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Benefit Plans
 3 Months Ended
May 04, 2024
Retirement Benefits [Abstract]  
Benefit Plans

Note 6. Benefit Plans

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 Company contributed $1.8 million to the Pension Plan during the three months ended May 4, 2024 and expects to make additional contributions to the Pension Plan of approximately $5.6 million during the remainder of fiscal 2024.

The components of net periodic benefit costs are as follows:

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Three Months Ended

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​

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May 4,

    

April 29,

    

(in thousands of dollars)

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2024

​

2023

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Components of net periodic benefit costs:

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Service cost

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$

1,589

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$

1,262

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Interest cost

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3,975

​

 

3,237

​

Net actuarial loss

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2,183

​

 

1,461

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Net periodic benefit costs

​

$

7,747

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$

5,960

​

​

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 condensed consolidated statements of income.