Other Postretirement Benefit Plans (Tables)

12 Months Ended

Jan. 29, 2022

Retirement Benefits [Abstract]

Obligations and funded status

Obligations and Funded Status

The measurement date of the assets and liabilities for postretirement medical and life insurance plans is the month-end date that is closest to our fiscal year end.

Change in Benefit Obligation

	Other Benefits
	As of Fiscal Year End
(In thousands)	2022			2021
Benefit obligation at beginning of year	$	5,606		$	7,025
Service cost		111			89
Interest cost		102			124
Plan participants’ contributions		143			134
Benefits paid		(874	)		(550	)
Actuarial (gain) loss		1,017			(1,216	)
Benefit Obligation at End of Year	$	6,105		$	5,606
Funded Status at End of Year	$	(6,105	)	$	(5,606	)

Amounts recognized in the consolidated balance sheets

Amounts recognized in the Consolidated Balance Sheets consist of:

	Other Benefits
	As of Fiscal Year End
(In thousands)	2022			2021
Current liabilities	$	(676	)	$	(708	)
Noncurrent liabilities		(5,429	)		(4,898	)
Net Amount Recognized	$	(6,105	)	$	(5,606	)

Amounts recognized in accumulated other comprehensive loss

Amounts recognized in accumulated other comprehensive loss consist of:

	Other Benefits
	As of Fiscal Year Ended
(In thousands)	2022		2021
Prior service cost	$	—	$	(322	)
Net loss		1,708		1,040
Total Recognized in Accumulated Other Comprehensive Loss	$	1,708	$	718

Components of net periodic benefit cost

Net Periodic Benefit Cost

	Other Benefits
	Fiscal Year
(In thousands)	2022			2021			2020
Service cost	$	111		$	89		$	89
Interest cost		102			124			151
Amortization:
Prior service cost		(322	)		(921	)		(921	)
Losses		348			128			22
Net amortization		26			(793	)		(899	)
Other components of net periodic benefit cost (income)	$	128		$	(669	)	$	(748	)
Net Periodic Benefit Cost (Income)	$	239		$	(580	)	$	(659	)

Reconciliation of accumulated other comprehensive income

Reconciliation of Accumulated Other Comprehensive Income

	Other Benefits
(In thousands)	Fiscal 2022
Net (gain) loss	$	1,016
Amortization of prior service cost		322
Amortization of net actuarial loss		(348	)
Total Recognized in Other Comprehensive Income	$	990
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	1,229

Weighted-average assumptions used to determine benefit obligations

Weighted-average assumptions used to determine benefit obligations

	Other Benefits
	As of Fiscal Year End
	2022			2021
Discount rate		2.43	%		1.49	%
Rate of compensation increase	NA			NA

Weighted-average assumptions used to determine net periodic benefit costs

Weighted-average assumptions used to determine net periodic benefit costs

	Other Benefits
	Fiscal Year
		2022			2021			2020
Discount rate		2.43	%		1.49	%		3.48	%
Expected long-term rate of return on plan assets	NA			NA			NA
Rate of compensation increase	NA			NA			NA

Assumed health care cost trend rates

Assumed health care cost trend rates

	As of Fiscal Year End
		2022		2021
Health care cost trend rate assumed for next year		6.25	%		6.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.50	%		5.75	%
Year that the rate reaches the ultimate trend rate	2025			2023

Expected benefit payments from the trust, including future service and pay

Expected benefit payments for other postretirement benefits, paid from the employee benefit trust, are as follows:

Estimated future payments	Other Benefits ($ in millions)
2022	$	0.7
2023		0.6
2024		0.6
2025		0.6
2026		0.5
2027 – 2031		2.4