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RETIREMENT AND BENEFIT PLANS | 6 Months Ended
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Aug. 03, 2014
Notes to Financial Statements [Abstract] |
RETIREMENT AND BENEFIT PLANS | RETIREMENT AND BENEFIT PLANS The Company has five noncontributory defined benefit pension plans as of August 3, 2014 covering substantially all employees resident in the United States who meet certain age and service requirements. As part of the Warnaco acquisition, the Company acquired a frozen noncontributory defined benefit pension plan. Such plan was merged with an existing plan of the Company’s during 2013. The plans provide monthly benefits upon retirement based on career compensation and years of credited service. Vesting in plan benefits occurs after five years of service. The Company refers to these five plans as its “Pension Plans.” The Company also has for certain members of Tommy Hilfiger’s domestic senior management a supplemental executive retirement plan, which is an unfunded non-qualified supplemental defined benefit pension plan. Such plan is frozen and, as a result, participants do not accrue additional benefits. In addition, the Company has a capital accumulation plan, which is an unfunded non-qualified supplemental defined benefit plan. Under the individual participants’ agreements, the participants in this plan will receive a predetermined amount during the 10 years following the attainment of age 65, provided that prior to the termination of employment with the Company, the participant has been in the plan for at least 10 years and has attained age 55. The Company also has for certain employees resident in the United States who meet certain age and service requirements an unfunded non-qualified supplemental defined benefit pension plan, which provides benefits for compensation in excess of Internal Revenue Service earnings limits and requires payments to vested employees upon, or shortly after, employment termination or retirement. The Company refers to these three plans as its “SERP Plans.” The Company also provides certain postretirement health care and life insurance benefits to certain retirees resident in the United States. Retirees contribute to the cost of this plan, which is unfunded. During 2002, the postretirement plan was amended to eliminate the Company contribution, which partially subsidized benefits, for active participants who, as of January 1, 2003, had not attained age 55 and 10 years of service. As a result of the Company’s acquisition of Warnaco, the Company also provides certain postretirement health care and life insurance benefits to certain Warnaco retirees resident in the United States. Retirees contribute to the cost of this plan, which is unfunded. This plan was frozen on January 1, 2014. The Company refers to these two plans as its “Postretirement Plans.” Net benefit cost related to the Company’s Pension Plans was recognized in selling, general and administrative expenses as follows:
| Thirteen Weeks Ended |  | Twenty-Six Weeks Ended
(In millions) | 8/3/14 |  | 8/4/13 |  | 8/3/14 |  | 8/4/13
Service cost, including plan expenses | $ | 4.8 |  |  | $ | 4.8 |  |  | $ | 9.8 |  |  | $ | 9.4 |
Interest cost | 7.1 |  |  | 6.6 |  |  | 14.2 |  |  | 13.1 |
Expected return on plan assets | (10.9 | ) |  | (9.7 | ) |  | (21.8 | ) |  | (19.5 | )
Total | $ | 1.0 |  |  | $ | 1.7 |  |  | $ | 2.2 |  |  | $ | 3.0 |
Net benefit cost related to the Company’s SERP Plans was recognized in selling, general and administrative expenses as follows:
| Thirteen Weeks Ended |  | Twenty-Six Weeks Ended
(In millions) | 8/3/14 |  | 8/4/13 |  | 8/3/14 |  | 8/4/13
Service cost, including plan expenses | $ | 1.1 |  |  | $ | 1.1 |  |  | $ | 2.2 |  |  | $ | 2.2 |
Interest cost | 1.1 |  |  | 1.0 |  |  | 2.0 |  |  | 1.8 |
Total | $ | 2.2 |  |  | $ | 2.1 |  |  | $ | 4.2 |  |  | $ | 4.0 |
Net benefit cost related to the Company’s Postretirement Plans was recognized in selling, general and administrative expenses as follows:
| Thirteen Weeks Ended |  | Twenty-Six Weeks Ended
(In millions) | 8/3/14 |  | 8/4/13 |  | 8/3/14 |  | 8/4/13
Interest cost | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | 0.4 |
Amortization of prior service credit | (0.2 | ) |  | (0.2 | ) |  | (0.4 | ) |  | (0.4 | )
Total | $ | 0.0 |  |  | $ | 0.0 |  |  | $ | 0.0 |  |  | $ | 0.0 |
Currently, the Company expects to make a contribution of approximately $2.5 million to its Pension Plans in 2014. The Company’s actual contributions may differ from planned contributions due to many factors including changes in tax and other benefit laws, or significant differences between expected and actual pension asset performance or interest rates.

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