Benefit Plans

6 Months Ended

Aug. 01, 2020

The Company has an unfunded, nonqualified defined benefit plan (“Pension Plan”) for its officers. The Pension Plan is noncontributory and provides benefits based on years of service and compensation during employment. The Company determines pension expense using an actuarial cost method to estimate the total benefits ultimately payable to officers and allocates this cost to service periods. The actuarial assumptions used to calculate pension costs are reviewed annually. The Company contributed $1.4 million and $2.8 million to the Pension Plan during the three and six months ended August 1, 2020, respectively, and expects to make additional contributions to the Pension Plan of approximately $2.7 million during the remainder of fiscal 2020.

The components of net periodic benefit costs are as follows (in thousands):


	Three Months Ended						Six Months Ended
	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Components of net periodic benefit costs:
Service cost	$	1,090	$	905	$	2,180	$	1,810
Interest cost	1,536		1,917		3,072		3,834
Net actuarial loss	568		—		1,137		—
Net periodic benefit costs	$	3,194	$	2,822	$	6,389	$	5,644

The service cost component of net periodic benefit costs is included in selling, general and administrative expenses, and the interest cost and net actuarial loss components are included in other expense.