Pension, SERP and Postretirement Benefits

6 Months Ended

Jul. 28, 2012

Pension, SERP and Postretirement Benefits [Abstract]

Pension, SERP and Postretirement Benefits

(8) Pension, SERP and Postretirement Benefits

The Company has a defined benefit pension plan, the Belk Pension Plan, which prior to fiscal year 2010 had been partially frozen and closed to new participants. Pension benefits were suspended for fiscal year 2010, and effective December 31, 2009, the Pension Plan was frozen for those remaining participants whose benefits were not previously frozen.

The Company has a non-qualified defined benefit Supplemental Executive Retirement Plan, (“Old SERP”), which provides retirement and death benefits to certain qualified executives. Old SERP has been closed to new executives and has been replaced by the 2004 Supplemental Executive Retirement Plan (“2004 SERP”), a non-qualified defined contribution plan.

The Company also provides postretirement medical and life insurance benefits to certain employees, and was closed to new participants in 2002. The Company accounts for postretirement benefits by recognizing the cost of these benefits over an employee’s estimated term of service with the Company, in accordance with ASC 715, “Compensation — Retirement Benefits.”

The components of net periodic benefit expense for these plans are as follows:

	Three Months Ended
	Pension Plan						Old SERP Plan				Postretirement Plan
	July 28, 2012			July 30, 2011			July 28, 2012		July 30, 2011		July 28, 2012		July 30, 2011
	(in thousands)
Service cost	$	—		$	—		$	38	$	26	$	29	$	27
Interest cost		5,854			6,373			140		155		266		300
Expected return on plan assets		(7,240	)		(7,017	)		—		—		—		—
Amortization of transition obligation		—			—			—		—		49		65
Amortization of net loss		2,842			1,967			119		64		107		(34	)
Net periodic benefit expense	$	1,456		$	1,323		$	297	$	245	$	451	$	358
	Six Months Ended
	Pension Plan						Old SERP Plan				Postretirement Plan
	July 28, 2012			July 30, 2011			July 28, 2012		July 30, 2011		July 28, 2012		July 30, 2011
	(in thousands)
Service cost	$	—		$	—		$	76	$	51	$	58	$	54
Interest cost		11,708			12,746			280		310		532		600
Expected return on plan assets		(14,480	)		(14,033	)		—		—		—		—
Amortization of transition obligation		—			—			—		—		98		131
Amortization of net loss		5,684			3,933			238		128		214		(69	)
Net periodic benefit expense	$	2,912		$	2,646		$	594	$	489	$	902	$	716

During the three months and six months ended July 28, 2012, the Company made contributions to its Pension Plan of $4.5 million and $9.0 million, respectively. The Company expects to make additional contributions totaling approximately $9.0 million to the Pension Plan before fiscal year end. During the three and six months ended July 30, 2011, the Company made discretionary contributions to its Pension Plan of $16.2 million and $32.4 million, respectively.