Other Postretirement Benefit Plans

12 Months Ended

Feb. 03, 2024

Retirement Benefits [Abstract]

Other Postretirement Benefit Plans

Note 12

Other Postretirement Benefit Plans

We provide health care benefits for early retirees that meet certain age and years of service criteria and life insurance benefits for certain retirees. Under the health care plan, early retirees are eligible for benefits until age 65. Employees who met certain requirements are eligible for life insurance benefits. We accrue such benefits during the period in which the employee renders service.

As of December 31, 2018, the early retiree medical plan was frozen to new entrants. The grandfathered group of employees as of December 31, 2018 were those that had reached age 45 and had at least 10 years of service with the Company and retire at age 55 or older and have at least 15 years of service with the Company.

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.

Our Consolidated Balance Sheets include other postretirement medical and life insurance liabilities of $5.3 million and $5.2 million as of February 3, 2024 and January 28, 2023, respectively. The amount recognized in accumulated other comprehensive loss on the Consolidated Balance Sheets was $1.1 million and $1.3 million as of February 3, 2024 and January 28, 2023, respectively. Our Consolidated Statement of Operations includes net periodic benefit cost for other postretirement benefits of $0.5 million, $0.3 million and $0.2 million in Fiscal 2024, 2023 and 2022, respectively.

Section 401(k) Savings Plan

We have a Section 401(k) Savings Plan available to all employees in the U.S, including retail employees who have completed 500 hours of service within the first six months of employment, and are age 18 or older. There is a similar savings plan available to U.K. employees.

Since January 1, 2005, we began matching 100% of each U.S. employee’s contribution of up to 3% of salary and 50% of the next 2% of salary. In addition, for those employees hired before December 31, 2004, who were eligible for our cash balance retirement plan before it was frozen, we annually make an additional contribution of 2.5% of salary to each employee’s account. Participants are immediately vested in their contributions and our matching contribution plus actual earnings thereon. Our contribution expense for matching programs in the U.S. and U.K. was approximately $6.9 million for Fiscal 2024, $5.2 million for Fiscal 2023 and $5.9 million for Fiscal 2022.