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RETIREMENT AND OTHER BENEFIT PLANS (Tables)
12 Months Ended
Feb. 01, 2025
Retirement and Other Benefit Plans  
Schedule of Changes in Projected Benefit Obligations

Pension Benefits

Other Postretirement Benefits

($ thousands)

    

2024

    

2023

    

2024

    

2023

Benefit obligation at beginning of year

$

282,175

$

285,572

$

931

$

1,018

Service cost

 

4,931

 

5,020

 

 

Interest cost

 

15,025

 

14,543

 

45

 

48

Plan participants’ contribution

 

9

 

11

 

2

 

1

Actuarial (gain) loss

 

(10,062)

 

(6,773)

 

25

 

(61)

Benefits paid

 

(16,561)

 

(16,149)

 

(68)

 

(75)

Settlements

 

(17,985)

 

 

 

Foreign exchange rate changes

 

(307)

 

(49)

 

 

Benefit obligation at end of year

$

257,225

$

282,175

$

935

$

931

Defined Benefit Plan, Assumptions

Pension Benefits

Other Postretirement Benefits

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

    

2024

    

2023

    

2024

    

2023

 

Discount rate

5.80

%

5.40

%  

5.80

%  

5.40

%

Rate of compensation increase

 

1.70

%

1.70

%  

N/A

 

N/A

Pension Benefits

Other Postretirement Benefits

 

Weighted–average assumptions used to determine net periodic benefit income

    

2024

2023

    

2022

2024

2023

    

2022

 

Discount rate

 

5.40

%  

5.20

%  

3.40

%  

5.40

%  

5.20

%  

3.40

%

Rate of compensation increase

 

1.70

%  

3.00

%  

3.00

%  

N/A

 

N/A

 

N/A

Expected return on plan assets

 

7.70

%  

7.50

%  

7.20

%  

N/A

 

N/A

 

N/A

Schedule of Allocation of Plan Assets

Fair Value Measurements at February 1, 2025

($ thousands)

    

Total

    

Level 1

    

Level 2

    

Level 3

Asset

  

  

  

  

Cash and cash equivalents

$

15,233

$

15,233

$

$

U.S. government securities

 

70,577

 

63,423

 

7,154

 

Interest rate swap agreements

(4,188)

(4,188)

Mutual fund

 

27,661

 

27,661

 

 

Exchange-traded funds

 

119,650

 

119,650

 

 

Corporate stocks - common

 

80,489

 

80,446

 

 

43

Warrant

153

153

Real estate investment trust

1,118

1,118

Preferred securities

 

171

 

 

 

171

S&P 500 Index options

 

(3,738)

 

(3,738)

 

 

Total investments in the fair value hierarchy

$

307,126

$

303,946

$

2,966

$

214

 

  

 

  

 

  

 

  

Investments measured at net asset value:

 

  

 

  

 

  

 

  

Alternative investment fund

 

14,579

 

 

 

Unallocated insurance contract

 

24

 

 

 

Total investments measured at net asset value

 

14,603

 

 

 

 

  

 

  

 

  

 

  

Total investments at fair value

$

321,729

$

303,946

$

2,966

$

214

Fair Value Measurements at February 3, 2024

($ thousands)

    

Total

    

Level 1

    

Level 2

    

Level 3

Asset

  

  

  

  

Cash and cash equivalents

$

11,138

$

11,138

$

$

U.S. government securities

 

74,777

 

65,345

 

9,432

 

Interest rate swap agreements

3,647

3,647

Mutual fund

 

28,114

 

28,114

 

 

Exchange-traded funds

 

128,263

 

128,263

 

 

Corporate stocks - common

 

84,652

 

84,528

 

 

124

Warrant

220

220

Real estate investment trust

105

105

Preferred securities

 

237

 

 

 

237

S&P 500 Index options

 

(1,788)

 

(1,788)

 

 

Total investments in the fair value hierarchy

$

329,365

$

315,925

$

13,079

$

361

Investments measured at net asset value:

 

  

 

  

 

  

 

  

Alternative investment fund

 

14,654

 

 

 

Unallocated insurance contract

 

32

 

 

 

Total investments measured at net asset value

 

14,686

 

 

 

 

  

 

  

 

  

 

  

Total investments at fair value

$

344,051

$

315,925

$

13,079

$

361

Schedule of Changes in Fair Value of Plan Assets

Pension Benefits

Other Postretirement Benefits

($ thousands)

    

2024

    

2023

    

2024

    

2023

Fair value of plan assets at beginning of year

$

344,051

$

356,745

$

$

Actual return on plan assets

 

12,432

 

3,375

 

 

Employer contributions

 

90

 

118

 

66

 

74

Plan participants’ contributions

 

9

 

11

 

2

 

1

Benefits paid

 

(16,561)

 

(16,149)

 

(68)

 

(75)

Settlements

 

(17,985)

 

 

 

Foreign exchange rate changes

 

(307)

 

(49)

 

 

Fair value of plan assets at end of year

$

321,729

$

344,051

$

$

Schedule of Amounts Recognized in Balance Sheet

    

Pension Benefits

    

Other Postretirement Benefits

($ thousands)

2024

    

2023

    

2024

    

2023

Prepaid pension costs (noncurrent assets)

$

78,463

$

74,951

$

$

Accrued benefit liabilities (current liability)

 

(9,023)

 

(5,327)

 

180

 

(176)

Accrued benefit liabilities (noncurrent liability)

 

(4,936)

 

(7,748)

 

755

 

(755)

Net amount recognized at end of year

$

64,504

$

61,876

$

935

$

(931)

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)

    

2024

    

2023

    

2024

    

2023

End of Year

  

  

  

  

Projected benefit obligation

$

13,958

$

13,075

$

13,958

$

13,075

Accumulated benefit obligation

 

12,568

 

12,144

 

12,568

 

12,144

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)

    

2024

    

2023

    

2024

    

2023

Components of accumulated other comprehensive loss, net of tax:

  

  

  

  

Net actuarial loss (gain)

$

28,455

$

33,709

$

(256)

$

(374)

Net prior service credit

 

34

 

71

 

 

Accumulated other comprehensive loss, net of tax

$

28,489

$

33,780

$

(256)

$

(374)

Schedule of net periodic benefit expense (income)

Pension Benefits

Other Postretirement Benefits

($ thousands)

    

2024

    

2023

    

2022

    

2024

    

2023

    

2022

Service cost

$

4,931

$

5,020

$

7,143

$

$

$

Interest cost

 

15,025

 

14,543

 

11,977

 

45

 

48

 

35

Expected return on assets

 

(24,279)

 

(24,353)

 

(27,987)

 

 

 

Amortization of:

 

  

 

  

 

  

 

  

 

  

 

  

Actuarial loss (gain)

 

6,038

 

3,785

 

3,088

 

(108)

 

(110)

 

(103)

Prior service credit

 

49

 

(123)

 

(314)

 

 

 

Settlement cost

 

2,716

 

 

320

 

 

 

Curtailments

 

 

 

13

 

 

 

Total net periodic benefit expense (income)

$

4,480

$

(1,128)

$

(5,760)

$

(63)

$

(62)

$

(68)

Schedule of Expected Benefit Payments

Pension Benefits

Other

Postretirement

($ thousands)

    

Funded Plan

    

SERP

    

Total

    

Benefits

Employer Contributions

 

  

 

  

 

  

 

  

2025 expected contributions to plan trusts

$

74

$

$

74

$

2025 expected contributions to plan participants

 

 

9,281

 

9,281

 

185

2025 refund of assets (e.g. surplus) to employer

 

124

 

 

124

 

Expected Benefit Payments

 

  

 

  

 

 

  

2025

$

15,855

$

9,281

$

25,136

$

185

2026

 

16,355

 

501

 

16,856

 

144

2027

 

16,773

 

825

 

17,598

 

113

2028

 

17,272

 

785

 

18,057

 

88

2029

 

17,687

 

719

 

18,406

 

68

2030-2034

 

90,466

 

3,941

 

94,407

 

166