Other Postretirement Benefit Plans

12 Months Ended

Jan. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Other Postretirement Benefit Plans

Note 13

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.

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
(In thousands)	2021			2020
Benefit obligation at beginning of year	$	7,025		$	4,525
Service cost		89			89
Interest cost		124			151
Plan participants’ contributions		134			111
Asset transfer		—			—
Benefits paid		(550	)		(591	)
Actuarial (gain) loss		(1,216	)		2,740
Benefit Obligation at End of Year	$	5,606		$	7,025
Funded Status at End of Year	$	(5,606	)	$	(7,025	)

Amounts recognized in the Consolidated Balance Sheets consist of:

	Other Benefits
(In thousands)	2021			2020
Current liabilities	$	(708	)	$	(603	)
Noncurrent liabilities		(4,898	)		(6,422	)
Net Amount Recognized	$	(5,606	)	$	(7,025	)

Amounts recognized in accumulated other comprehensive income consist of:

	Other Benefits
(In thousands)	2021			2020
Prior service cost	$	(322	)	$	(1,244	)
Net loss (gain)		1,040			2,384
Total Recognized in Accumulated Other Comprehensive Loss	$	718		$	1,140

Note 13

Other Postretirement Benefit Plans, Continued

Components of Net Periodic Benefit Cost

Net Periodic Benefit Cost

	Other Benefits
(In thousands)	2021			2020			2019
Service cost	$	89		$	89		$	409
Interest cost		124			151			214
Amortization:
Prior service cost		(921	)		(921	)		(231	)
Losses		128			22			37
Net amortization		(793	)		(899	)		(194	)
Other components of net periodic benefit cost	$	(669	)	$	(748	)	$	20
Net Periodic Benefit Cost - Ongoing Operations	$	(580	)	$	(659	)	$	429
Net Periodic Benefit Cost - Discontinued    Operations	$	—		$	—		$	(877	)

Reconciliation of Accumulated Other Comprehensive Income

	Other Benefits
(In thousands)	2021
Net (gain) loss	$	(1,216	)
Amortization of prior service cost		921
Amortization of net actuarial loss		(128	)
Total Recognized in Other Comprehensive Income	$	(423	)
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	(1,003	)

Weighted-average assumptions used to determine benefit obligations

	Other Benefits
	2021			2020
Discount rate		1.49	%		2.21	%
Rate of compensation increase	NA			NA

For Fiscal 2021 and 2020, the discount rate was based on a yield curve of high-quality corporate bonds with cash flows matching our planned expected benefit payments.

Weighted-average assumptions used to determine net periodic benefit costs

	Other Benefits
	2021			2020			2019
Discount rate		1.49	%		3.48	%		3.67	%
Expected long-term rate of return on plan assets	NA			NA			NA
Rate of compensation increase	NA			NA			NA

Note 13

Other Postretirement Benefit Plans, Continued

Assumed health care cost trend rates

	2021			2020
Health care cost trend rate assumed for next year		6.25	%		7.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.75	%		6.25	%
Year that the rate reaches the ultimate trend rate	2023			2024

Estimated Future Benefit Payments

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

Estimated future payments	Other Benefits ($ in millions)
2021	$	0.7
2022		0.6
2023		0.6
2024		0.5
2025		0.5
2026 – 2030		2.0

Section 401(k) Savings Plan

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

Since January 1, 2005, we have matched 100% of each 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 1/2 % 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 the matching program was approximately $2.9 million for Fiscal 2021, $5.3 million for Fiscal 2020 and $5.6 million for Fiscal 2019.  As a result of the COVID-19 pandemic, we suspended our match of employee contributions as of May 1, 2020.  The match was reinstated on January 1, 2021.