Supplemental Executive Retirement Plan

9 Months Ended

Nov. 02, 2013

Compensation and Retirement Disclosure [Abstract]

Supplemental Executive Retirement Plan

Supplemental Executive Retirement Plan

The components of net periodic pension cost for the three and nine months ended November 2, 2013 and October 27, 2012 were as follows (in thousands):

	Three Months Ended					Nine Months Ended
	Nov 2, 2013			Oct 27, 2012		Nov 2, 2013		Oct 27, 2012
Interest cost	$	586		$	598	$	1,758	$	1,794
Net amortization of unrecognized prior service cost	(58		)	155		253		465
Net amortization of actuarial losses	277			835		831		2,505
Net periodic defined benefit pension cost	$	805		$	1,588	$	2,842	$	4,764

In July 2013, the Company amended the SERP to limit the amount of eligible wages under the plan that count toward the SERP benefit for the active participant. As a result, the projected benefit obligation and unrecognized prior service cost were reduced by $4.5 million.

As a non-qualified pension plan, no dedicated funding of the SERP is required; however, the Company has made, and expects to continue to make, periodic payments into insurance policies held in a rabbi trust to fund the expected obligations arising under the non-qualified SERP. The amount of future payments into the insurance policies may vary, depending on any changes to the estimates of final annual compensation levels and investment performance of the trust. The cash surrender values of the insurance policies were $51.7 million and $47.9 million as of November 2, 2013 and February 2, 2013, respectively, and were included in other assets in the Company’s condensed consolidated balance sheets. As a result of changes in the value of the insurance policy investments, the Company recorded unrealized gains of $1.3 million and $3.8 million in other income during the three and nine months ended November 2, 2013, respectively, and unrealized gains of $0.9 million and $1.6 million in other income during the three and nine months ended October 27, 2012, respectively.