Target 2015 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2015 Target annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 84

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

Change in Accumulated Other Comprehensive Income
(millions) Pretax Net€of€Tax
February 1, 2014 $712 $430
Net actuarial loss 291 176
Amortization of net actuarial losses (65)(40)
Amortization of prior service costs and transition 11 7
January 31, 2015 $949 $573
Net actuarial loss 87 53
Amortization of net actuarial losses (82)(50)
Amortization of prior service costs and transition 11 7
January 30, 2016 $965 $583
Expected€Amortization€of€Amounts€in€Accumulated€Other€Comprehensive€Income
(millions) Pretax Net€of€Tax
Net actuarial loss $46 $28
Prior service credits (11)(7)
Total amortization expense $35 $21
Net€Pension€Benefits Expense
(millions) 2015 2014 2013
Service cost benefits earned during the period $109 $112 $118
Interest cost on projected benefit obligation 154 149 137
Expected return on assets (260)(233)(235)
Amortization of losses 82 65 103
Amortization of prior service cost (11)(11)(11)
Settlement and special termination charges 4 — 3
Total $78 $82 $115
Prior service cost amortization is determined using the straight-line method over the average remaining service period
of team members expected to receive benefits under the plan.
Defined Benefit Pension Plan Information
(millions) 2015 2014
Accumulated benefit obligation (ABO) for all plans€(a) $3,550 $3,834
Projected€benefit€obligation€for€pension€plans€with€an€ABO€in€excess€of€plan€assets€(b) 65 65
Total ABO for pension plans with an ABO in excess of plan assets 60 56
Fair value of plan assets for pension plans with an ABO in excess of plan assets 10 —
(a) The present value of benefits earned to date assuming no future salary growth.
(b) The present value of benefits earned to date by plan participants, including the effect of assumed future salary increases.
60