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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Jan. 30, 2016
EMPLOYEE BENEFIT PLANS  
Schedule of benefit obligations, fair value of plan assets and funded status of the plans

                                                                                                                                                                                    

 

 

 

Pension Benefits

 

Medical and Life
Insurance Benefits

 

 

 

2015

 

2014

 

2015

 

2014

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

220,537

 

$

198,360

 

$

2,172

 

$

2,322

 

Interest cost

 

 

6,803

 

 

7,990

 

 

63

 

 

89

 

Participant contributions

 

 

 

 

 

 

69

 

 

82

 

Benefits paid

 

 

(14,826

)

 

(17,997

)

 

(206

)

 

(272

)

Actuarial (gain) loss

 

 

(16,914

)

 

32,184

 

 

(302

)

 

(49

)

​  

​  

​  

​  

​  

​  

​  

​  

Benefit obligation at end of year

 

 

195,600

 

 

220,537

 

 

1,796

 

 

2,172

 

​  

​  

​  

​  

​  

​  

​  

​  

Change in the fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan assets at beginning of year

 

 

151,824

 

 

147,994

 

 

 

 

 

Actual return on plan assets

 

 

(6,714

)

 

8,882

 

 

 

 

 

Company contributions

 

 

10,418

 

 

12,945

 

 

137

 

 

190

 

Participant contributions

 

 

 

 

 

 

69

 

 

82

 

Benefits paid

 

 

(14,826

)

 

(17,997

)

 

(206

)

 

(272

)

​  

​  

​  

​  

​  

​  

​  

​  

Plan assets at end of year

 

 

140,702

 

 

151,824

 

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Funded status

 

$

(54,898

)

$

(68,713

)

$

(1,796

)

$

(2,172

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of amounts recognized in the consolidated balance sheets

                                                                                                                                                                                    

 

 

 

Pension Benefits

 

Medical and Life
Insurance Benefits

 

 

 

2015

 

2014

 

2015

 

2014

 

Accrued expenses

 

$

(702

)

$

(701

)

$

(327

)

$

(355

)

Other long-term liabilities

 

 

(54,196

)

 

(68,012

)

 

(1,469

)

 

(1,817

)

​  

​  

​  

​  

​  

​  

​  

​  

Net amount recognized

 

$

(54,898

)

$

(68,713

)

$

(1,796

)

$

(2,172

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of amounts recognized in AOCI

                                                                                                                                                                                    

 

 

Pension Benefits

 

Medical and Life
Insurance Benefits

 

 

 

2015

 

2014

 

2015

 

2014

 

Net actuarial loss (gain):

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross amount recognized

 

$

69,720

 

$

77,073

 

$

(2,165

)

$

(2,289

)

Deferred tax expense

 

 

8,343

 

 

5,346

 

 

224

 

 

275

 

​  

​  

​  

​  

​  

​  

​  

​  

Net amount recognized

 

$

78,063

 

$

82,419

 

$

(1,941

)

$

(2,014

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of components of net periodic benefit expense (income) and other amounts recognized in OCI before income taxes

                                                                                                                                                                                    

 

 

 

Pension Benefits

 

Medical and Life
Insurance Benefits

 

 

 

2015

 

2014

 

2013

 

2015

 

2014

 

2013

 

Net periodic benefit expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

$

6,803

 

$

7,990

 

$

7,993

 

$

63

 

$

89

 

$

122

 

Expected return on plan assets

 

 

(9,639

)

 

(9,959

)

 

(8,942

)

 

 

 

 

 

 

Recognition of net actuarial loss (gain)          

 

 

6,791

 

 

3,774

 

 

6,566

 

 

(426

)

 

(519

)

 

(363

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net periodic benefit expense (income)          

 

 

3,955

 

 

1,805

 

 

5,617

 

 

(363

)

 

(430

)

 

(241

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Other changes in plan assets and benefit obligations recognized in OCI, before taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial net (gain) loss

 

 

(562

)

 

33,261

 

 

(17,013

)

 

(302

)

 

(49

)

 

(1,064

)

Recognition of net actuarial (loss) gain          

 

 

(6,791

)

 

(3,774

)

 

(6,566

)

 

426

 

 

519

 

 

363

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total recognized in OCI, before taxes          

 

 

(7,353

)

 

29,487

 

 

(23,579

)

 

124

 

 

470

 

 

(701

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total recognized in net periodic cost and OCI, before taxes

 

$

(3,398

)

$

31,292

 

$

(17,962

)

$

(239

)

$

40

 

$

(942

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of estimated amount that will be amortized from AOCI to net periodic cost over the next fiscal year

        The Company estimates the following amounts will be amortized from AOCI to net periodic cost during 2016:

 

                                                                                                                                                                                    

 

 

 

Pension
Benefits

 

Medical and
Life Insurance
Benefits

 

Net actuarial loss (gain)

 

$

6,286

 

$

(431

)

 

Schedule of weighted average assumptions used to determine net periodic benefit obligations and net periodic benefit expense (income)

                                                                                                                                                                                    

 

 

 

Pension Benefits

 

Medical and
Life Insurance
Benefits

 

 

 

2015

 

2014

 

2015

 

2014

 

Discount rate

 

 

3.80 

%

 

3.20 

%

 

3.80 

%

 

3.20 

%

Rate of compensation increase

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

                                                                                                                                                                                    

 

 

Pension Benefits

 

Medical and Life
Insurance Benefits

 

 

 

2015

 

2014

 

2013

 

2015

 

2014

 

2013

 

Discount rate

 

 

3.20 

%

 

4.20 

%

 

3.80 

%

 

3.20 

%

 

4.20 

%

 

3.80 

%

Expected long-term return on plan assets

 

 

6.50 

%

 

6.80 

%

 

6.60 

%

 

N/A

 

 

N/A

 

 

N/A

 

Rate of compensation increase

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

Schedule of effects of one-percentage point change in assumed health care costs

 

                                                                                                                                                                                    

 

 

 

One-Percentage
Point Increase

 

One-Percentage
Point Decrease

 

Effect on total service and interest cost components

 

$

3

 

$

(3

)

Effect on postretirement benefit obligation

 

 

74

 

 

(65

)

 

Schedule of weighted average pension plan asset allocation

                                                                                                                                                                                    

 

 

 

2015

 

2014

 

Cash and cash equivalents

 

 

%

 

%

Equity securities

 

 

47 

%

 

47 

%

Debt securities

 

 

42 

%

 

41 

%

Hedge funds

 

 

10 

%

 

10 

%

 

Schedule of fair value of each class of the pension plan assets

        The fair value of each class of the pension plan assets as of January 30, 2016 is as follows:

                                                                                                                                                                                    

 

 

 

Total

 

Quoted
Prices in
Active
Markets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Cash and cash equivalents

 

$

686 

 

$

 

$

686 

 

$

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. large-cap companies—diversified sectors          

 

 

7,858 

 

 

7,858 

 

 

 

 

 

U.S. small-cap companies—diversified sectors          

 

 

2,457 

 

 

2,457 

 

 

 

 

 

Real estate investment trust companies

 

 

427 

 

 

427 

 

 

 

 

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income(1)

 

 

4,849 

 

 

4,849 

 

 

 

 

 

International emerging economies fixed income

 

 

4,848 

 

 

4,848 

 

 

 

 

 

Floating rate debt securities

 

 

3,771 

 

 

3,771 

 

 

 

 

 

Real estate investment trust companies

 

 

4,459 

 

 

4,459 

 

 

 

 

 

Pooled funds(2)(3):

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. large-cap equity

 

 

16,160 

 

 

 

 

 

 

 

U.S. small-cap equity

 

 

1,191 

 

 

 

 

 

 

 

International small-cap equity

 

 

4,208 

 

 

 

 

 

 

 

International developed economies equity

 

 

15,401 

 

 

 

 

 

 

 

International emerging economies equity

 

 

7,058 

 

 

 

 

 

 

 

Multi-strategy equity

 

 

7,256 

 

 

 

 

 

 

 

Fixed income(1)

 

 

45,478 

 

 

 

 

 

 

 

Multi-strategy hedge funds(3)(4)

 

 

14,595 

 

 

 

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total

 

$

140,702 

 

$

28,669 

 

$

686 

 

$

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  


 

 

 

(1)          

Primarily invested in U.S. government securities, municipals, mortgage-backed securities and investment grade and high yield bonds.

(2)          

Certain investments in this category are subject to monthly redemption frequency restrictions, subject to 10 day advance notification requirements. Pooled funds consist primarily of common collective trust, limited partnerships and 103-12 investment entities.

(3)          

Investments are measured at fair value using the net asset per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit a reconciliation of the fair value hierarchy to the pension plan assets.

(4)          

These investments are subject to quarterly redemption frequency restrictions, subject to advance notification requirements ranging from 60 to 91 days.

        The fair value of each class of the pension plan assets as of January 31, 2015 is as follows:

                                                                                                                                                                                    

 

 

Total

 

Quoted
Prices in
Active
Markets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Cash and cash equivalents

 

$

3,369 

 

$

11 

 

$

3,358 

 

$

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. large-cap companies—diversified sectors          

 

 

9,472 

 

 

9,472 

 

 

 

 

 

U.S. small-cap companies—diversified sectors          

 

 

3,365 

 

 

3,365 

 

 

 

 

 

Real estate investment trust companies

 

 

446 

 

 

446 

 

 

 

 

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income(1)

 

 

5,059 

 

 

5,059 

 

 

 

 

 

International emerging economies fixed income

 

 

5,394 

 

 

5,394 

 

 

 

 

 

Floating rate debt securities

 

 

3,888 

 

 

3,888 

 

 

 

 

 

Real estate investment trust companies

 

 

4,841 

 

 

4,841 

 

 

 

 

 

Pooled funds(2)(3):

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. large-cap equity

 

 

19,933 

 

 

 

 

 

 

 

U.S. small-cap equity

 

 

1,323 

 

 

 

 

 

 

 

International small-cap equity

 

 

4,321 

 

 

 

 

 

 

 

International developed economies equity

 

 

19,002 

 

 

 

 

 

 

 

International emerging economies equity

 

 

8,785 

 

 

 

 

 

 

 

Fixed income(1)

 

 

47,576 

 

 

 

 

 

 

 

Multi-strategy hedge funds(3)(4)

 

 

15,050 

 

 

 

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total

 

$

151,824 

 

$

32,476 

 

$

3,358 

 

$

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  


 

 

 

(1)          

Primarily invested in U.S. government securities, municipals, mortgage-backed securities and investment grade and high yield bonds.

(2)          

Certain investments in this category are subject to monthly redemption frequency restrictions, subject to 10 day advance notification requirements. Pooled funds consist primarily of common collective trust, limited partnerships and 103-12 investment entities.

(3)          

Investments are measured at fair value using the net asset per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit a reconciliation of the fair value hierarchy to the pension plan assets.

(4)          

These investments are subject to a quarterly redemption frequency restrictions, subject to advance notification requirements ranging from 60 to 91 days.

 

Schedule of information about the expected cash flows related to the pension and other postretirement benefit plans

                                                                                                                                                                                    

 

 

 

Pension
Benefits

 

Medical and
Life Insurance
Benefits

 

Expected company contributions in 2016

 

$

702 

 

$

327 

 

Expected plan benefit payments (net of expected participant contributions) for year:

 

 


 

 

 


 

 

2016

 

$

15,422 

 

$

327 

 

2017

 

 

14,539 

 

 

284 

 

2018

 

 

13,980 

 

 

244 

 

2019

 

 

13,264 

 

 

208 

 

2020

 

 

12,682 

 

 

176 

 

2021 - 2025

 

 

59,717 

 

 

538