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Benefit Plans | 12 Months Ended
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Feb. 03, 2024
Retirement Benefits [Abstract] |
Benefit Plans | 8. Benefit Plans The Company has a retirement plan with a 401(k)-salary deferral feature for eligible employees. Under the terms of the plan, eligible employees could contribute up to the lesser of $22,500 ($30,000 if at least 50 years of age) or 75% of eligible pay. Eligible employees with 1 year of service, who elect to participate in the plan or are auto-enrolled, receive a Company matching contribution. Company matching contributions are calculated on the eligible employee’s first 6% of elective deferrals with the first 1% being matched 100% and the next 5% being matched 50%. The Company matching contributions are used to purchase Class A Common Stock of the Company for the benefit of the employee. This stock may be immediately diversified into any of the other funds within the plan at the election of the employee. The terms of the plan provide a two-year vesting schedule for the Company matching contribution portion of the plan. The Company incurred benefit plan expense of approximately $24 million, $22 million and $18 million for fiscal 2023, 2022 and 2021, respectively. Benefit plan expenses are included in selling, general and administrative expenses. 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. Pension expense is determined 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 service cost component of net periodic benefit costs is included in selling, general and administrative expenses, and the interest costs and net actuarial loss components are included in other expense in the consolidated statements of income. The accumulated benefit obligations, change in projected benefit obligation, change in assets, funded status and reconciliation to amounts recognized in the consolidated balance sheets related to the Pension Plan are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | February 3, |  | January 28,
(in thousands of dollars) | ​ | 2024 | ​ | 2023
Change in benefit obligation: |  | ​ |  |  | ​ |
Benefit obligation at beginning of year | ​ | $ | 273,118 | ​ | $ | 226,286
Service cost | ​ |  | 5,047 | ​ |  | 4,077
Interest cost | ​ |  | 12,948 | ​ |  | 6,786
Actuarial loss | ​ |  | 32,333 | ​ |  | 42,321
Benefits paid | ​ |  | (6,959) | ​ |  | (6,352)
Benefit obligation at end of year | ​ | $ | 316,487 | ​ | $ | 273,118
Change in Pension Plan assets: | ​ |  |  | ​ |  |
Fair value of Pension Plan assets at beginning of year | ​ | $ | — | ​ | $ | —
Employer contribution | ​ |  | 6,959 | ​ |  | 6,352
Benefits paid | ​ |  | (6,959) | ​ |  | (6,352)
Fair value of Pension Plan assets at end of year | ​ | $ | — | ​ | $ | —
Funded status (Pension Plan assets less benefit obligation) | ​ | $ | (316,487) | ​ | $ | (273,118)
Amounts recognized in the balance sheets: | ​ |  |  | ​ |  |
Accrued benefit liability | ​ | $ | (316,487) | ​ | $ | (273,118)
Net amount recognized | ​ | $ | (316,487) | ​ | $ | (273,118)
Pretax amounts recognized in accumulated other comprehensive loss: | ​ |  |  | ​ |  |
Net actuarial loss | ​ | $ | 97,917 | ​ | $ | 71,427
Prior service cost | ​ |  | — | ​ |  | —
Net amount recognized | ​ | $ | 97,917 | ​ | $ | 71,427
​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated benefit obligation at end of year | ​ | $ | (303,442) | ​ | $ | (272,002)
​ The accrued benefit liability is included in other liabilities. At February 3, 2024 and January 28, 2023, the current portion of the accrued benefit liability of $6.9 million and $6.6 million, respectively, is included in trade accounts payable and accrued expenses. The increase in the benefit obligation from January 28, 2023 to February 3, 2024 was primarily related to the actuarial loss of $32.3 million, which was primarily the net result of increases in fiscal 2022 compensation that were paid during fiscal 2023, increases due to estimated changes of future compensation and decreases due to the change in the discount rate to 5.1% as of February 3, 2024 from 4.8% as of January 28, 2023. The increase in the benefit obligation was also a result of increasing interest costs. The discount rate that the Company utilizes for determining future pension obligations is based on the FTSE Above Median Pension yield curve on its annual measurement date as of the end of each fiscal year and is matched to the future expected cash flows of the benefit plans by semi-annual periods. ​ Weighted average assumptions are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fiscal 2023 |  | Fiscal 2022 |  | Fiscal 2021 |
Discount rate—net periodic pension cost |  | 4.8 | % | 3.0 | % | 2.5 | %
Discount rate—benefit obligations |  | 5.1 | % | 4.8 | % | 3.0 | %
Rate of compensation increases—net periodic pension cost | ​ | 2.0 | % | 2.0 | % | 2.0 | %
Rate of compensation increases—benefit obligations |  | 3.0 | % | 2.0 | % | 2.0 | %
​ The components of net periodic benefit costs are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands of dollars) | ​ | Fiscal 2023 |  | Fiscal 2022 |  | Fiscal 2021
Components of net periodic benefit costs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ | $ | 5,047 | ​ | $ | 4,077 | ​ | $ | 4,268
Interest cost | ​ |  | 12,948 | ​ |  | 6,786 | ​ |  | 5,750
Net actuarial loss | ​ |  | 5,843 | ​ |  | 958 | ​ |  | 2,786
Net periodic benefit costs | ​ | $ | 23,838 | ​ | $ | 11,821 | ​ | $ | 12,804
Other changes in benefit obligations recognized in other comprehensive loss (income): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net actuarial loss (gain) | ​ | $ | 26,490 | ​ | $ | 41,363 | ​ | $ | (16,004)
Amortization of prior service cost | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total recognized in other comprehensive loss (income) | ​ | $ | 26,490 | ​ | $ | 41,363 | ​ | $ | (16,004)
Total recognized in net periodic benefit costs and other comprehensive income or loss | ​ | $ | 50,328 | ​ | $ | 53,184 | ​ | $ | (3,200)
​ The estimated future benefits payments for the nonqualified benefit plan are as follows: ​
​ | ​ | ​ | ​ | ​
(in thousands of dollars) |  | ​ | ​ | ​
Fiscal Year |  | ​ |  | ​
2024 | ​ | $ | 7,053 | *
2025 | ​ |  | 19,600 |
2026 | ​ |  | 20,478 |
2027 | ​ |  | 27,523 |
2028 | ​ |  | 29,359 |
2029 - 2033 | ​ |  | 136,082 |
Total payments for next ten fiscal years | ​ | $ | 240,095 |
* | The estimated benefit payment for fiscal 2024 also represents the amount the Company expects to contribute to the Pension Plan for fiscal 2024.

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