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2334301 - Disclosure - DEFINED BENEFIT PENSION PLANS (Tables)
(http://www.toysrus.com/role/DefinedBenefitPensionPlansTables)
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Reporting Entity [Axis]0001005414 (http://www.sec.gov/CIK)
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]Period [Axis]
2015-02-01 - 2016-01-30
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
 
Changes in Projected Benefit Obligations
The following tables provide information regarding our pension plans:
Obligation and Funded Status at End of Fiscal Year:
(In millions)
 
January 30,
2016
 
January 31,
2015
Change in projected benefit obligation:
 
 
 
 
Projected benefit obligation at beginning of year
 
$
174

 
$
137

Service cost
 
5

 
5

Interest cost
 
5

 
5

Benefits paid
 
(3
)
 
(6
)
Actuarial (gain) loss
 
(25
)
 
52

Foreign currency impact
 
(8
)
 
(19
)
Projected benefit obligation at end of year
 
$
148

 
$
174

  
Changes in Fair Value of Plan Assets
(In millions)
 
January 30,
2016
 
January 31,
2015
Change in fair value of plan assets:
 
 
 
 
Fair value of plan assets at beginning of year
 
$
123

 
$
118

Actual return on plan assets
 
(2
)
 
17

Employer contributions
 
11

 
7

Benefits paid
 
(3
)
 
(6
)
Foreign currency impact
 
(6
)
 
(13
)
Fair value of plan assets at end of year
 
$
123

 
$
123

  
Funded Status
(In millions)
 
January 30,
2016
 
January 31,
2015
Reconciliation of funded status to total amount recognized:
 
 
 
 
Funded status
 
$
(25
)
 
$
(51
)
Amounts recognized in Consolidated Balance Sheets:
 
 
 
 
Other non-current liabilities
 
$
(25
)
 
$
(51
)
Amounts recognized in Accumulated other comprehensive loss:
 
 
 
 
Unrecognized actuarial losses, net of tax
 
$
22

 
$
42

  
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets:
(In millions)
 
January 30,
2016
 
January 31,
2015
Projected benefit obligation
 
$
148

 
$
174

Accumulated benefit obligation
 
129

 
150

Fair value of plan assets
 
123

 
123

  
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost During Each Fiscal Year:
 
 
Fiscal Years Ended
(In millions)
 
January 30,
2016
 
January 31,
2015
 
February 1,
2014
Service cost
 
$
5

 
$
5

 
$
5

Interest cost
 
5

 
5

 
5

Expected return on plan assets
 
(4
)
 
(5
)
 
(5
)
Actuarial losses recognized
 
2

 
—

 
—

Net periodic benefit cost
 
$
8

 
$
5

 
$
5

  
Estimated Future Payments
Pension benefit payments, including amounts to be paid from our assets, and reflecting expected future service, as appropriate, are expected to be paid as follows:
(In millions)
 
Pension
Benefits
2016
 
$
1

2017
 
1

2018
 
1

2019
 
1

2020
 
1

2021 through 2025
 
7

  
Weighted-average Assumptions Used to Determine Net Periodic Benefit Costs and Benefit Obligations
Weighted-average Assumptions Used to Determine Benefit Obligations at Fiscal Year End:
 
 
Fiscal Years Ended
 
 
January 30,
2016
 
January 31,
2015
Discount rate
 
3.2
%
 
2.7
%
Rate of compensation increase
 
2.6
%
 
2.6
%
Weighted-average Assumptions Used to Determine Net Periodic Benefit Costs at Fiscal Year End:
 
 
January 30,
2016
 
January 31,
2015
 
February 1,
2014
Discount rate
 
2.7
%
 
3.7
%
 
4.1
%
Expected rate of return on plan assets
 
3.4
%
 
4.5
%
 
4.9
%
Rate of compensation increase
 
2.6
%
 
2.6
%
 
2.7
%
  
Weighted Average Asset Allocation by Asset Category
The following represents our pension plan target asset allocations for fiscal 2016, as well as the actual asset allocations as of January 30, 2016 and January 31, 2015:
 
 
2016 Target
Allocation
 
January 30,
2016
 
January 31,
2015
Equity securities
 
29.6
%
 
29.6
%
 
28.3
%
Debt securities
 
56.6
%
 
56.6
%
 
58.3
%
Insurance contracts
 
7.4
%
 
7.4
%
 
7.3
%
Cash and cash equivalents
 
6.4
%
 
6.4
%
 
6.1
%
Total
 
100
%
 
100
%
 
100
%
  
Schedule of Fair Value of Plan Assets
Fiscal 2015
(In millions)
 
Quoted Prices in
Active Markets for
Identical Assets (Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Total
Insurance Contracts (1)
 
$
—

 
$
9

 
$
9

Cash and cash equivalents (2)
 
8

 
—

 
8

Equity Securities: (3)
 
 
 
 
 
 
Domestic
 


 


 
11

International
 


 


 
25

Fixed Income: (3)
 
 
 
 
 
 
Domestic
 


 


 
6

International
 


 


 
64

Total
 
$
8

 
$
9

 
$
123

Fiscal 2014
(In millions)
 
Quoted Prices in
Active Markets for
Identical Assets (Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Total
Insurance Contracts (1)
 
$
—

 
$
9

 
$
9

Cash and cash equivalents (2)
 
7

 
—

 
7

Equity Securities: (3)
 
 
 
 
 
 
Domestic
 


 


 
11

International
 


 


 
24

Fixed Income: (3)
 
 
 
 
 
 
Domestic
 


 


 
4

International
 


 


 
68

Total
 
$
7

 
$
9

 
$
123


(1)
Insurance contracts contain a minimum guaranteed return and are categorized as Level 2 as the fair value of the assets is equal to the total amount of all individual technical reserves plus the non allocated employer’s financing fund reserves at the valuation date. The individual technical and financing fund reserves are equal to the accumulated paid contributions taking into account the insurance ratification and any allocated profit sharing return.
(2)
Cash and cash equivalents include highly liquid investments with original maturities of three months or less at acquisition. Due to the short-term nature of these investments, their carrying amounts approximate fair value. Therefore, we have determined that our cash and cash equivalents in their entirety are classified as Level 1 within the fair value hierarchy.
(3)
In accordance with ASU 2015-07, securities which are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are to reconcile the fair value hierarchy to the total fair value of plan assets.