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Retirement Plans (Tables)
12 Months Ended
Jan. 29, 2021
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
The net periodic benefit cost was as follows:
Pension PlanRHRA Benefit Plan
Year Ended
January 29, 2021January 31, 2020January 29, 2021January 31, 2020
(in millions)
Interest cost on projected benefit obligation$2 $$ $
Expected return on plan assets(3)(3) — 
Settlement cost1 —  — 
Net periodic benefit cost$ $— $ $
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The projected benefit obligation, fair value of plan assets, and funded status for each plan are as follows:
Pension PlanRHRA Benefit Plan
January 29, 2021January 31, 2020January 29, 2021January 31, 2020
(in millions)
Change in benefit obligation:
Benefit obligation at beginning of year$76 $71 $17 $15 
Interest cost2  
Benefits paid(5)(5)(1)(1)
Actuarial loss (gain)3 (2)
Settlements(6)—  — 
Benefit obligation at end of year$70 $76 $14 $17 
Change in plan assets:
Fair value of plan assets at beginning of year53 52  — 
Actual return on plan assets5  — 
Employer contributions8 — 1 
Benefits paid(5)(5)(1)(1)
Settlements(6)—  — 
Fair value of plan assets at end of year$55 $53 $ $— 
Unfunded status$15 $23 $14 $17 
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets consist of:
Pension PlanRHRA Benefit Plan
January 29, 2021January 31, 2020January 29, 2021January 31, 2020
(in millions)
Other accrued liabilities$ $— $1 $
Other long-term liabilities15 23 13 16 
Net amount recognized$15 $23 $14 $17 
Schedule of Assumptions Used
The following assumptions were used to determine the benefit obligations and net periodic benefit costs:
Pension PlanRHRA Benefit Plan
January 29, 2021January 31, 2020February 1, 2019January 29, 2021January 31, 2020February 1, 2019
Discount rate2.47 %2.87 %4.06 %1.86 %2.56 %3.82 %
Interest cost effective rate2.47 %3.70 %N/A2.27 %3.58 %N/A
Expected rate of return on assets5.50 %5.50 %N/AN/AN/AN/A
Schedule of Allocation of Plan Assets
The fair value measurement of plan assets by category is as follows:
January 29, 2021January 31, 2020
Asset CategoryFair Value Hierarchy(in millions)
Mutual funds
EquityLevel 1$37 $34 
Fixed incomeLevel 18 
Guaranteed deposit accountLevel 33 
Subtotal48 45 
Collective trust - fixed income(1)
Measured at NAV7 
Total$55 $53 
(1)Collective trusts are measured at fair value using net asset value (NAV) as a practical expedient and have not been categorized in the fair value hierarchy.
Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
A reconciliation of the beginning and ending balances of the Guaranteed Deposit Account (GDA) is as follows:
Guaranteed Deposit Account
(in millions)
Balance at February 1, 2019
$
Purchases13 
Sales(14)
Balance at January 31, 2020
Purchases12 
Sales(11)
Balance at January 29, 2021
$3 
Schedule of Expected Benefit Payments
The following table sets forth the expected timing of benefit payments by fiscal year:
Fiscal YearPension PlanRHRA Benefit PlanTotal
(in millions)
2022$$$
2023
2024
2025
2026
Five subsequent fiscal years$22 $$28