XML 68 R17.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Supplemental Executive Retirement Plan | 12 Months Ended
--- | ---
Jan. 28, 2012
Supplemental Executive Retirement Plan |
Supplemental Executive Retirement Plan |
(10) Supplemental Executive Retirement Plan On August 23, 2005, the Board of Directors of the Company adopted a Supplemental Executive Retirement Plan which became effective January 1, 2006. The SERP provides select employees who satisfy certain eligibility requirements with certain benefits upon retirement, termination of employment, death, disability or a change in control of the Company, in certain prescribed circumstances. Paul Marciano, Chief Executive Officer and Vice Chairman of the Board, is the only active participant in the SERP. Maurice Marciano, non-executive Chairman of the Board of Directors, was an active participant in the SERP until his retirement effective on January 28, 2012. Carlos Alberini, the Company's former President and Chief Operating Officer, was an active participant in the SERP until his departure from the Company on June 1, 2010. Mr. Maurice Marciano and Mr. Alberini will be eligible to receive vested SERP benefits in the future in accordance with the terms of the SERP. During the year ended January 28, 2012, the Company recorded a SERP curtailment expense of $1.2 million before taxes related to the accelerated amortization of prior service cost resulting from the retirement of Mr. Maurice Marciano as an employee and executive officer, effective upon the expiration of his employment agreement on January 28, 2012. Mr. Maurice Marciano did not receive or earn any additional SERP-related benefits in connection with his retirement and, as of the date of his retirement, ceased vesting or accruing any additional benefits under the terms of the SERP. During the year ended January 29, 2011, the Company recorded a SERP curtailment expense of $5.8 million before taxes related to the accelerated amortization of prior service cost resulting from the departure of Mr. Alberini from the Company. Mr. Alberini did not receive any termination payments in connection with his departure and, as of the date of his departure, he ceased vesting or accruing any additional benefits under the terms of the SERP. Mr. Maurice Marciano's retirement and Mr. Alberini's departure each resulted in a significant reduction in the total expected remaining years of future service of all SERP participants combined, resulting in the pension curtailment during each of the separate periods. As a non-qualified pension plan, no dedicated funding of the SERP is required; however, the Company has and expects to continue to make periodic payments into insurance policies held in a rabbi trust to fund the expected obligations arising under the non-qualified SERP. The amount of future payments may vary, depending on the future years of service, future annual compensation of the active participant and investment performance of the trust. The cash surrender values of the insurance policies were $38.4 million and $32.9 million as of January 28, 2012 and January 29, 2011, respectively, and were included in other assets in the Company's consolidated balance sheets. As a result of a change in value of the insurance policy investments, the Company recorded (losses) gains of $(0.2) million, $2.7 million and $3.1 million in other income during fiscal 2012, fiscal 2011 and fiscal 2010, respectively. In accordance with authoritative accounting guidance for defined benefit pension and other postretirement plans, an asset for a plan's overfunded status or a liability for a plan's underfunded status is recognized in the consolidated balance sheet; plan assets and obligations that determine the plan's funded status are measured as of the end of the Company's fiscal year; and changes in the funded status of defined benefit postretirement plans are recognized in the year in which they occur. Such changes are reported in other comprehensive income and as a separate component of stockholders' equity. The components of net periodic pension cost to comprehensive income for fiscal 2012, fiscal 2011 and fiscal 2010, are (in thousands):
|  | Year Ended Jan. 28, 2012 |  | Year Ended Jan. 29, 2011 |  | Year Ended Jan. 30, 2010 |
--- | --- | --- | --- | --- | --- | --- | ---
Service cost |  | $ | — |  | $ | 69 |  | $ | 213 |
Interest cost |  |  | 2,641 |  |  | 2,177 |  |  | 2,053 |
Net amortization of unrecognized prior service cost |  |  | 940 |  |  | 1,195 |  |  | 1,743 |
Net amortization of actuarial losses |  |  | 2,048 |  |  | 619 |  |  | — |
Curtailment expense |  |  | 1,242 |  |  | 5,819 |  |  | — |
Net periodic defined benefit pension cost |  | $ | 6,871 |  | $ | 9,879 |  | $ | 4,009 |
Unrecognized prior service cost charged to comprehensive income |  | $ | 940 |  | $ | 1,195 |  | $ | 1,743 |
Unrecognized net actuarial loss charged to comprehensive income |  |  | 2,048 |  |  | 619 |  |  | — |
Actuarial losses |  |  | (9,342 | ) |  | (8,361 | ) |  | (5,569 | )
Curtailment expense |  |  | 1,242 |  |  | 5,819 |  |  | — |
Related tax impact |  |  | 2,057 |  |  | 251 |  |  | 1,435 |
Total periodic costs and other charges to comprehensive income |  | $ | (3,055 | ) | $ | (477 | ) | $ | (2,391 | )
Included in accumulated other comprehensive income, before tax, as of January 28, 2012 and January 29, 2011 were the following amounts that have not yet been recognized in net periodic benefit cost (in thousands):
|  | Jan. 28, 2012 |  | Jan. 29, 2011 |
--- | --- | --- | --- | --- | ---
Unrecognized prior service cost |  | $ | 3,363 |  | $ | 5,545 |
Unrecognized net actuarial loss |  |  | 22,681 |  |  | 15,387 |
Net balance sheet impact |  | $ | 26,044 |  | $ | 20,932 |
The following chart summarizes the SERP's funded status and the amounts recognized in the Company's consolidated balance sheets (in thousands):
|  | Jan. 28, 2012 |  | Jan. 29, 2011 |
--- | --- | --- | --- | --- | ---
Projected benefit obligation |  | $ | (59,755 | ) | $ | (47,772 | )
Plan assets at fair value(1) |  |  | — |  |  | — |
Net liability (included in other long-term liabilities) |  | $ | (59,755 | ) | $ | (47,772 | )
(1) The SERP is a non-qualified pension plan and hence the insurance policies are not considered to be plan assets. Accordingly, the table above does not include the insurance policies with cash surrender values of $38.4 million and $32.9 million at January 28, 2012 and January 29, 2011, respectively. A reconciliation of the changes in the projected benefit obligation for fiscal 2012 and fiscal 2011 is as follows (in thousands):
|  | Projected Benefit Obligation |
--- | --- | --- | ---
Balance at January 30, 2010 |  | $ | 37,165 |
Service cost |  |  | 69 |
Interest cost |  |  | 2,177 |
Actuarial losses |  |  | 8,361 |
Balance at January 29, 2011 |  | $ | 47,772 |
Interest cost |  |  | 2,641 |
Actuarial losses |  |  | 9,342 |
Balance at January 28, 2012 |  | $ | 59,755 |
The Company assumed a discount rate of 4.0% at January 28, 2012 compared to 5.5% at January 29, 2011, as part of the actuarial valuation performed to calculate the projected benefit obligation disclosed above, based on the timing of cash flows expected to be made in the future to the participants, applied to high quality yield curves. Compensation levels utilized in calculating the projected benefit obligation were derived from expected future compensation as outlined in employment contracts in effect at the time. At January 28, 2012, amounts included in comprehensive income that are expected to be recognized as components of net periodic defined benefit pension cost in fiscal 2013 consist of amortization of prior service costs of $0.6 million and actuarial losses of $3.3 million. Benefits projected to be paid in the next five fiscal years amount to $5.1 million with one-third of such payments to be paid in each of the third, fourth and fifth years. Aggregate benefits projected to be paid in the following five fiscal years amount to $25.2 million.

X
- Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 87 -Paragraph 264 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Implementation Guide (Q and A) -Number FAS88 -Paragraph 63 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph h -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 30 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-2 -Paragraph 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 8 -Subparagraph m -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph q -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 106 -Paragraph 518 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration