SERP

12 Months Ended

Feb. 03, 2024

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

SERP

NOTE 9: SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

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 2023, we had 57 participants in the plan, including five officers and select employees eligible for SERP benefits, 47 retirees and five beneficiaries. This plan is nonqualified and does not have a minimum funding requirement. We selected the measurement date of January 31, the calendar month end closest to our fiscal year end, to value our SERP.

Benefit Obligation and Funded Status

Our benefit obligation and funded status is as follows:

	February 3, 2024	January 28, 2023
Change in benefit obligation:
Benefit obligation at beginning of year	$176	$212
Participant service cost	1	2
Interest cost	9	6
Benefits paid	(11)	(10)
Actuarial gain	(7)	(34)
Benefit obligation at end of year	168	176
Change in plan assets:
Fair value of plan assets at beginning of year	—	—
Employer contribution	11	10
Benefits paid	(11)	(10)
Fair value of plan assets at end of year	—	—
Underfunded status at end of year	($168)	($176)

The accumulated benefit obligation, which is the present value of benefits, assuming no future compensation changes, was $168 and $175 at the end of 2023 and 2022. Amounts recognized as liabilities in the Consolidated Balance Sheets consist of the following:

	February 3, 2024	January 28, 2023
Accrued salaries, wages and related benefits	$12	$11
Other liabilities (noncurrent)	156	165
Net amount recognized	$168	$176

Components of SERP Expense

The components of SERP expense recognized in SG&A expense on the Consolidated Statements of Earnings are as follows:

Fiscal year	2023	2022	2021
Participant service cost	$1	$2	$2
Interest cost	9	6	5
Amortization of net loss and other	—	4	8
Total SERP expense	$10	$12	$15

Accumulated Other Comprehensive Gain (Loss)

Amounts recognized in accumulated other comprehensive gain (loss) (pre-tax) consist of the following:

Fiscal year	2023	2022	2021
Actuarial gain	($7)	($34)	($14)
Amortization of net loss and other	—	(4)	(8)
Amounts recognized in accumulated other comprehensive gain (loss)	($7)	($38)	($22)

Assumptions

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

Fiscal year	2023		2022		2021
Assumptions used to determine benefit obligation:
Discount rate	5.27	%	4.95	%	3.19	%
Rate of compensation increase	2.50	%	2.50	%	2.50	%
Assumptions used to determine SERP expense:
Discount rate	4.95	%	3.19	%	2.62	%
Rate of compensation increase	2.50	%	2.50	%	2.50	%

Future Benefit Payments and Contributions

As of February 3, 2024, 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
2024	$12
2025	12
2026	13
2027	13
2028	13
2029 – 2033	61
Thereafter	44