Pension Plans

6 Months Ended

Jul. 30, 2011

Pension Plans

Pension Plans

Note 7 — Pension Plans

The Company has a pension plan that covers a select group of management employees ("Payless Plan"), a pension plan that covers certain PLG employees ("PLG Plan") and a pension plan that covers certain employees in Asia ("Asia Plan"). To calculate pension expense, the Company uses assumptions to estimate the total benefits ultimately payable to each management employee and allocates this cost to service periods.

Payless Plan

The Payless Plan is a nonqualified, supplementary account balance defined benefit plan for a select group of management employees. The plan is an unfunded, noncontributory plan. The components of pension expense for the plan were:

	13 Weeks Ended				26 Weeks Ended
	July 30,		July 31,		July 30,		July 31,
(dollars in millions)	2011		2010		2011		2010
Components of pension expense:
Service cost	$	0.2	$	0.1	$	0.4	$	0.3
Interest cost		0.4		0.5		0.9		1.0
Amortization of prior service cost		0.4		0.4		0.8		0.8
Amortization of actuarial loss		0.4		0.4		0.8		0.7
Total	$	1.4	$	1.4	$	2.9	$	2.8

PLG Plan

The PLG Plan is a noncontributory defined benefit pension plan, which no longer accrues future benefits, covering certain eligible PLG associates. The components of pension expense for the plan were:

	13 Weeks Ended						26 Weeks Ended
	July 30,			July 31,			July 30,			July 31,
(dollars in millions)	2011			2010			2011			2010
Components of pension expense:
Interest cost	$	1.2		$	1.2		$	2.4		$	2.3
Expected return on net assets		(1.4	)		(1.3	)		(2.7	)		(2.5	)
Amortization of actuarial loss		0.3			0.4			0.6			0.7
Total	$	0.1		$	0.3		$	0.3		$	0.5

Asia Plan

The Asia Plan is a nonqualified, supplementary account balance defined benefit plan for a select group of employees in Asia. The plan is an unfunded, noncontributory plan. The components of pension expense for the plan were not significant for the thirteen and twenty-six weeks ended July 30, 2011 and July 31, 2010.