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Postretirement Benefits
 12 Months Ended
Jan. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Postretirement Benefits
POSTRETIREMENT BENEFITS
We have an unfunded defined benefit Supplemental Executive Retirement Plan (“SERP”), which provides retirement benefits to certain officers and select employees. The SERP has different benefit levels depending on the participant’s role in the company. At the end of 2014, we had 59 participants in the plan, including 27 officers and select employees eligible for SERP benefits, 31 retirees and 1 beneficiary. This plan is non-qualified and does not have a minimum funding requirement.
Benefit Obligations and Funded Status
Our benefit obligation and funded status is as follows:
 
January 31, 2015

 
February 1, 2014

Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year

$168

 

$167

Participant service cost
3

 
4

Interest cost
8

 
7

Benefits paid
(6
)
 
(5
)
Actuarial loss (gain)
36

 
(5
)
Plan amendment
(6
)
 
—

Benefit obligation at end of year
203

 
168

Change in plan assets:
 
 
 
Fair value of plan assets at beginning of year
—

 
—

Employer contribution
6

 
5

Benefits paid
(6
)
 
(5
)
Fair value of plan assets at end of year
—

 
—

Underfunded status at end of year

($203
)
 

($168
)

The accumulated benefit obligation, which is the present value of benefits, assuming no future compensation changes, was $197 and $162 at the end of 2014 and 2013. 2014 includes an actuarial loss of $36 driven by decreased interest rates and updated mortality rates, and will be amortized over the average remaining future service years.
Amounts recognized as liabilities in the Consolidated Balance Sheets consist of the following:
 
January 31, 2015

 
February 1, 2014

Current liabilities

$8

 

$7

Noncurrent liabilities
195

 
161

Net amount recognized

$203

 

$168


Components of SERP Expense
The components of SERP expense recognized in the Consolidated Statements of Earnings are as follows:
Fiscal year
2014

 
2013

 
2012

Participant service cost

$3

 

$4

 

$4

Interest cost
7

 
7

 
7

Amortization of net loss
6

 
8

 
7

Total SERP expense

$16

 

$19

 

$18


Amounts not yet reflected in SERP expense and included in accumulated other comprehensive loss (pre-tax) consist of the following:
 
January 31, 2015

 
February 1, 2014

Accumulated loss

($78
)
 

($47
)
Prior service credit (cost)
6

 
(1
)
Total accumulated other comprehensive loss

($72
)
 

($48
)

In 2015, we expect $10 of costs currently in accumulated other comprehensive loss to be recognized as components of SERP expense.
Assumptions
Weighted-average assumptions used to determine our benefit obligation and SERP expense are as follows:
Fiscal year
2014

 
2013

 
2012

Assumptions used to determine benefit obligation:
 
 
 
 
 
Discount rate
3.70
%
 
4.60
%
 
4.30
%
Rate of compensation increase
3.00
%
 
3.00
%
 
3.00
%
Assumptions used to determine SERP expense:
 
 
 
 
 
Discount rate
4.60
%
 
4.30
%
 
4.50
%
Rate of compensation increase
3.00
%
 
3.00
%
 
3.00
%

Future Benefit Payments and Contributions
As of January 31, 2015, the expected future benefit payments based upon the assumptions described above and including benefits attributable to estimated future employee service are as follows:
Fiscal year
 
2015

$8

2016
9

2017
9

2018
9

2019
10

2020 – 2024
59