

 

 

 
(1
)
Net periodic benefit expense/(income)
$

 
$
32

 
$
(1
)
 
$
64


Net periodic benefit expense/(income) for our noncontributory postretirement health and welfare plan was predominantly included in SG&A expense in the unaudited Interim Consolidated Statements of Operations.
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 second quarters of 2014 and 2013 was $13 million and $12 million, respectively, and was predominantly included in SG&A expenses in the unaudited Interim Consolidated Statements of Operations. Total expense for the first six months of 2014 and 2013 was $26 million and $26 million, respectively.