XML 40 R25.htm IDEA: XBRL DOCUMENT v3.25.1
Employee Benefits and Deferred Compensation
12 Months Ended
Feb. 02, 2025
Compensation Related Costs [Abstract]  
Employee Benefits and Deferred Compensation Employee Benefits and Deferred Compensation
We have a 401(k) savings plan (the 401(k) plan) which qualifies as a deferred salary arrangement under section 401(k) of the Internal Revenue Code. Under the 401(k) plan, participating employees may elect to contribute up to 85% of their eligible compensation, subject to certain limitations. We currently match 50% of employees’ contributions up to a maximum of $4,000 annually. Matching contributions immediately vest. Our contributions to the plan were $12.2 million, $13.5 million and $14.1 million during fiscal 2023, 2024 and 2025.
In fiscal 2023, we adopted a NQDC whereby executive officers, senior management and members of our Board of Directors may elect to defer compensation payable to them in excess of the IRS limits imposed on 401(k) plans. Deferred compensation payments are held in investment accounts that reside in a trust. The fair value of the deferred compensation plan assets and liabilities under the NQDC was $3.2 million and $8.4 million at the end of fiscal 2024 and 2025.