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RETIREMENT AND OTHER BENEFIT PLANS (Tables)
12 Months Ended
Jan. 30, 2021
Notes Tables  
Schedule of Changes in Projected Benefit Obligations

Pension Benefits

Other Postretirement Benefits

($ thousands)

    

2020

    

2019

    

2020

    

2019

Benefit obligation at beginning of year

$

388,288

$

342,192

$

1,371

$

1,461

Service cost

 

8,492

 

7,219

 

 

Interest cost

 

12,205

 

14,811

 

41

 

60

Plan participants’ contribution

 

7

 

9

 

4

 

6

Plan amendments

 

 

93

 

 

Actuarial loss (gain)

 

8,710

 

58,278

 

(55)

 

(39)

Benefits paid

 

(15,272)

 

(14,399)

 

(112)

 

(117)

Settlements

 

(36,747)

 

(20,263)

 

 

Contractual termination benefits

 

 

482

 

 

Curtailments

 

(95)

 

(90)

 

 

Foreign exchange rate changes

 

(18)

 

(44)

 

 

Benefit obligation at end of year

$

365,570

$

388,288

$

1,249

$

1,371

Defined Benefit Plan, Assumptions

Pension Benefits

Other Postretirement Benefits

Weighted–average assumptions used to determine benefit obligations, end of year

    

2020

    

2019

    

2020

    

2019

 

Discount rate

3.10

%

3.25

%  

3.10

%  

3.25

%

Rate of compensation increase

 

3.00

%

3.00

%  

N/A

 

N/A

Pension Benefits

Other Postretirement Benefits

 

    

2020

    

2019

    

2018

    

2020

    

2019

    

2018

 

Discount rate

 

3.25

%  

4.35

%  

4.00

%  

3.25

%  

4.35

%  

4.00

%

Rate of compensation increase

 

3.00

%  

3.00

%  

3.00

%  

N/A

 

N/A

 

N/A

Expected return on plan assets

 

7.50

%  

7.75

%  

8.00

%  

N/A

 

N/A

 

N/A

Schedule of Allocation of Plan Assets

Fair Value Measurements at January 30, 2021

($ thousands)

    

Total

    

Level 1

    

Level 2

    

Level 3

Asset

  

  

  

  

Cash and cash equivalents

$

9,149

$

9,149

$

$

U.S. government securities

 

108,733

 

50,116

 

58,617

 

Interest rate swap agreements

(4,597)

(4,597)

Mutual fund

 

38,064

 

38,064

 

 

Exchange-traded funds

 

119,647

 

119,647

 

 

Corporate stocks - common

 

160,137

 

160,112

 

 

25

Preferred securities

 

2,495

 

 

 

2,495

S&P 500 Index options

 

(6,482)

 

(6,482)

 

 

Total investments in the fair value hierarchy

$

427,146

$

370,606

$

54,020

$

2,520

 

  

 

  

 

  

 

  

Investments measured at net asset value:

 

  

 

  

 

  

 

  

Alternative investment fund

 

17,522

 

 

 

Unallocated insurance contract

 

49

 

 

 

Total investments measured at net asset value

 

17,571

 

 

 

 

  

 

  

 

  

 

  

Total investments at fair value

$

444,717

$

370,606

$

54,020

$

2,520

Fair Value Measurements at February 1, 2020

($ thousands)

    

Total

    

Level 1

    

Level 2

    

Level 3

Asset

  

  

  

  

Cash and cash equivalents

$

31,588

$

31,588

$

$

U.S. government securities

 

94,285

 

18,388

 

75,897

 

Mutual fund

 

32,551

 

32,551

 

 

Exchange-traded funds

 

71,505

 

71,505

 

 

Corporate stocks - common

 

177,743

 

177,718

 

 

25

Preferred securities

 

852

 

 

 

852

S&P 500 Index options

 

3,252

 

3,252

 

 

Total

$

411,776

$

335,002

$

75,897

$

877

Investments measured at net asset value:

 

  

 

  

 

  

 

  

Alternative investment fund

 

16,335

 

 

 

Unallocated insurance contract

 

75

 

 

 

Total investments measured at net asset value

 

16,410

 

 

 

 

  

 

  

 

  

 

  

Total investments at fair value

$

428,186

$

335,002

$

75,897

$

877

Schedule of Changes in Fair Value of Plan Assets

Pension Benefits

Other Postretirement Benefits

($ thousands)

    

2020

    

2019

    

2020

    

2019

Fair value of plan assets at beginning of year

$

428,186

$

381,450

$

$

Actual return on plan assets

 

67,413

 

81,282

 

 

Employer contributions

 

1,148

 

151

 

108

 

111

Plan participants’ contributions

 

7

 

9

 

4

 

6

Benefits paid

 

(15,272)

 

(14,399)

 

(112)

 

(117)

Settlements

 

(36,747)

 

(20,263)

 

 

Foreign exchange rate changes

 

(18)

 

(44)

 

 

Fair value of plan assets at end of year

$

444,717

$

428,186

$

$

Schedule of Amounts Recognized in Balance Sheet

    

Pension Benefits

    

Other Postretirement Benefits

($ thousands)

2020

    

2019

    

2020

    

2019

Prepaid pension costs (noncurrent assets)

$

88,833

$

50,660

$

$

Accrued benefit liabilities (current liability)

 

(1,896)

 

(2,405)

 

(194)

 

(200)

Accrued benefit liabilities (noncurrent liability)

 

(7,790)

 

(8,361)

 

(1,055)

 

(1,171)

Net amount recognized at end of year

$

79,147

$

39,894

$

(1,249)

$

(1,371)

Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets

Projected Benefit Obligation Exceeds the

Accumulated Benefit Obligation

Fair Value of Plan Assets

Exceeds the Fair Value of Plan Assets

($ thousands)

    

2020

    

2019

    

2020

    

2019

End of Year

  

  

  

  

Projected benefit obligation

$

9,686

$

10,766

$

9,686

$

10,766

Accumulated benefit obligation

 

8,954

 

9,516

 

8,954

 

9,516

Fair value of plan assets

 

 

 

 

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

Pension Benefits

Other Postretirement Benefits

($ thousands)

    

2020

    

2019

    

2020

    

2019

Components of accumulated other comprehensive loss, net of tax:

  

  

  

  

Net actuarial loss (gain)

$

10,438

$

33,771

$

(466)

$

(507)

Net prior service credit

 

(947)

 

(2,093)

 

 

Accumulated other comprehensive loss, net of tax

$

9,491

$

31,678

$

(466)

$

(507)

Schedule of Net Benefit Costs

Pension Benefits

Other Postretirement Benefits

($ thousands)

    

2020

    

2019

    

2018

    

2020

    

2019

    

2018

Service cost

$

8,492

$

7,219

$

8,995

$

$

$

Interest cost

 

12,205

 

14,811

 

14,236

 

41

 

60

 

59

Expected return on assets

 

(31,498)

 

(27,735)

 

(29,091)

 

 

 

Amortization of:

 

  

 

  

 

  

 

  

 

  

 

  

Actuarial loss (gain)

 

2,718

 

3,904

 

4,122

 

(110)

 

(107)

 

(125)

Prior service credit

 

(1,354)

 

(1,486)

 

(1,567)

 

 

 

Settlement cost

 

1,353

 

2,236

 

324

 

 

 

Curtailments

 

(189)

 

 

 

 

 

Cost of contractual termination benefits

 

 

482

 

 

 

 

Total net periodic benefit income

$

(8,273)

$

(569)

$

(2,981)

$

(69)

$

(47)

$

(66)

Schedule of Expected Benefit Payments

Pension Benefits

Other

Postretirement

($ thousands)

    

Funded Plan

    

SERP

    

Total

    

Benefits

Employer Contributions

 

  

 

  

 

  

 

  

2021 expected contributions to plan trusts

$

58

$

$

58

$

2021 expected contributions to plan participants

 

 

1,925

 

1,925

 

197

2021 refund of assets (e.g. surplus) to employer

 

136

 

 

136

 

Expected Benefit Payments

 

  

 

  

 

 

  

2021

$

15,405

$

1,925

$

17,330

$

197

2022

 

16,883

 

1,465

 

18,348

 

167

2023

 

15,301

 

2,094

 

17,395

 

141

2024

 

15,694

 

247

 

15,941

 

119

2025

 

16,271

 

270

 

16,541

 

99

2026-2030

 

87,139

 

1,840

 

88,979

 

285