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RETIREMENT AND BENEFIT PLANS | 3 Months Ended
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May 06, 2018
Notes to Financial Statements [Abstract] |
RETIREMENT AND BENEFIT PLANS | RETIREMENT AND BENEFIT PLANS The Company has five qualified defined benefit pension plans as of May 6, 2018 covering substantially all employees resident in the United States who meet certain age and service requirements. The plans provide monthly benefits upon retirement generally based on career average compensation and years of credited service. Vesting in plan benefits generally occurs after five years of service. The Company refers to these five noncontributory 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 program, 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 noncontributory 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. As a result of the Company’s acquisition of The Warnaco Group, Inc. (“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. Both of the Company’s postretirement health care and life insurance benefit plans are frozen. The Company refers to these two plans as its “Postretirement Plans.” The components of net benefit cost were as follows:
| Pension Plans |  | SERP Plans
| Thirteen Weeks Ended |  | Thirteen Weeks Ended
(In millions) | 5/6/18 |  | 4/30/17 |  | 5/6/18 |  | 4/30/17
Service cost, including plan expenses | $ | 8.3 |  |  | $ | 6.9 |  |  | $ | 1.3 |  |  | $ | 1.2 |
Interest cost | 6.5 |  |  | 6.4 |  |  | 1.0 |  |  | 1.0 |
Expected return on plan assets | (10.0 | ) |  | (9.7 | ) |  | — |  |  | — |
Loss on settlement | — |  |  | 9.4 |  |  | — |  |  | — |
Total | $ | 4.8 |  |  | $ | 13.0 |  |  | $ | 2.3 |  |  | $ | 2.2 |
Net benefit cost related to the Postretirement Plans was immaterial for the thirteen weeks ended May 6, 2018 and April 30, 2017. The service cost component of net benefit cost is recorded in SG&A expenses and the other components of net benefit cost are recorded in non-service related pension and postretirement (income) cost in the Company’s Consolidated Income Statements. Please see Note 20, “Recent Accounting Guidance,” for further discussion of the updated guidance related to the presentation of net benefit cost. During the first quarter of 2017, the Company completed the purchase of a group annuity using assets from the Pension Plans. Under the group annuity, the accrued pension obligations for approximately 4,000 retiree participants who had deferred vested benefits under the Pension Plans were transferred to an insurer. As a result, the Company recognized a loss of $9.4 million, which was recorded in non-service related pension and postretirement cost in the Company’s Consolidated Income Statement for the thirteen weeks ended April 30, 2017. The amount of the pension benefit obligation settled was $65.3 million. Currently, the Company does not expect to make any material contributions to the Pension Plans in 2018. 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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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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