Defined Benefit Plans

9 Months Ended

Nov. 02, 2024

Retirement Benefits [Abstract]

Defined Benefit Plans

Defined Benefit Plans

Supplemental Executive Retirement Plan

The Company’s Supplemental Executive Retirement Plan (“SERP”) provides select employees who satisfy certain eligibility requirements with certain benefits upon retirement, termination of employment, death, disability or a change in control of the Company, in certain prescribed circumstances. As a non-qualified pension plan, no dedicated funding of the SERP is required; however, the Company has made periodic payments into insurance policies held in a rabbi trust to fund the expected obligations arising under the non-qualified SERP. The cash surrender values of the insurance policies were $63.8 million and $63.4 million as of November 2, 2024 and February 3, 2024, 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 an unrealized loss of $0.3 million and an unrealized gain of $1.9 million in other income (expense) during the three and nine months ended November 2, 2024, respectively, and unrealized losses of $4.2 million and $4.1 million in other income (expense) during the three and nine months ended October 28, 2023, respectively. The projected benefit obligation was $37.6 million and $37.7 million as of November 2, 2024 and February 3, 2024, respectively, and was included in accrued expenses and other current liabilities and other long-term liabilities in the Company’s condensed consolidated balance sheets depending on the expected timing of payments. SERP benefit payments of $0.5 million were made during each of the three months ended November 2, 2024 and October 28, 2023. SERP benefit payments of $1.4 million were made during each of the nine months ended November 2, 2024 and October 28, 2023.

Foreign Pension Plans

In certain foreign jurisdictions, primarily in Switzerland, the Company is required to guarantee the returns on Company-sponsored defined contribution plans in accordance with local regulations. The Company’s contributions must be made in an amount at least equal to the employee’s contribution. Minimum employee contributions are based on the respective employee’s age, salary and gender.

As of November 2, 2024 and February 3, 2024, the foreign pension plans had a total projected benefit obligation of $59.9 million and $56.3 million, respectively, and plan assets held in independent investment fiduciaries of $52.5 million and $49.4 million, respectively. The net liability of $7.4 million and $6.8 million was included in other long-term liabilities in the Company’s condensed consolidated balance sheets as of November 2, 2024 and February 3, 2024, respectively.

The components of net periodic defined benefit pension cost related to the Company’s defined benefit plans are (in thousands):

	SERP		Foreign Pension Plans		Total
	Three Months Ended Nov 2, 2024
Service cost	$	—	$	1,100	$	1,100
Interest cost	441		250		691
Expected return on plan assets	—		(223)		(223)
Net amortization of unrecognized prior service credit	—		(42)		(42)
Net amortization of actuarial (gains) losses	(43)		41		(2)
Net periodic defined benefit pension cost	$	398	$	1,126	$	1,524

	Nine Months Ended Nov 2, 2024
Service cost	$	—	$	3,212	$	3,212
Interest cost	1,324		731		2,055
Expected return on plan assets	—		(652)		(652)
Net amortization of unrecognized prior service credit	—		(122)		(122)
Net amortization of actuarial (gains) losses	(130)		121		(9)
Net periodic defined benefit pension cost	$	1,194	$	3,290	$	4,484

	Three Months Ended Oct 28, 2023
Service cost	$	—	$	932	$	932
Interest cost	465		228		693
Expected return on plan assets	—		(202)		(202)
Net amortization of unrecognized prior service credit	—		(40)		(40)
Net amortization of actuarial losses	—		64		64
Net periodic defined benefit pension cost	$	465	$	982	$	1,447

	Nine Months Ended Oct 28, 2023
Service cost	$	—	$	2,780	$	2,780
Interest cost	1,396		681		2,077
Expected return on plan assets	—		(603)		(603)
Net amortization of unrecognized prior service credit	—		(119)		(119)
Net amortization of actuarial losses	—		191		191
Net periodic defined benefit pension cost	$	1,396	$	2,930	$	4,326