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Postretirement Benefits
 12 Months Ended
Feb. 01, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Postretirement Benefits
NOTE 8: POSTRETIREMENT BENEFITS
We have a SERP, which provides retirement benefits to certain officers and select employees. The SERP has different benefit levels depending on the participant’s role. At the end of 2019, we had 57 participants in the plan, including 11 officers and select employees eligible for SERP benefits, 44 retirees and two beneficiaries. 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:
 
February 1, 2020

 
February 2, 2019

Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year

$190

 

$200

Participant service cost
2

 
2

Interest cost
7

 
7

Benefits paid
(9
)
 
(9
)
Actuarial loss (gain)
34

 
(10
)
Benefit obligation at end of year
224

 
190

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

 
—

Employer contribution
9

 
9

Benefits paid
(9
)
 
(9
)
Fair value of plan assets at end of year
—

 
—

Underfunded status at end of year

($224
)
 

($190
)

The accumulated benefit obligation, which is the present value of benefits, assuming no future compensation changes, was $222 and $188 at the end of 2019 and 2018.
Amounts recognized as liabilities in the Consolidated Balance Sheets consist of the following:
 
February 1, 2020

 
February 2, 2019

Accrued salaries, wages and related benefits

$11

 

$10

Other liabilities (noncurrent)
213

 
180

Net amount recognized

$224

 

$190


Components of SERP Expense
The components of SERP expense recognized in the Consolidated Statements of Earnings are as follows:
Fiscal year
2019

 
2018

 
2017

Participant service cost

$2

 

$2

 

$3

Interest cost
7

 
7

 
7

Amortization of net loss and other
1

 
5

 
3

Total SERP expense

$10

 

$14

 

$13


Amounts not yet reflected in SERP expense and included in accumulated other comprehensive loss (pre-tax) consist of the following:
 
February 1, 2020

 
February 2, 2019

Accumulated loss

($62
)
 

($30
)
Prior service credit
—

 
1

Total accumulated other comprehensive loss

($62
)
 

($29
)

Assumptions
Weighted-average assumptions used to determine our benefit obligation and SERP expense are as follows:
Fiscal year
2019

 
2018

 
2017

Assumptions used to determine benefit obligation:
 
 
 
 
 
Discount rate
2.97
%
 
4.27
%
 
3.95
%
Rate of compensation increase
2.50
%
 
2.50
%
 
3.00
%
Assumptions used to determine SERP expense:
 
 
 
 
 
Discount rate
4.27
%
 
3.95
%
 
4.31
%
Rate of compensation increase
2.50
%
 
3.00
%
 
3.00
%

Future Benefit Payments and Contributions
As of February 1, 2020, 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
 
2020

$11

2021
11

2022
11

2023
12

2024
12

2025 – 2029
62