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Postretirement Benefits
 12 Months Ended
Jan. 28, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Postretirement Benefits
NOTE 6: 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 2016, we had 57 participants in the plan, including 20 officers and select employees eligible for SERP benefits, 36 retirees and one 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 28, 2017

 
January 30, 2016

Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year

$181

 

$203

Participant service cost
3

 
3

Interest cost
7

 
7

Benefits paid
(7
)
 
(6
)
Actuarial loss (gain)
4

 
(26
)
Benefit obligation at end of year
188

 
181

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

 
—

Employer contribution
7

 
6

Benefits paid
(7
)
 
(6
)
Fair value of plan assets at end of year
—

 
—

Underfunded status at end of year

($188
)
 

($181
)

The accumulated benefit obligation, which is the present value of benefits, assuming no future compensation changes, was $184 and $177 at the end of 2016 and 2015.
Amounts recognized as liabilities in the Consolidated Balance Sheets consist of the following:
 
January 28, 2017

 
January 30, 2016

Accrued salaries, wages and related benefits

$8

 

$8

Other noncurrent liabilities
180

 
173

Net amount recognized

$188

 

$181


Components of SERP Expense
The components of SERP expense recognized in the Consolidated Statements of Earnings are as follows:
Fiscal year
2016

 
2015

 
2014

Participant service cost

$3

 

$3

 

$3

Interest cost
7

 
7

 
7

Amortization of net loss and other
3

 
11

 
6

Total SERP expense

$13

 

$21

 

$16


Amounts not yet reflected in SERP expense and included in accumulated other comprehensive loss (pre-tax) consist of the following:
 
January 28, 2017

 
January 30, 2016

Accumulated loss

($41
)
 

($41
)
Prior service credit
4

 
5

Total accumulated other comprehensive loss

($37
)
 

($36
)

In 2017, we expect $3 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
2016

 
2015

 
2014

Assumptions used to determine benefit obligation:
 
 
 
 
 
Discount rate
4.31
%
 
4.55
%
 
3.70
%
Rate of compensation increase
3.00
%
 
3.00
%
 
3.00
%
Assumptions used to determine SERP expense:
 
 
 
 
 
Discount rate
4.55
%
 
3.70
%
 
4.60
%
Rate of compensation increase
3.00
%
 
3.00
%
 
3.00
%

Future Benefit Payments and Contributions
As of January 28, 2017, 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
 
2017

$8

2018
9

2019
10

2020
11

2021
11

2022 – 2026
60