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RETIREMENT AND BENEFIT PLANS | 3 Months Ended
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May 03, 2020
Notes to Financial Statements [Abstract] |
RETIREMENT AND BENEFIT PLANS | RETIREMENT AND BENEFIT PLANS The Company, as of May 3, 2020, has five noncontributory qualified defined benefit pension plans 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 plans as its “Pension Plans.” The Company also has three noncontributory unfunded non-qualified supplemental defined benefit pension plans, including: –A plan for certain current and former members of Tommy Hilfiger’s domestic senior management. The plan is frozen and, as a result, participants do not accrue additional benefits. –A capital accumulation program for certain current and former senior executives. Under the individual participants’ agreements, the participants in the program will receive a predetermined amount during the ten 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 ten years and has attained age 55. –A plan for certain employees resident in the United States who meet certain age and service requirements that 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 components of net benefit cost recognized were as follows:
| Pension Plans |  |  |  |  |  |  |  | SERP Plans |  |
| Thirteen Weeks Ended |  |  |  |  |  |  |  | Thirteen Weeks Ended |  |
(In millions) | 5/3/20 |  | 5/5/19 |  |  |  |  |  | 5/3/20 |  | 5/5/19
Service cost | $ | 11.1 |  |  | $ | 8.2 |  |  |  |  |  |  | $ | 1.9 |  |  | 1.5 |
Interest cost | 6.4 |  |  | 6.9 |  |  |  |  |  |  | 0.9 |  |  | 1.0 |
Expected return on plan assets | (10.9) |  |  | (10.1) |  |  |  |  |  |  | — |  |  | — |
Speedo deconsolidation gain | (2.2) |  |  | — |  |  |  |  |  |  | (0.6) |  |  | — |
Total | $ | 4.4 |  |  | $ | 5.0 |  |  |  |  |  |  | $ | 2.2 |  |  | $ | 2.5 |
The Company completed the sale of its Speedo North America business to Pentland on April 6, 2020. Upon the closing of the transaction, U.S.-based employees who were engaged primarily in the Speedo North America business terminated their employment with the Company. However, the Company retained the liability for any deferred vested benefits earned under its retirement plans. No further benefits will be accrued under the plans and as a result, the Company recognized a gain of $2.8 million in the first quarter of 2020 with a corresponding decrease to its pension benefit obligation. The gain was included in other noncash loss, net in the Company’s Consolidated Statement of Operations. Please see Note 4, “Acquisitions and Divestitures,” for further discussion of the sale of the Speedo North America business. The Company also provides certain postretirement health care and life insurance benefits to certain retirees resident in the United States. 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 the applicable plan, both of which are unfunded and frozen. The Company refers to these two plans as its “Postretirement Plans.” Net benefit cost related to the Postretirement Plans was immaterial for the thirteen weeks ended May 3, 2020 and May 5, 2019. The service cost component of net benefit cost is recorded in selling, general and administrative (“SG&A”) expenses and the other components of net benefit cost are recorded in non-service related pension and postretirement income in the Company’s Consolidated Statements of Operations. Currently, the Company does not expect to make material contributions to the Pension Plans in 2020. The Company’s actual contributions may differ from planned contributions due to many factors, including changes in tax and other laws, as well as significant differences between expected and actual pension asset performance or interest rates.

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