Benefit Plans

9 Months Ended

Oct. 30, 2021

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

The Company has an unfunded, nonqualified defined benefit plan (“Pension Plan”) for its officers.  The Pension Plan is noncontributory and provides benefits based on years of service and compensation during employment.  The Company determines pension expense using an actuarial cost method to estimate the total benefits ultimately payable to officers and allocates this cost to service periods.  The actuarial assumptions used to calculate pension costs are reviewed annually.  The Company contributed $1.6 million and $4.8 million to the Pension Plan during the three and nine months ended October 30, 2021, respectively, and expects to make additional contributions to the Pension Plan of approximately $1.6 million during the remainder of fiscal 2021.

The components of net periodic benefit costs are as follows (in thousands): 

	Three Months Ended				Nine Months Ended
	October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020
Components of net periodic benefit costs:
Service cost	$	1,067	$	1,090	$	3,201	$	3,270
Interest cost	1,438		1,536		4,312		4,608
Net actuarial loss	696		568		2,090		1,705
Net periodic benefit costs	$	3,201	$	3,194	$	9,603	$	9,583

The service cost component of net periodic benefit costs is included in selling, general and administrative expenses, and the interest cost and net actuarial loss components are included in other expense.